Best daily forex trading strategies for beginners - simple daily forex trading strategies 2023

 A daily forex trading strategy is one of those transactions created and executed directly on the same day. Daily forex trading strategies include the best forex trading strategies that are often used by novice traders and those who have been professionals since long ago until 2023. In using this rule, a trader must make decisions and predictions before entering the market, this is so that in making decisions he is not affected by his emotions.

In addition, this daily forex trading strategy is perfect for a trader who actively trades during the day. Because these days traders take advantage of price fluctuations during the opening and closing hours of the market. In using this best and simple daily strategy, not a few traders take advantage of the strategy by using trading signals designed specifically for forex.

Example of making a daily forex trading analysis by determining support and resistance

The concept of support resistance in forex trading is one of the most frequently discussed attributes in the technical analysis of day trading. Both terms are used to designate price levels on the chart that act as markers of price movements that do not break through a certain value. We need to determine the support and resistance levels first before executing the trade. Because usually, the price will react around those levels. For example, we can see the image below:

The first thing you have to do is look at the weekly chart, then you determine the key levels. Support and resistance, and draw horizontal lines at those levels. Let's take it simply, the key levels as shown above are determined through a point (price reversal) that is clearly visible. Then after that, we see the price movement on the lower timeframe, in this case, we see in the daily chart, for example, you can see the image below:

In the picture, it is clear that often the key levels formed in the weekly chart are not very relevant to the levels that appear on the daily chart. All we have to do is redefine for adjustments if the weekly chart is not very relevant to the daily chart level. In addition, we can also add other levels that are clearly visible on the daily chart.

Pros of Daily Forex Trading Strategies

This Daily Forex Trading Strategy has several advantages that you need to know a novice trader, including:
  • No swap risk
  • Trading risks can be controlled
  • Trading time becomes flexible
Behind the advantages of daily forex trading strategies, of course, there must be disadvantages. Here are some of the disadvantages of the forex day trading strategy that you need to know. This strategy has the disadvantage that you need to be disciplined and trade flat, that is, the possibility of some positions not moving within a day. Day trading also requires high discipline so that you can know the predetermined strategy.

From the daily forex trading strategy above, we can use it to make a profit every day in trading daily. But we highly recommend learning it first to understand more of those daily forex trading strategies.

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