sandysr
12-26-2017, 09:59 AM
Trading now becomes one of the most popular professions in today’s world. People all over the world is trying to master the art of trading since they know the sky is the potential limit for earning in this industry. But sadly only 5% of the traders are able to make money on regular basis. If you look at the full-time traders at Saxo then you will be surprised to see their depth of knowledge in this industry. Every single one of them has learned all the basic details of this market to extreme level precision. They know very well that without developing their trading skills they won’t be able to execute high-quality trades. Some traders often buy other people trading system with a big amount of money but still, they lose money. Every trader is different and they need to develop their own trading system based on their personality. You can’t make money just buying other people trading system.
Learn the basics first
The first step of your learning is very crucial for success. If you don’t develop a strong foundation in the financial industry then chances are very high that you lose money. Learning the basic of technical analysis is relatively easy and you get a general idea of this section within a single month. But things are a little bit complex in the fundamental analysis section. You need to interpret the news data to trade this market. Based on your technical and fundamental knowledge you should develop a simple prototype of your trading system. Once you have your prototype open a demo account with the reputed broker like Saxo and see how your system works in the live market. Make sure that you demo trade the market for at least three months and if you feel satisfied with your trading performance then start trading the live assets.
Use the price action confirmation signal
Price action trading strategy is one of the best ways to make money in this industry. You can easily execute high-quality trades in your Forex trading account Singapore (https://www.home.saxo/en-sg/products/forex) by using the reliable price action confirmation signal at the key support and resistance level. So it’s highly imperative that you keep the concept of a price action trading system to your trading strategy. It’s true that some traders often find it really hard to understand all the basic formation of the Japanese candlestick. But if you stick to the market then within a few months everything will be crystal clear to you.
Advance knowledge of risk management
Trading system must be synchronized with the money management model or else you might even blow your entire trading account. First of all ask yourself, how much money you can lose in any single trade. Once you find your answer you should develop your money management model based on your risk tolerance level. Some traders often say that they are comfortable to lose more than 5% of their account balance in any single trader but in real life trading, this doesn’t make any sense. Trading is all about probability and risking 5% in each trade will take 20 losing trades to lose your entire trading capital. Under no circumstances, you should risk more than 2-3 % of your account capital.
Mistakes are always appreciated as long as you learn from it. As a trader, you should always follow a trading journal so that you can easily assess your trading history. During the weekend go through your trade history so that you can understand what the things went wrong with your system. If you want to improve your trading performance then you need to find the mistake first. Once the problem is identified try to find a perfect solution and you will see a dramatic improvement in your trading career. And always make sure that you are keeping yourself updated with the latest market news to avoid unexpected trading loss.
Learn the basics first
The first step of your learning is very crucial for success. If you don’t develop a strong foundation in the financial industry then chances are very high that you lose money. Learning the basic of technical analysis is relatively easy and you get a general idea of this section within a single month. But things are a little bit complex in the fundamental analysis section. You need to interpret the news data to trade this market. Based on your technical and fundamental knowledge you should develop a simple prototype of your trading system. Once you have your prototype open a demo account with the reputed broker like Saxo and see how your system works in the live market. Make sure that you demo trade the market for at least three months and if you feel satisfied with your trading performance then start trading the live assets.
Use the price action confirmation signal
Price action trading strategy is one of the best ways to make money in this industry. You can easily execute high-quality trades in your Forex trading account Singapore (https://www.home.saxo/en-sg/products/forex) by using the reliable price action confirmation signal at the key support and resistance level. So it’s highly imperative that you keep the concept of a price action trading system to your trading strategy. It’s true that some traders often find it really hard to understand all the basic formation of the Japanese candlestick. But if you stick to the market then within a few months everything will be crystal clear to you.
Advance knowledge of risk management
Trading system must be synchronized with the money management model or else you might even blow your entire trading account. First of all ask yourself, how much money you can lose in any single trade. Once you find your answer you should develop your money management model based on your risk tolerance level. Some traders often say that they are comfortable to lose more than 5% of their account balance in any single trader but in real life trading, this doesn’t make any sense. Trading is all about probability and risking 5% in each trade will take 20 losing trades to lose your entire trading capital. Under no circumstances, you should risk more than 2-3 % of your account capital.
Mistakes are always appreciated as long as you learn from it. As a trader, you should always follow a trading journal so that you can easily assess your trading history. During the weekend go through your trade history so that you can understand what the things went wrong with your system. If you want to improve your trading performance then you need to find the mistake first. Once the problem is identified try to find a perfect solution and you will see a dramatic improvement in your trading career. And always make sure that you are keeping yourself updated with the latest market news to avoid unexpected trading loss.