This topic contains 1 reply, has 1 voice, and was last updated by Dany Brown 6 months, 3 weeks ago.
March 30, 2017 at 5:51 PM #404
There are three different types of the chart in the forex market. Some traders prefer the bar chart and some prefer the line chart. But if you look at professional traders then you will notice that all of them are using the candlestick chart in the forex market. If you look at the Singapore trading community then you will notice that within a very short period of time the traders of Singapore have done a brilliant job in the forex trading industry. They are very much keen at what they do and most of them trade with a high-class broker like Saxo since they offer excellent trading conditions and robust trading platform to their traders. If you are relatively new in forex trading then you can use demo trading account to master the art of forex trading so that you won’t have to lose any real money in the financial market. In this article, we will discuss how to trade the forex market with candlestick pattern.
Support and resistance level: The first thing that you should learn in forex trading is drawing the perfect support and resistance level in the market. In the forex market, most of the novice traders fail to achieve success in the financial industry since they don’t know how to draw the key support and resistance level in the market. Most of them use the smaller time frame in the market to find the support and resistance level and ultimately fails to make money. But if you look at the professional trader in Singapore then you will notice that all of them are suggesting to trade the higher time frame since it provides much more accurate support and resistance level.
Learn the basic candlestick pattern: There are many different candlestick patterns in the forex market. Each candle has a different story to tell the traders. If you are relatively new in forex trading then we suggest you use the demo trading account so that you can practice trading the live feed of the market with the virtual dollar. It’s true that learning the basic candlestick pattern at the very beginning will be a little bit difficult for you but if you have strong passion then you can easily master it.There are some novice traders in the financial market who often trades only the reliable candlestick pattern. In a sense, it’s a good dedication but make sure that you know about the other candlestick pattern since it will help you to identify the trend reversal and continuation pattern in the financial market.
Price action trading strategy: Once you learn the basic candlestick pattern it’s time for you to learn the price action trading strategy in the forex market. Price action trading strategy is the study of the raw price data in the forex market which allows the traders to execute high quality trades at the key support and resistance level. If you are new in price action trading strategy then make sure that you use the demo trading account to master the art of trading using candlestick pattern. As a trader, you should look for bullish price action signal near the key support level in the market and once you find the right setup execute your trade in the market using proper risk reward ratio. Similarly for sell entry look for bearish price action confirmation signal in the market to execute your orders in the market.April 5, 2017 at 8:19 PM #439