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Day Trading Forex
If you're thinking of day trading forex , here are things you should know.
- Recommended starting capital is at least 0 to 00 .
More than 00 is recommended if you want a decent monthly income stream.
- Forex trades 24-hours a day from 5 PM EST on Sunday to 5 PM EST on Friday. Not all these times are ideal for day trading though.
- Best times to day trade forex depends on the pair being traded.
That said, major pairs like the GBP/USD and EUR/USD are best traded between 3 AM and noon EST. See Best Times to Day Trade EURUSD for more precise times.
- Lots of currency pairs to day trade, although it's recommended new day traders stick to the EURUSD or GBPUSD.
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These provide more than enough volume and price movement to create a day trading income.
Based on these factors you can likely determine if the forex market suits you. If you have limited capital to start day trading (less than 00 to 00) then forex is your only option (or you have to save up to trade the other markets).
Forex is flexible in that you can trade outside of US market hours; that helps if you have another job during normal business hours.
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