May 16, 2018 at 6:25 pm #244
Trading is one of the most challenging tasks in the world. Many people want to become a profitable trader but only 5% of the retail traders are able to make money in the long run. Most of the traders are losing money since they don’t have a clear understanding of the complex nature of the market. Some of the traders are very good at technical analysis but they don’t know how to do the fundamental analysis. Unless you master the art of fundamental analysis things will be really hard for you. Technical factor is just a part of your market analysis. So you must learn fundamental analysis to become a profitable trader. The Singaporean traders often consider fundamental analysis as the most important part of Forex trading profession. It allows the traders to ride the long-term market trend. Today we will give you some useful advice which will help you to use the fundamental analysis just like the pro traders.
Know more about the high impact news
First of all, you have to know more about the high impact news. Not all news has the capacity to make market volatile. For instance, during the NFP news release, the Forex market becomes extremely volatile and it’s really hard to execute orders. Those who don’t know the proper way to decipher the NFP data can lose a significant amount of money by trading the NFP news. On the contrary, the expert traders in the Singaporean trading community knows the impact of such high impact news. They always scale their trade prior to the high impact news to protect their investment. If you can understand the fundamental factors trading will become easier for you. You must use the fundamental analysis of the market to become a professional trader in the Forex trading industry.
Use the demo accounts
Learning something new is always very challenging. You should use the demo trading account to trade the high impact news. Demo trading account will provide you the best trading environment which will eventually help you to understand the language of the market. Even the expert Singaporean traders often use the demo account to learn currency trading. The more you will know about the market the better you will become at trading. Some of you might say demo accounts will never help you to become profitable but this is absolutely wrong. In the demo environment, you will understand the severity of the different Forex news. Unless you can make a profit for six consecutive months in the demo accounts, you should never trade with the real money. Try to create a simple but unique trading system so that you can easily make a profit in the long run.
Take some professional course
Taking a professional course from the experienced Singaporean traders will dramatically improve your profit factors. Knowing all the details by yourself will be a hard task for you. Due to this fact, most experienced traders suggest the new traders find a mentor who will give them the clear guideline. However, some of you might not be interested in the paid trading course. If this is the case, you should do some extensive research to find the free trading tutorials. In order to become a profitable trader, you must think smart. Unless you know about the complex price movement it will be really hard for you to make profit consistently.
Keep yourself tuned
Information is the key to become a successful trader. Fundamental factors are the prime source of information which has the potential to drive the price of a certain asset. Always keep yourself updated with the latest market news and you will be able to make a profit in the long run. Never trade the market with wild assumptions as it will ruin your trading career. Develop a strong reading habit to become a better trader.
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