In this article we would like to share our currency trading knowledge with every Singapore trader who has no or little Forex trading skills.
1. If you are going to start real trading in Forex, invest the available funds only. Never invest your last money for online trading that you cannot afford to loose. If you don’t have available funds, it is better not to start real trading now in order to avoid the psychological pressure from yourself and your family. You must feel free while trading in Forex market.
2. Don’t expect always win and have profit while trading Forex. Even the professional traders have losses. The trick is to know to carry your losses and increase the number of profitable trades.
3. Don’t go against your own trading strategy. Experience shows that you must not adjust your trade every time when the quotes jump or make a rapid movement. Not following your trading tactic may lead to the unsuccessful trading.
4. Don’t follow the bulk of traders. Professional traders are often feel uncomfortable when they see that their trades are the same as that of the majority of traders. Experience shows that the majority is often mistaken and the opinion of the crowd will be in most cases wrong. There are a lot of advisers, signals and analytics around. It is clear that in many cases these instruments give wrong recommendations so sometimes it is better to act controversially.
5. Take control of your emotions. Keep yourself quiet when you trade. If during long practice you gained enough skills and developed good trading strategy, uncontrolled emotions can ruin everything and make you much looses.
6. Don’t follow recommendations of other traders. Trading in Singapore is an individual work and no one knows for sure where the market is going to go. Practice as much as possible to find your best trading method that will let you have more profitable trades than losses and follow it.
7. When trading, pay attention on few currency pairs and check their price changes. Always analyze the rates of the group of chosen currencies to have chances on successful trading. For example if one of the currencies becomes stronger it makes the other one weaker and causes the price changes. The experienced traders always try to buy the stronger and sell the weaker currencies. Many Singapore brokers provide their customers with the complex charts where you can see the graphs of few currency pairs simultaneously.
8. Always analyze your trades and look for the way to improve your trading strategy. There is no existing strategy that guarantee 100% profit. But if you succeed to create a strategy that gives for sure at least 55% profit, it is already a great success!