Hello i was wondering about switching to long term position trading where trades last weeks, even months. Does anyone on ehre do this already? I would love to speak to you about your experiences / opinions!
I definitely do that. Not all the time, but definitely when I see good opportunities.
If you have some extra money and some patience to wait for the best setups, I think this is an excellent way to go. I would set up a separate account for it, so you are not tempted to fool with it once the trade is in place.
Look at the weekly candle on the G-Y on July 7, 2007 … an inverse hammer following a doji at the top of a long uptrend. Price fell nearly 6000 pips from there.
What’s not to like??
I start this just last week, I have 3 orders that I planned to hold until end June. My orders were placed base on fundamentals(my opinions/overview of what will happen in future) and also chart patterns. I add additional lots on these orders daily base on charts(if i get any signals) and fundamentals.
Will share my experience in time.
Marcin,
This is primarily how I trade. Most of my trades run days and some will go over a week or two. Ideally I would see trades that would float a profit on a long term trend that continues for several weeks at a time.
You can check out my journal here and see what I am talking about. Also feel free to PM me. I don’t think enough Forex traders take advantage of the longer time frames and I think the easiest money is made there.
Thanks,
Jackie
I tend to place trades on all of the 6 major currencies as soon as the market opens on Sunday night, and hold these positions until the Friday close.
I’ve found this makes much more than trying to day-trade or especially scalp.
i am thinking to go long for US dollar against Rupee. is it right time to go long? as holding period can be only of 2 months.