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Trading like a boss in Forex market

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  • Trading like a boss in Forex market

    First of all, letís learn what is a boss mentioned in the title? In the title, we mentioned boss as an expert in something. Meaning that, when you are good in a profession, you can be considered as a boss of that profession. Like the bosses of your office or business institution. They are more experienced and expert in what they do. That is why they are appointed as boss. In the case of trading, you can be a boss trader too. Just need dedication and concentration to your work. And with those, you have to give proper effort for your tradeís wellbeing. Today we are going to talk about how to become a boss trader in Forex. In the following, we will mention those points where you can focus on to become a boss trader.

    Make and develop your edge
    From the beginning of your trading journey in Forex, you will need a trading edge. For those who donít know what a trading edge is, it is the strategy of your trades. You have to follow it all the time because only it will make you money. Before starting to trade make an initial trading edge with the basics like how to read the candle charts. And when to buy a trade or when to sell one. With them learn what pips are and how to use it to count your profit and loss in trades. After you have spent time in the market for a little bit, learn how to use the pickup and resistance points to understand when to trade in a market or not to. Then learn the use of the Fibonacci chart and timeframe to understand the price trend in the market.

    Professional broker
    The full-time Forex traders always have access to the best Forex trading account Singapore. The successful Singaporean traders know the importance of a professional trading platform. The advanced trading platform like SaxoTraderGo is well equipped with modern tools and it allows the traders to make things easier. Being a new investor you might not understand many things, but if you do some research, you will understand how to craft your trading strategy. The well-regulated broker will always give you access to a fast-paced trading environment where you can do technical analysis in a very organized way. Never try to cut down your trading cost by choosing an unregulated broker. If you want to be boss, you must trade with the best brokers in the market.

    Follow your edge every time
    When you have a trading edge of your own, you should always follow it. No matter what happens to your trades. Whether you are winning or losing your edge should be always and only followed by you. In fact, when you are winning more trades than losing, you should take it as an ideal trading edge for you. But if you are losing more than winning, you have to make an adjustment to it. And you should stick to improving your own trading edge. If someone tells you about a technique, you can try it out or analyze it. But, if it is not worthy enough, forget about it. On the other hand, if it is worthy, include it into your edge.

    Learn from the mistakes
    We, humans, do make mistakes and some of us make more than others. But, we cannot keep making the same mistakes all the time. If we do so, there will be no productivity in our workplace. As a result, there will be no growth in our economy. So what matters is, how we learned from our mistakes? How we turned our defects into profits? If you can understand what your mistakes and take necessary action against them, your trading edge will become a profound one. And with that edge, you will become a boss in this business.

  • #2
    Why we have to choose a forex trading account Singapore?