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Three essential skills for currency trading business

Without having enough experience in a certain field you can’t expect to make money. You need to have the good skills to ensure your financial freedom. Some of you might have a professional degree but still, you will not a decent salary at the beginning of your career. This rule is also applicable in the Forex trading profession. Being a Singaporean trader, you might be able to manage a huge amount of money to invest in the Forex market. But this doesn’t mean you will make significant progress in your trading career. If you learn the perfect way to trade the market, even with a small investment you can easily make a decent profit by using a high leverage trading account. Focus on your trading skills to become better at trading.

There are many things you need to consider to become a successful trader. In this article, we are going to discuss the top three skills you must have to ensure your survival in the trading profession.

Ability to endure the loss

You might be surprised to know the impact of a strong mentality in the trading business. Those who are confident are most likely to deal with the losing trades with an extreme level of confidence. The nature of the Forex market is completely unpredictable. No matter which trading strategy you follow, you are bound to lose trades regularly. But if you embrace managed loss and trade with high-risk reward ratio, it won’t take much time to make a decent living out of trading. You must have the ability to endure losses on a regular basis. Try to find 1:3+ risk-reward ratio trade setups so that one winning trades can easily cover up three losing trades. Trading is all about finding the perfect balance. Work hard on your risk management skills. Once you understand the importance of money management, you can easily ensure loss and make decent progress.

Chart pattern trading skills

As a currency trader, you should always use the SaxoTraderPro online trading platform to ensure precise price feed. Unless you analyze the market data in the higher time frame, it will be extremely hard to find good trades. But if you learn to analyze the major chart pattern, you can easily ride the market trend. In fact, you can also spot the potential trend reversal. Learning to trade the major chart pattern is a very challenging task. But if you open a demo account with Saxo, you can easily create a perfect chart pattern trading strategy. Instead of trading the reversal chart pattern, focus on the continuation chart pattern. This will help you find great trades in favor of the market trend. Use the daily and weekly time frame so that you get high-quality trade setups.

Fibonacci trading strategy

If you want to trade with the major market trend, you must learn the use of Fibonacci trading strategy. The Fibonacci trading strategy allows you to spot the endpoint of a retracement. Though there are many Fibonacci retracement levels, the pro traders prefer to execute tradesat the 50% and 61.8% Fibonacci retracement level. Dealing with this level is extremely easy once you use it in a higher time frame. Does this mean you should never trade the market in the lower time frame? You can trade the lower time frame but for that you must have extensive experience with risk management policy.

Making consistent profit is not so hard. Try to learn the use of multiple time frame analysis since it will greatly improve the trading skills. Use the simple price action confirmation signal to trade the major retracement levels. Focus on your trading skills so that you can easily find great trades without risking a big portion of your investment. Try to think of this profession as your business and you will be able to create a perfect trading strategy. Last but not least, never trade against the major market trend.

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