Rarely a week goes by where I do not get asked if "day trading" is the only way to trade forex. It seems most new traders have been led to believe that you must be a day trader (referred to as DT from now on) if you want to make it big in forex. However that's simply not the case.
What I have found is day trading forex currency is not beneficial for most new forex traders. In fact, because of the time and focus required to be successful it's actually one of the reasons many new traders fail. There are easier methods of trading that do not require nearly as much time as DT, and because of these they are much better suited to new or less experienced traders. The best part is the profits are as good or better than with DT.
One of the simplest trading strategies that is quickly gaining in popularity is "end of day trading". (Referred to as EODT from now on). This approach is particularly suited to new forex traders as you only need to trade for 30 – 60 minutes each day, so you can focus your attention for a short period of time and still live a normal life outside of trading.
EODT also has the advantage of taking larger profits over a longer period of time, rather than the shorter short-term profits of day traders, which means your profits are on par and often greater. Of course, EODT requires slightly difference strategies than DT, so you should invest in a forex currency trading system specifically created for end of day trading.
What most people do not realize is DT can be very stressful – with the time pressure of needing to make snap decisions multiple times each day requiring unbounding concentration and a level of experience most new traders simply do not have. EODT removes most of these issues and makes successful trading much simpler.
While day traders are focused on making fast profits that are quite small, multiple times each day, end of day traders take slower larger profits just once each day. The result is less work for similar profits, with less stress and time involved. By now you might have guessed that day trading forex currency is not the only way to go. End of day trading is often a much simpler method to use that takes up less time and gets you similar results.
Source by Grant Grady