4 rules to dominate the Forex market
Dominating the Forex market might be the most difficult task in the world. The success rate in the Forex market is so low that naïve traders often think it’s impossible to make a living from trading. Even if you read blogs on trading, it won’t take too much time to realize the fact that trading is not a piece of cake. To make yourself a better trader, you have to think like the successful traders in Singapore. Those who don’t have access to skilled traders might think they are never going to dominate the trading industry. But things are not as hard as they seem at the initial stage.
If you can follow 4 simple rules, you can expect to become a better trader within a year. These rules are very easy but naïve traders always find a way to break these rules. Let’s learn about 4 steps that can make us better traders.
Become a position trader
Those who are trading Forex as their fulltime profession, should never trade the lower period. Trading the lower period and scalping the market is a very hectic process. You need to stay tuned to this market 24 hours a day and execute trades with a high level of precision. The margin of error for scalpers is low and small mistake can cost you your entire trading capital. On the other hand, if you start trading the market as a position trader, it won’t take too much time to develop the basic skills. Once you start dealing with complicated price movement and start executing quality trades in a higher period, you will feel the change in your approach. Most importantly, you will be satisfied with your potential earnings since all the trades will generate big profits compared to the amount risked.
Learn to trade the candlestick pattern
Learning to trade the candlestick patterns might be one of the most efficient fx trading methods. Naïve traders are using indicators, bots, EAs and other expensive tools to find the perfect trading method. But do you think such an approach can make them successful in the trading industry? Trading should be done rationally. Taking random risks to earn more money is like pushing yourself into the line of fire. Learn about the candlestick patterns so that you can find reliable price action signals at the critical support and resistance level.
Analyze the major news
Analyzing the major news is one of the most complicated tasks in the trading industry. Many traders ignore the major news since they think technical data is enough to secure the investment. But if you look at the professional traders, you will notice they are always taking decisions by giving priority to the news data. Things might be hard for naïve traders, but after they realize the impact of major news, they can dominate the market even with basic technical knowledge. Trading requires perfect knowledge of technical, fundamental and sentiment analysis. So, if you ignore the fundamental part, you should not expect to make any profit. Find more info about that.
Be a disciplined trader
To dominate the trading industry, you must become a disciplined trader. After losing a few trades, naïve traders are always breaking the rules only to recover the loss. But such an aggressive approach always leads them to blow up the trading account. If you want to stay on the safe side, learn to trade this market with strict rules. Follow the basic rules of the investment business so that you don’t have to become frustrated with the outcome of any trade. As long as you stick the core concept of money management, there is nothing to worry about. Try to aim for bigger profits and cut the losing trades early. And never break the rules to recover loss as it is one of the major reasons why people blow up their trading accounts.