Everyone is working hard day and night to make their lives better. Due to the ongoing economic crisis and global issues, it’s really hard to find a stable job. To solve this problem, many youngsters in Singapore consider trading as their fulltime profession. By learning to trade the financial instrument, you can make huge profits and change your life without having any trouble. To gain access to the online trading industry, you have to open a trading account with Saxo. Some of you might prefer to trade with the low-end broker but do you think you can protect your investment by trading with such broker? Since the majority of investors are losing money in Forex, protecting your investment is a big challenge. Let’s learn some amazing techniques by which you can save your capital and trade the market like a pro.
Without having a robust plan, never expect to make a consistent profit. Sadly, new traders are always using their emotions and gut feelings to trade the market. By doing so, they are ruining their trading career. If you intend to change your life, make sure you are trading the market with a balanced trading strategy. For that, you must demo trade the market for the first years. Trading should never be considered as your fulltime profession unless you can trade the market with a high level of accuracy.
Fundamental analysis skill
Those who are new, always prefer to trade the market based on technical analysis. Technical analysis is just a part of the CFD trading business. You can’t find quality trades without assessing the global economy. To do so, you must have an understanding of fundamental analysis. Fundamental analysis is the study of the major economic news and it allows the traders to find the best possible trades. Being a fulltime trader, you may say, the pro traders are using the technical data only. But dig deep, and you will realize they are always using the three key forms of analysis.
Be prepared to lose trades
You have to be prepared to lose trades regularly. If you think by trading the market with emotions, you can make huge profits and change your life, you are making a big mistake. Always remember, trading is only for skilled people. Skilled investors know the fact, losing trades are inevitable. So, never risk any amount of money which you can’t lose. Following a conservative approach in trading is the only way to secure your investment.
Learning the basics of money management is not a complex task. But if you look at the naïve traders, you will realize most of them are trading the market without doing a proper risk assessment. Most of the time, they are taking high risk in trading to secure big profit. Though such an aggressive strategy might work and in the long run, you are bound to lose money. Focus on your trade management skills and try to improve your win rate by reducing the risk exposure in each trade.
Learn from the losing trades
Losing trades should be considered as your learning opportunity. If you want to change your life, make sure you note down the details of each trade. Forget about the aggressive method in trading and try to develop your skills based on long term goals. Think twice before you increase the lot size. Scaling the lot size is one of the most essential skills you must learn to protect your capital. Use the trailing stops since it will help you to ride the market trend. At times, close a certain portion of the trades when you are trading with the trend. Make sure you are analyzing the losing trades regularly since they will give you a useful hint on how to improve your skills.