Successful traders in the Forex market are not like us. They are not looking for trade setups all day long. They have a strategic approach and they use a precise trading routine so that they can deal with the complicated price movement. Unlike the new traders in Singapore, they are confident and devoted to learning new things. You may have the ability to deposit a big sum of money but it is not going to work unless you know the 5 prominent rules to become an elite trader. If you care about your trading career, read this article very carefully.
Create a professional trading strategy
You have to create a professional trading strategy that suits you. Thinking about the short time frame trading strategy and using the advanced EAs is going to mess things up. Start with the basic support and resistance level. Try to find the trade signals at the support and resistance zone so that you can use the stops in each trade. After that, you should learn about the trend trading strategy. It is one of the proverb methods by which the rookie traders can place the trade. During the testing phase of your trading strategy, find the bugs in the system. Fix those issues and you will have your professional trading strategy.
Analyze the bar and candle chart
Some of the stock traders start trading with the linear or area chart. But the exchange traded funds market is far more advanced. Elite brokers like Saxo are giving you access to a robust trading platform like SaxoTraderPro. You have to use the modern feature and try to improve your skills on the candlestick chart analysis. Those who are familiar with the bar chart analysis process has great news. The candlestick chart analysis process is also very similar to the bar chart analysis process. Once you become good at it, you will be able to place a trade with more confidence.
Admit your faults
Naïve traders never like to admit their faults. They always blame the market and try to earn more money by taking aggressive steps. But the professional investors always admit their faults as it allows them to find the fix to their trading method. Though it will be a little complicated at the initial stage, once you become at finding the mistakes, you can slowly improvise the trading method and crate a robust trading strategy. But make sure you are not making things a mess by using advanced EAs and bots. Use a simple method of trading and never lose your confidence.
Stop adding position
You need to stop adding a position to the losing trades. By doing so, you are imposing a great risk to your trading career. At the initial stage, you should be aware of the fact, trading more about finding the perfect balance. If you can’t accept the losses, you should not become a currency trader. Start trading with discipline and never add a position to the losing trades. Though it might be a powerful way to mitigate the loss, if the trade goes wrong, you are going to lose twice the amount of money.
Never stop learning
Being an active trader, you should never stop learning new things about this market. If you do so, you are going to lose money in most of the trades. The professional traders always keep themselves tuned with the latest market dynamics and they place their trade with low risk. They are focused on the trend trading method and they know how to deal with the losses. But to act like them, you must have a strong education. This will only be possible when you keep learning. Spend 1 hour a day reading books and articles. After one month, you will become more confident in your approach.