What is discretionary Forex trading?

On the other end of the spectrum from mechanical for a system is discretionary trading, which mostly involve trading based on fundamental basics for market sentiment. This can comprise trading around news releases or using monetary policy expectation without much Reliance on technical indicators. Proponents of purely discretionary Forex trading believe that price changes are determined mostly by fundamental factors, which influence interest rates and supply and demand for a particular currency. After all, as discussed in the fundamental analysis section, expectation of higher returns tend to boost demand and value of a currency. This kind of trading style applies to those who are well versed in economics, as a understand the dynamic of the ebb and flow of price action. They are able to look into GDP figures for inflation data and determine whether or not this could lead to currency e appreciation or not. Discretionary traders tends to monitor trends in economic figures, as well as political or environmental news that could affect currency movement. Some discretionary traders also watch Forex position reports in order to Tu gauge market sentiment for a particular currency. These kinds of information can be found in the CFTC comitantes of traders report, which tracks changes in net long and short position on a weekly basis. From these, discretionary traders are able to pinpoint market tops and bottoms then predict potential reversal. They can also be able to determine if trend will continue for the longer Run based on these Positioning data. The common drawback to a purely discretionary approach to trading is that is can be very subjective. Most of the price prediction can be based on whether trader things that price will go up or down, with very little regard for actual levels during which brand is my tern or reversal might start. Because of that, traders who favor discretionary trading still to add a few technical components to their trade plans. Another factor that can make discretionary trading is the impact of human emotion in decision making. This trading approach relies mostly on biases, it could easily be clouded by negative thought pattern or confirmation bias. After all, when are trader feel very strongly biased about a particular currency behavior, he might be zoomed in on the data that simply confirm these biases and wind up being blinded to those that do not. This kind of grading approach can be applied to the long term and short term time frame, as those who trade around news releases might watch the minute charge while those who base dear position on longer term fundamental basis could relay on daily or weekly charts. Either way, it takes an experienced traders who has a through understanding of economic to profit mostly based on a purely discretionary approach. If you think these trading style suits you, try executing traders on a demo account first to ensure that you are in sync with the market and that you are able to understand how fundamental bite is derived Forex price action. If you feel that you need a little more confirmation before taking trades, it would not hurt to add some technical indicators or to watch chart patterns before entering and setups. As always, you have to be able to figure out a system that works well for you and that you are comfortable using. Thanks.

Re: What is discretionary Forex trading?

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Re: What is discretionary Forex trading?

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Re: What is discretionary Forex trading?

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Re: What is discretionary Forex trading?

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Re: What is discretionary Forex trading?

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Re: What is discretionary Forex trading?

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