Strategies

Know your tools to be an effective trader

ForexHero allows users to trade in both bull and bear markets with long and short strategies. Bots supports both directions but each bot is configured to trade in either Long or Short. To trade both directions with the same settings another bot must be used (Check out Strategy Designer). You may make a copy of a bot and change the strategy to trade an asset in both directions.

What is a Long strategy

Buying a Base currency (for example in EUR/USD, EUR is known as the Base Currency) with the Quote currency (USD for example) expecting that the value of the Base Currency to rise. A profit is made when you sell the Base Currency that has appreciated in price.

What is a Short strategy?

Selling a Base Currency in anticipation that the price of the forex will drop in the future. A profit is made when you buy back the same Base Currency at a lower price.