Business

Here are Some Types of Trading Strategies Present for Forex

Published

3 years ago

November 3, 2020

As we know, Forex, FX, or Foreign Exchange deals with international currency trading. The process involves buying one currency and giving another for speculation. There can be a rise and fall in the values of currency with factors such as geoeconomics and geopolitics in effect. The forex traders’ concern is to profit from the change in situation anyhow.

So knowing the forex strategies is helpful to employ the right one at the right time. So let’s take a look at the various styles of trading-

The scalpers

Scalpers hold onto pips for a short duration from just a few seconds to minutes. Their main aim is to grasp small amounts of pips as frequently as possible during the heat of trade during the day- which lasts for a few hours in a day for Forex traders. So they are into a large amount of trading and make many small profits on individual trades. They try to profit from each trade with at least 5 to 10 pips. So the scalping strategy engages the trader throughout the day, making it a full-time job. The prediction has to be made fast to where the market is going, and the open position must be closed within seconds.

Day trading

The day traders begin at the start of the trading day and choose their side and end the day with profit or loss. The day traders do not clutch onto trades overnight. That means they get to avoid rollover or overnight fees from brokerages like eToro (you can click here to know more about eToro fees courtesy of Wikitoro). Day trade like scalping is a short term trade, but the duration is longer, and the day traders hold onto a single trade and close it at the end of the same day. The day traders spend their time analyzing executing and monitoring a trade. They keep abreast of information and round the globe changes, economic news, and study the charts to be able to choose the right direction. They get to the results of profit or loss at the day end. There are different types of day trading-

Trend Trading [Day trading]

Trend trading is when the traders study the chart in its long period of time, and they can conclude the overall trend. They move onto a shorter time frame chart and find opportunities in that trend’s direction. The Cowabunga System is employed. This mechanical trading system filters out trades based on a four-hour chart with aid of indicators such as EMAs, Stochastics, RSI, and MACD they trade based on a 15-minute chart.

Counter Trading [Day trading]

Similar to Trend trading only after determining the overall trend the trades are searched, but in the opposite direction. The concept is to get in early, at the end of the trade just before the trend begins to reverse. A bit riskier but the payoffs are great.

Breakout Trading [Day trading]

After studying for a few hours the range that a pair makes during the day and then trades are placed on either side so that breakout can be caught in either direction. When the pair has been tight for a while- support and resistance have lasted strongly, it indicates that it will soon make a huge move. The idea is to catch the wave when the move happens. After studying the entry points are set at above and below the levels of a breakout. The preferably same amount of pips should be targeted to define a range.

Swing trading

The traders keep the trades on for several days at a stretch. They don’t monitor the charts all day long but instead study them at night to make the right decisions and are with it where the global economies are concerned. In swing trading, the swings are identified in the medium-term trend and the trader enters only at high chances of winning.

The trader buys (go long) at “swing lows,” and the opposite is true when selling (go short) at “swing highs.” They make use of the short-lasting countertrends. The trades last for more than a day, so bigger stop losses are needed to persist volatility. A money management plan is a must. During the holding time, many trades go against due to fluctuations in prices in shorter periods, swing trader keep calm and trust the analysis. The trades are larger, so spreads don’t impact the overall profits. So, in this case, trading pairs with lower liquidity and larger spreads are fine.

The position traders have trades that have been on for weeks, months, or even years. The fundamental themes that govern currency trends are employed to analyze markets and make trading decisions. Swing Traders have a good insight into economics data that affects the future of the country. The stop losses are large because of holding onto trades for long periods.

Transition trading

Transition trading is studying the market and entering the trade on a lower timeframe. If the market is favorable, the target profits should be increased or track the stop loss on a higher time frame. The advantages are that you would get immense profits. It lowers your risk as the entry is made on a lower time frame. The disadvantages are that only a few of the trades would be big winners. The understanding of multiple timeframes is a must.

