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Finding the perfect trades in Forex market

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  • Finding the perfect trades in Forex market

    Dealing with the dynamic nature of the Forex market is very hard. Those who start trading without knowing the complex nature of the trading industry had a very tough time. According to the latest statistics, almost 95% of the traders are still losing money in Forex market. The remaining 5% are the smart traders who have precise knowledge about the retail trading industry. They know very well how to manage their losing trades. The UK traders are able to make a huge profit in the retail trading industry since they know the proper way to find the best trades. They are not concerned about high-frequency trade execution. A single good trade is enough to secure your whole month profit when it comes to Forex trading profession.
    So how do we find the best trades? To be honest there is no exact answer to this question. However, if you follow some basic guidelines you will be able to make money in the long run. The novice traders are always taking a huge risk and trading the smaller time frame. But if you trade the minute 30 or lower time frame, chances are very high you will have to face false trade setup. Though there are no certain ways, still we will give you some amazing tips to find the best trades. Trade the daily time frame

    Daily time frame trading is one of the easiest ways to find profitable trades. Try to find the key support and resistance level in the daily time frame and you will see significant improvement in your trading performance. Use the simple trend line tools to find the key trading zone in the market. If the market is exhibiting ranging movement, you should only trade in favor of the past trend. But never trade the market against the long-term trend as it will increase the risk factors. Keep your trading chart clean

    Those who are relatively new in the currency trading profession are the ultimate risk takers. They don’t know the proper way to trade the market. They simply overload their trading platform with EAs and indicators. But these things will never help you to become a profitable trader. You have to trade in a clean chart so that you know the actual price movement of the currency pairs. Indicators will only help you to filter out the false trade. But by using the multiple time frame analysis you will get much more accurate trading signals. Stop trading the news

    Those who trade the news have extensive experience in Forex market. Being a novice trader you should never trade the news. Wait in the sideline until the market dust settles. Use the fundamental factors and try to synchronize the fundamental data with the technical data. A balanced trading system should always consider the three major form of market analysis. Try to master technical, fundamental and sentiment analysis so that you can have the best possible chance to win trades. Never execute any trade prior to the high impact news since it might cause significant loss. The simple rule of money management

    Those who are successful in Forex trading profession are very good at risk management. They never risk more than 2-3% of their account balance even though they have a very clear signal. You have to remember the probability factors of the Forex market or else you will even blow your trading account on a single trade. Be brave and always trade this market with confidence. The intermediate traders should always use the trailing stop loss features of their advanced trading platform to maximize their profit factors. As a full-time trader, always trade with the reputed broker like Saxo or else you will never get premium trading environment. Choose your broker very wisely as it directly influences your trading performance.