4 Profitable Tricks You Need To Know When Trading Forex
One special thing you should know is that Forex is really
interesting. It’s a very profitable business opportunity that has changed my
financial status and the life of many personalities in the world today.
A very successful business man –Neil Patel said, “Running a
business is like riding a roller coaster. Although it is fun and exciting,
there will be times when you feel scared and powerless. During the bad times,
there isn’t much you can do other than to keep on pushing forward”.
Have you been wondering why you lag behind in FX? If your respond is yes, then this message is
for you. Do not be discouraged, for I really know how you feel especially when
you see other traders shining in their endeavours.
Here are 4 profitable tricks, which you need to consider
(especially newbie’s) to make it larger in Trading Forex.
#1 DISCOVER YOUR PROFITABLE TRADING HOURS
Honestly speaking, this has been a powerful tool, that has
really helped me in Trading Forex over a year now. One of the top secret to
make it big in FX, is by discovering your own trading hours.
For instance, I start to make preparations to trade, two
hours after Asian-market, European-market starts. My reason for these is that a
lot thing happens when market opens for the day, and honestly it is very
dangerous to place an order at that hour.
I’m sure that experienced traders will agree with me that it
is much advisable not to start trading immediately when market opens for the
day.
Your profitable time is that time when you capture more PIPS (Price
Interest Points). For example, Mr Smith placed a buy order on a particular
currency pair (EUR/USD) at about 3 hours after European market opens, and he
captured about 100 PIPS after 30 minutes. While another trader from another
continent Mr John, placed the same trade as Mr Smith but lose about 50 PIPS.
What do you think was the cause? The truth was that they both
had a differ GMT, and also Mr Smith knows his profitable trading hour.
Please do not make the same mistake has Mr John. Try to
correlate your country time with the time of FX-market. It will help you know
when to trade a particular currency pair.
Remember that your target in Forex Trading is to capture as
more PIPS AS YOU CAN.
#2 ADOPT A FRUITFUL TRADING STYLE
This is also a powerful trick to profitable results. Most of
us traders are really ignorant of examining our trading strategies, and also not
interested in knowing how these measures affects our analysis, before we place
our orders.
We Short term traders, needs to acknowledge the fact that our
primary tools of making market analysis are the TECHNINCAL TOOLS. Technical
tools are usually those program-tools that we find on our trading platform.
Such tools are the Moving Average (MA), Relative Strength
Index (RSI), Zigzad etc. There are really much helpful tools on your trading
platform. You can easily access them on the “TOOLS” box.
One good thing is that almost all trading platform are the
same. Do not feel that one platform is better that the other.
All you have to concentrate doing, Is to discover and adopt
the technical tools that will effectively work for you.
#3 ABREAST YOURSELF WITH FOREX NEWS
Even though news is fundamental tool, they are very necessary.
One of The secrets behind being proficient in Forex , Is to abreast yourselves
with information going on daily.
Remember that we are entrepreneur’s, we are different from
others because we have the ability to identify opportunities.
However, the information we get from the news helps us to know
what currency pair we should trade and when to trade them.
#4 ALWAYS TAKE A SOLE DECISION.
Many traders are in trouble today because they depend on
other traders. It is crystal clear that when someone starts adhering to much
advice, he or she is prone to be confused.
And a confused trader is in no position to trade profitable. But
when he believes in him or herself as the decision maker, then there is no
cause for alarm.
Try your possible best to understand what the chart is saying
to you. If you can perfectly grab the full gist, then you have no cause to be
afraid when taking a decision.
However, I’m convinced with the fact that if you consider
these tips above, you have no reason to fear Fx Trading.
I’ll be glad to welcome more ideas and corrections. No man is
totally perfect.
We also promote guest blogging services and I’m also a writer.
