I believe the most important thing you need to do when you start trading in the Forex market is to determine what type of Trader you are. What I mean by this is that you need to figure out your identity as a trader.

Are you a scalper, swing trader, or position trader?

If you prefer trades that last from seconds to a few minutes, where you can grab 10 pips here and there multiple times per day, you would be considered a Scalper. If you are looking for trades where you can average between 20 and 60 pips and you don’t mind if it will take a few hours to find them, you are a swing trader; And if you like to look for those big moves where you can average 100 pips or more per trade, then you are a Position Trader.

All of these trading styles are great. What you need to figure out is which one is best for you based on your schedule and personality. One of the great things about the Forex market is that it’s open 24 hours a day, 5 days a week; so because of the extended hours, it is easier to fit into most people’s lifestyles.

The next thing you need is to have a Trading Strategy that fits with your Trading style. In our “Free Forex Training Webinar,” I talk about a day trading strategy I created that is appropriate for every style of trading.

Here is an example of what my FX Fusion trading strategy looks like:

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