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Forex Day Trading and Forex Swing Trading – What is the Difference?
When it comes to Forex trading, there are two types of trading styles that are most commonly used – Forex Day Trading and Forex Swing Trading.
Both styles are very widely used. Apart from being used in different time frames, there are some major differences in both these trading mechanisms. Let’s go through some of them –
1. Possible pips of profit per forex trade –
Day trading is done on lower time frames (5 minute chart, 15 minute chart or 30 minute chart etc.), the amount of pips that can be made per trade is usually not as high as the larger swing trades. Time frame (1 hour chart, 4 hour forex chart, 8 hour chart etc.)
2. Risk per business –
As with the pips potential, since day trading is on a shorter time frame, the amount of pips risk per trade is also much less compared to swing trades.
3. Duration of the trade –
A typical forex day trade lasts anywhere between 30 minutes. Up to 4 hours depending on the time frame of the trade. So, a trade on a 5-minute chart will last for less time than one on a 15-minute chart. chart
Where a swing trade lasts from 4 hours to a day and actually lasts for a few days.
Since day trading lasts no more than a few hours, the amount of concentration required for day trading is much higher than swing trading. If you are 15 minutes late in identifying the trade, you can lose the entire trade.
4. Application of technical analysis – Both forex day trading and swing trading are usually done using technical analysis. However, the higher the timeframe, the more accurate the technical analysis. Because of this, technical analysis is more accurate in swing trading than in day trading.
There are some special technical indicators for both forms of trading. For example daily pivot points are used to identify support and resistance levels in day trading.
When choosing a particular trading style, it should be seen which form of trading is more comfortable with you.
The above points can help you in choosing a form of forex trading.
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