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May 26, 2017 at 3:37 PM #684
The forex market can be traded in a number of different ways. Trading strategy and techniques tend to vary from traders to traders in the world. If you look at the professional traders in Singapore trading community then you will notice that every single one of them is using their own trading strategy in the market. Unlike the professional trader then novice trader in the forex market tends to trade the market by using other people trading strategy and ultimately fails to make money. In order to make a profit in the financial sector, you need to develop a solid foundation in the financial sector and trade the market with the robust trading platform like SaxoTraderGo offered by Saxo. In this article, we will discuss some amazing ways to enhance your trading career in the market.
Master the art of price action trading strategy
Though there is a different trading strategy in the forex market but price action trading strategy is considered to be the most profitable and easiest trading system in the world. If you are relatively new in forex trading world then you can use your demo trading account to master the art of price action trading strategy. At the very beginning everything will seem a little bit difficult for you but if stick to your learning method rigidly then within a few months you can easily master the art of price action trading strategy. Once you master this system you can easily execute high-quality trades in the market in the higher time frame. But when you trade the market make sure that you are trading in favor of the long-term prevailing trend in the market to reduce the risk exposure in trading.
Trade the higher time frame
Most of the novice traders in the financial market tends to trade the lower time to execute high-frequency trades. But if you trade the lower time frame in the market then you will not be able to execute high-quality trades in the market. The professional traders in the forex market always use the higher time frame to do their technical analysis in the market. It’s true that if you trade the higher time frame in the market than you will not be able to execute high-frequency trade but all of your trading orders will be extremely standard. If you are relatively new in forex trading then make sure that you use your demo trading account in the market to develop your own trading strategy in the higher time frame. Once you feel comfortable with your demo trading performance switch back to real trading account to trade the live asset with our own unique trading strategy in the market.
Learn the fundamental analysis
Fundamental analysis is one of the most important analyses in the forex market. If you look at the professional traders in the forex market then you will notice that every single one of them is trading the market after doing the fundamental analysis in the market. The expert traders suggest the novice traders to use the demo trading account to trade the high impact news release. If you trade in demo trading environment during the high impact news release in the market then you will be able to know how the market behaves during high impact news release. And this practical experience will help you to execute quality trades in the market during the extreme level of volatility. But when you trade the market make sure that you follow proper risk management factors in every single trade to reduce the risk exposure in the market.