Many new forex traders lack the patience to wait days for a trade to develop. These types of traders want the trade to turn into a profit within minutes of entering into the trade. If it doesn’t, they usually abandon the trade as they lack the patience to follow it through. These type of traders are more than happy to make 10 pips multiple times a day instead of making something like 100-200 pips in a trade with the potential of the trade going against them in the beginning.
For these type of traders momentum trading is the best forex trading strategy. The aim of this short term momentum forex trading strategy is to hit the profit target as early as possible. This is achieved by entering the market long or short when the momentum is on your side.