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5 good Forex trading habits

The foreign exchange market, also known as Forex, is full of traders looking to profit from the fluctuating exchange rates of foreign currencies. Whether you're a day trader or simply trade in your spare time, there are several simple ways to improve your success in this prosperous market. By engaging in five easy habits you can make the most of the market while remembering to protect your assets.

Short-term Forex trades versus long-term Forex trades

In the Forex market - also known as the foreign exchange market - traders buy and sell foreign currencies and make money off of the variations in exchange rates. Some traders make short-term trades on a daily basis, while others hold their positions for much longer before making their transaction. Depending on the amount you're willing to risk and the amount of time you have to spend on making trades, you can choose to engage in long-term trading, also called position trading, or short-term trading, often referred to as day trading.

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