Forex trading is an art and there are many things that you need to do in the perfect manner in order to make the profit by trading. If you look at the statistics then you will be surprised to see that most of the traders in the financial market is not making any real progress in trading. But if you look at the professional traders in Singapore then you will notice that every single of them try their level best to acquire a solid foundation before they start trading with real money. They also ensure that they are trading with the professional brokers like Saxo in order to get the best possible trading environment in CFD trading. In this article, we will share some useful information regarding trading which will help you to trade the market like the professional traders.
Favoring the long term trend: There is a well-known proverb in the forex market that the trend is your friend. If you are relatively new in forex trading then you might be trading against the prevailing trend in the market. But if you look at the professional traders in Singapore then you will notice that most of them are trading in favor of the long-term trend. So when you execute any orders in CFD trading make sure that the trade is running in favor of the last prevailing trend in the market. If you spot any sign of trend reversal in the market then you should move your stop-loss to the breakeven position to protect your trading capital.
Highs and lows in the market: Those who are trading the forex market for a long period of time knows very precisely that trending market can be easily identified by using the highs and lows in the market. If it’s an uptrend the market will exhibit the higher highs associated with higher lows and for a downtrend, it will show lower lows associated with lower highs. So if you execute a long trade in the market look for higher highs and for short trade look for lower highs in the market. If you follow this simple trend characteristic in CFD trading then you will notice that you are riding the long-term trend in the market with a great level of confidence.
Candlestick pattern: Candlestick pattern is extremely useful if you are trading the higher time frame in the market. Most of the professional traders in the forex market use the candlestick pattern to execute their trades in favor of the long-term prevailing trend in the market. It’s true that learning the art of price action trading strategy and different candlestick pattern will be a little bit difficult for you at the beginning but if you have strong determination like the Singaporean traders then you can easily master the skills of price action trading strategy. In the eyes of trained professional price action trading strategy is considered to be one of the most profitable trading strategies in the world. So make sure that you learn it before you become a full-time trader.
hey thanks for the tips :)
Very interesting read. Do you personally invest or do you invest on behalf of people?
Investment is not just about your skills/knowledge, but more about your mentality and philosophy. Very complex topic which is not possible to be covered in one short article...
Nice information. Thanks
Hi @ Bsadamsmith
This is the second of your contents that I read, very useful thank you.
There are some of the following points from which you may know that your trading is going in right direction-
-The different market phase ( 3 phase basically-Moves up, Moves down and Moves sideways).To know the market phase very well you can adopt some strategies which are as follows:
1. By know about Line Graph which is the simplest way.
2. By know about High & Low
3. By know about moving averages i.e. fast moving average gives false signals because it reacts too soon when price change while slow moving averages gives accurate data because it filter out the noise.
4. Channels and Trend lines can help you to understand the range of market betterly.
Whats the average profit we can make say per month?
Thanks for the info
Nice tips, thanks for sharing
Never knew much about Trading yet. Your article provided me some insights on this.
" So if you execute a long trade in the market look for higher highs and for short trade look for lower highs in the market. If you follow this simple trend characteristic in CFD trading then you will notice that you are riding the long-term trend in the market with a great level of confidence."
This looks interesting!
Thanks for the tips!