Everyone is trying their best to make their life fantastic. They start working early in the morning to earn money. Even if you have the right skill and experience, very few people understand the proper way to secure their financial freedom. Due to the global economic crisis, it has become nearly impossible to ensure a steady flow of income. But in reality, things are not as hard as they seems. Many people in Singapore have mastered the art of Forex trading and leading their dream life based on the currency trading business. Let’s learn four amazing techniques which will help you to become a better trader.
Learn price action trading
Price action trading is one of the most efficient ways to find great trades. You might be new to this market but this doesn’t mean you can’t learn price action trading. The professional traders are making a huge profit just by trading the market with simple price action signals. Being a new trader, you need to take advantage of the demo account so that you can learn new things without risking any real money. The new traders often think demo accounts never help in real-life trading. If that were true, no professional traders in Singapore would have used the demo account to fine-tune their trading strategy. Open a demo account with an elite class broker Saxo and try to learn price action trading.
Use Fibonacci retracement tools
Using Fibonacci retracement tools is one of the most effective ways to make money online. Being a new trader, you have to understand the simple fact, trading is all about finding high-quality trades. The pro trader in the exchange traded funds industry always prefers to trade with the market trend. They use the Fibonacci retracement tools to discover the end of a market retracement. Being a new trader, try to execute the trade in the 61.8% retracement level since it will help you to make a better decision in each trade. If possible, use the price action confirmation signal so that you have a better chance to win the trade.
Focus on the high impact news
You can’t find great trades without knowing the details of high impact news. Fundamental factors are often considered as the price driving catalyst and it can even change the overall market trend. Learning the basics of fundamental analysis might seem a little bit hard at the initial stage but if you use your intellect it won’t take much time to know the details of the major news release. Focus on the interest rate change and unemployment claim data. Based on the high impact news you have to scale your trade and find the best possible trade setups. Never rely on the technical data to find quality trades. Blend the fundamental and technical data so you can filter out the best possible trades.
Learn risk management policy
Managing risk factors in the trading profession is one of the most difficult tasks. The new traders are losing a big portion of their investment because they trade with high risk. You might think high-risk trading is one of the easiest ways to make money online but in reality, this is one of the major cause for losing money. Never risk any amount that you can’t afford to lose. Being a new trader, it’s better to stick to the 1% rule of money management because it will help you to trade the market without any stress. Open a low leverage trading account so that you can’t trade the market with high risk. Leverage is a double edge sword. If you fail to control the risk factors, you are bound to lose a big portion of your investment. Try to trade the market with managed risk so that you don’t have to risk a big portion of your investment.
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