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Hi Friends Since Forex oscillates on a daily basis, can I position trade currencies? By which I mean, use weekly or monthly charts. I have read that day traders rarely make any gains. Is swing trading the only possibility? My interest is in the GBP/USD currency pair.
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you can do whatever trade you like with Forex... day, swing or position trade.. even scalping... but to tell you the truth you don't seem to know much about Forex so you should educate yourself about it first and demo trade for a couple of months... as for day traders not making any gains.. that is a myth... it is usually stock daytraders who are not able to adjust to Forex because its a different ball game.. since it's a 24 hour market... anyone can make gains in Forex be it a scalper, daytrader, swingtrader or position trader... though holding overnight or over a weekend isn't always advisable because of "rollover" ... and if you do not know what that means you seriously need to learn the basics first... so do yourself a favor and read the "School" portion of this site:
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