In this article we wish to share our online trading experience with every Singapore trader who has no or minimum Forex trading experience.
1. If you are interested to start real trading in Forex, trade with the available funds only. Never use 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 at that time in order to avoid the psychological pressure from yourself and your family. You must feel free when trading in Forex market.
2. Don’t expect always win and have profit while trading Forex. Even the professional traders have losses. The skill is to know to carry your losses and increase the number of profitable trades.
3. Don’t go against your own trading plan. Experience shows that you should not modify your decision every time when the prices jump or make a rapid change. Not following your trading tactic may lead to the unsuccessful trading.
4. Don’t follow the majority of traders. Experienced 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 numbers of advisers, signals and analytics around. It is apparent that in many cases these tools give wrong recommendations so sometimes it is smart to act controversially.
5. Take control of your feelings. Keep yourself emotionless when you trade. If during long practice you got enough skills and developed good trading strategy, uncontrolled emotions can damage everything and bring 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 analyze their price changes. Always analyze the trends of the group of chosen currencies to make successful trading. For example if one of the currencies becomes stronger it makes the other one weaker and causes the price changes. The professional traders always try to buy the stronger and sell the weaker currencies. Many Singapore brokers provide their clients 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 manage to find a strategy that gives for sure at least 55% profit, it is already a great triumphachievement!