The trend is your friend when you trade forex“The trend is your friend.” You’ve heard that before, right? When you trade forex, many traders live and die by that rule. There’s a reason why. Trend following is a major trading strategy employed by even expert traders. But, it’s not the only trading strategy or methodology out there. Forex is primarily a directional-driven market where traders must decide how they will exploit movements in the market. A static or “sideways” market is nobody’s friend.

At the same time, directional trading can easily turn against even the most experienced trader. These trading strategies exploit small movements in currency pairs. If the trader is correct, he wins money. If he’s wrong, the losses could be catastrophic. It’s a high-stakes game. If you’re ready to play, here are the major sub-strategies that will get you off the ground.

Trend Following When You Trade Forex

The idea of trend-trading or trend-following is that an established trend will continue in the same direction rather than reverse course. The strategy uses technical analysis to try to spot trends or patterns in the market, and then it exploits those patterns for profit. It’s a form of data mining and analysis. To trade on a trend, you can either trade in a general direction with unlimited upside potential or trade within a range.

For example, a general trend-trading strategy might have you find a trend and then take a long or short position on it. You may then place your stop loss at a conservative point given the volatility of the market.

Trading within a range means that you attempt to find a pattern of movement within the daily trend and then enter and exit within that range. So, you profit on the daily oscillations of the market, rather than a long-term trend that lasts either all day in one direction or multiple days.

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Apply for personal loansEvery once in a while, we all need a little help when it comes to money. Taking out a small, fast personal loan can help you make ends meet when you need it most, whether it is because your car has unexpectedly broken down, or you have been hit with a few unforeseen medical bills. Luckily, these days it is easy to apply for a loan online, and fast. Here are our tips for preparing, applying and getting approved online for a personal loan.

Know your credit history

Also a key step to managing your finances going forward, knowing your credit history and rating is the best way to determine if you will be approved for a loan. A bad credit rating doesn’t necessarily mean your loan application will be rejected, but it does give you a good idea of what your current position looks like. You can obtain your credit history report from a reputable credit reporting body within ten days of applying for it. If you urgently need it sooner, you may have to pay a fee.

Figure out what you can afford

Take a look at the fees, charges, interest rate and terms and conditions of the loan you are applying for, and make sure they are all acceptable to you and your current financial situation. Be realistic about how much you can afford to borrow, and how long it will take you to pay it back, including how much you will need to repay each month. Taking out a personal loan can be a great way to obtain fast cash, so long as you don’t get yourself into (or further into) debt by doing so.
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