Post by sandysmith on Jul 24, 2017 23:44:30 GMT 8
The forex market is a vast market and every single day millions of people are trading to make money. Though the active participant of this market is very high only 5 percent of the traders are making a consistent profit. This fact is known to people of Switzerland and for this very reason, they consider it as the professional of elite people. You need to be extremely knowledgeable in the world of finance to understand the basic nature of the market. But knowledge is not the only thing which will make you profitable. You also need complete control over your emotion so that you can only trade the high-quality trade setup. Many new traders fail to make money even after learning the details of this market due to their emotion. Today we will discuss some of the amazing ways by which we can improve your winning edge in the forex industry.
Daily time frame trading
Most of us trade the lower time frame since we get lots of trading signals. But the expert Swiss traders always suggest the rookie traders trade the daily or higher time frame. However, if you are new to this trading concept then you should never trade with your real money. You should use the demo account offered by reputed brokers like Saxo to understand and develop your trading system. At your initial stage everything will look new to you but once you are determined to learn the trading process you will gradually start to understand how the market really works. At the beginning of your trading career you should never focus on making money rather you should try to develop your trading skills to execute the best trades with an extreme level of precision.
Trading in a clean chart
Keeping your trading chart clean is very important. There are some traders who often think that they need to use many indicators reading to make a profit. But to be honest, by using too many indicators you will reduce your winning edge in the options trading industry. Always trade in a clean chart by using the key support and resistance level. The trend is your friend, a well-known proverb for the currency trader. You need to follow this proverb to limit your risk in trading. Those who try to trade the reversal usually end up by losing their entire trading account. Favoring the trend is the best thing that you can do to enhance your winning edge. Try to draw a valid trend line using the key swings of the market and use it to place your trade with proper money management.
Always take a break after losing
This is very crucial for the professional forex trader. Being the best trader in the world you will have to face some series of losses in the trading world and there is nothing you can do about it. The expert traders always suggest the novice trader’s step away from their trading platform once a single trade hit the stop loss. If you place any trade right after losing a trade then you will never make money. Sometimes you get lucky and recover the loss but in the long run, this will ruin your trading career. You need to learn to take a break from your trading after facing a losing trade. You should not even look at your trading chart rather go out and give yourself some time. Start trading at least after 24 hours since it will reboot your mind to a fresh state.
Daily time frame trading
Most of us trade the lower time frame since we get lots of trading signals. But the expert Swiss traders always suggest the rookie traders trade the daily or higher time frame. However, if you are new to this trading concept then you should never trade with your real money. You should use the demo account offered by reputed brokers like Saxo to understand and develop your trading system. At your initial stage everything will look new to you but once you are determined to learn the trading process you will gradually start to understand how the market really works. At the beginning of your trading career you should never focus on making money rather you should try to develop your trading skills to execute the best trades with an extreme level of precision.
Trading in a clean chart
Keeping your trading chart clean is very important. There are some traders who often think that they need to use many indicators reading to make a profit. But to be honest, by using too many indicators you will reduce your winning edge in the options trading industry. Always trade in a clean chart by using the key support and resistance level. The trend is your friend, a well-known proverb for the currency trader. You need to follow this proverb to limit your risk in trading. Those who try to trade the reversal usually end up by losing their entire trading account. Favoring the trend is the best thing that you can do to enhance your winning edge. Try to draw a valid trend line using the key swings of the market and use it to place your trade with proper money management.
Always take a break after losing
This is very crucial for the professional forex trader. Being the best trader in the world you will have to face some series of losses in the trading world and there is nothing you can do about it. The expert traders always suggest the novice trader’s step away from their trading platform once a single trade hit the stop loss. If you place any trade right after losing a trade then you will never make money. Sometimes you get lucky and recover the loss but in the long run, this will ruin your trading career. You need to learn to take a break from your trading after facing a losing trade. You should not even look at your trading chart rather go out and give yourself some time. Start trading at least after 24 hours since it will reboot your mind to a fresh state.