Business

Turning Tragedy into Triumph Through Walking With Anthony

Published

7 days ago

April 18, 2024

Rosario Farell

On the morning of February 6, 2010, Anthony Purcell took a moment to admire the churning surf before plunging into the waves off Miami Beach. Though he had made the dive numerous times before, that morning was destined to be different when he crashed into a hidden sandbar, sustaining bruises to his C5 and C6 vertebrae and breaking his neck.

“I was completely submerged and unable to rise to the surface,” Purcell recalls. “Fortunately, my cousin Bernie saw what was happening and came to my rescue. He saved my life, but things would never be the same after that dive.”

Like thousands of others who are confronted with a spinal cord injury (SCI), Purcell plunged headlong into long months of hopelessness and despair. Eventually, however, he learned to turn personal tragedy into triumph as he reached out to fellow SCI victims by launching Walking With Anthony.

Living with SCI: the first dark days

Initial rehabilitation for those with SCIs takes an average of three to six months, during which time they must relearn hundreds of fundamental skills and adjust to what feels like an entirely new body. Unfortunately, after 21 days, Purcell’s insurance stopped paying for this essential treatment, even though he had made only minimal improvement in such a short time.

“Insurance companies cover rehab costs for people with back injuries, but not for people with spinal cord injuries,” explains Purcell. “We were practically thrown to the curb. At that time, I was so immobile that I couldn’t even raise my arms to feed myself.”

Instead of giving up, Purcell’s mother chose to battle his SCI with long-term rehab. She enrolled Purcell in Project Walk, a rehabilitation facility located in Carlsbad, California, but one that came with an annual cost of over $100,000.

“My parents paid for rehabilitation treatment for over three years,” says Purcell. “Throughout that time, they taught me the importance of patience, compassion, and unconditional love.”

Yet despite his family’s support, Purcell still struggled. “Those were dark days when I couldn’t bring myself to accept the bleak prognosis ahead of me,” he says. “I faced life in a wheelchair and the never-ending struggle for healthcare access, coverage, and advocacy. I hit my share of low points, and there were times when I seriously contemplated giving up on life altogether.”

Purcell finds a new purpose in helping others with SCIs

After long months of depression and self-doubt, Purcell’s mother determined it was time for her son to find purpose beyond rehabilitation.

“My mom suggested I start Walking With Anthony to show people with spinal cord injuries that they were not alone,” Purcell remarks. “When I began to focus on other people besides myself, I realized that people all around the world with spinal cord injuries were suffering because of restrictions on coverage and healthcare access. The question that plagued me most was, ‘What about the people with spinal cord injuries who cannot afford the cost of rehabilitation?’ I had no idea how they were managing.”

Purcell and his mother knew they wanted to make a difference for other people with SCIs, starting with the creation of grants to help cover essentials like assistive technology and emergency finances. To date, they have helped over 100 SCI patients get back on their feet after suffering a similar life-altering accident.

Purcell demonstrates the power and necessity of rehab for people with SCIs

After targeted rehab, Purcell’s physical and mental health improved drastically. Today, he is able to care for himself, drive his own car, and has even returned to work.

“Thanks to my family’s financial and emotional support, I am making amazing physical improvement,” Purcell comments. “I mustered the strength to rebuild my life and even found the nerve to message Karen, a high school classmate I’d always had a thing for. We reconnected, our friendship evolved into love, and we tied the knot in 2017.”

After all that, Purcell found the drive to push toward one further personal triumph. He married but did not believe a family was in his future. Regardless of his remarkable progress, physicians told him biological children were not an option.

Despite being paralyzed from the chest down, Purcell continued to look for hope. Finally, Dr. Jesse Mills of UCLA Health’s Male Reproductive Medicine department assured Purcell and his wife that the right medical care and in vitro fertilization could make their dream of becoming parents a reality.

“Payton joined our family in the spring of 2023,” Purcell reports. “For so long, I believed my spinal cord injury had taken everything I cared about, but now I am grateful every day. I work to help other people with spinal cord injuries find the same joy and hope. We provide them with access to specialists, funding to pay for innovative treatments, and the desire to move forward with a focus on the future.”