This topic contains 0 replies, has 1 voice, and was last updated by Vicky Macklean 1 year ago.
July 14, 2017 at 4:29 PM #1905
Do you know how many traders are trying to make a profit every single day? There are countless numbers doing so. Every day, there are trillions of dollars being exchanged in this Foreign Exchange market, also known as the Forex market. Traders are in mortal combat with the market to make a profit and exit the market with that profit. Not many traders are that lucky. It is not because of their impatience, but most of the time, it is the result of their greed in the market. If you want to make a decent profit and living out of Forex just like the experts in Singapore, then you need to know when to exit the market. Do not chase after the profit until it comes to a dead end. There is no blind end in the market, and Forex will always find some way to take your profit back to its market if you keep your pockets full of cash on the market. When you have the chance, exit the market with your profit.
Do not chase the profit goose
This is the only market where the goose chases you. If you think you will use a very good strategy to make your profit in the market, you may not be successful. It is only a matter of time before all your profit ends up going in smoke. The market can shift anytime, and before know it, you will be in the losing part of your trades. All your profit will be lost and you will have to close your trades with a loss. Take your profit and exit the markets. Many traders have lost their money by trying to make a big profit. There is no big profit in Forex if you are not professional and have years of experience. Be happy with small but consistent profit in the market.
If you want to make a really good profit in forex trading, take the profit when you still can. The market trend does not favor the traders in this trading. Only 5% traders are successful and can take profit from this market. If you are among the 5% of traders in any of your trade, do not chase after the profit like a golden goose. Take your profit, exit the market and go home. Prepare for your next trade in the market.
Use trailing stop loss
The Trailing stop loss feature is one of the most wonderful and efficient ways to maximize your profit potential. Experienced traders in the financial market always use the trailing stop loss feature to book their profit so that they can ride the long term trend. But using the trailing stop loss feature requires extensive knowledge about the support and resistance level. If you think that you can get away with a little trading knowledge then you are completely wrong. In order to maximize your profit potential, you need to focus on quality trade execution. Once you place the perfect trade start using the trailing stop loss feature and ride the long term trend as long as you can.
Fundamental analysis is very important in forex trading. If you are new to this industry then you might be using the technical analysis only. But in order to develop a balanced trading system, you need to do the major three types of analysis. Fundamental news releases are powerful price driving catalysts and it often changes the long term prevailing trend of certain assets. Be sure that you learn the art of fundamental analysis before getting fully invested in the forex market.
Summary: Execution of the trade and closing the trade are equally important. If you think that finding the entry point is the key factor then you are completely wrong. As a professional trader, you must know when to close a running position. When you place any trade make sure that you are trading in favor of the prevailing market trend.