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Currency | May 05, 2021

Different Strategies for Currency Trading in India

A trading strategy is the set of parameters based on back-tested analysis to enter or exit the currency pair as per the market conditions. Market veterans have developed a plethora of successful strategies to make consistent profits. There are a few important characteristics that distinguish a profit yielding strategy from others. Such a strategy will help in understanding the type of currency to trade in, the size of each position, the entry and exit points, and relevant techniques for the execution. 

In this blog, we have compiled several productive strategies that can aid you in making real profits in the forex markets.

  1. Candle stick Strategy: This is one of the simplest yet effective methods to trade currency. In this, the trader only reads the patterns formed by candlesticks or price action. This type of strategy works in almost all the market conditions i.e. trending, range-bound, and even volatile. 
  2. Volume Trading Strategy: Where there is more buying or selling there is more volume, which means more pressure or intensity. An easy example of volume trading strategy is to buy when the prices are moving high with higher volumes and sell when the prices are moving low with higher volumes. It is recommended to stay cautious when the volumes are low.
  3. Multiple Time Frame Strategy: Analyzing the forex chart on higher time frames and then moving towards lower time frames is termed as multiple time frame strategy. 
  4. Trend Trading Strategy: The market always moves in one of the three ways- upward, downward, or sideways. The only way to make money in the market is to identify and follow the existing trend. This strategy helps the trader to catch a trending trade or even get into an existing trade with various indicators like moving average, stochastic, etc.
  5. Counter-trend trading Strategy: This is the opposite of the previous strategy. In this, the trader tries to capture the top or bottom and take positions accordingly. This can be extremely profitable or loss-making at the same time.
  6. Scalping Strategy: A scalper exploits plenty of minor price changes in a day with quick transactions. A forex market is the best set-up for scalping as it provides liquidity and volatility in abundance.
  7. Range Trading Strategy: This is one of the safest trading strategies which can be done with relatively small stop losses and larger targets. This involves trading within a predictable range of prices by selling at the resistance and buying at the support levels. 

In order to engage in effective trading within the foreign exchange market, it is essential to carefully assess important elements such as trading opportunities, risk to reward ratio, and the time required to conduct fundamental and technical analysis. 

When it comes to forex trading in India, it is crucial to select a trustworthy stock broking firm in India to open your forex trading account. It is recommended to search for features such as easy and convenient account opening, no annual maintenance charges (AMC), lowest brokerage, and a long-standing reputation in the financial market.


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