finlaymarshall
Newbie
The Forex market is extremely volatile and without having the proper knowledge it’s really hard to survive in this industry. Many new traders have blown their entire trading account within their first 6 months of their trading career. In order to make money consistently, you need to have a solid trading system based on the major three types of analysis. Some of you might think that it’s better to buy trading strategy form the professional trader but in real life, things don't work in this way. You need to trade the market based on your own trading strategy. Everyone in this world is different so you simply can’t make money by copying other people trading system. Today we will give you some amazing tips which will help you to develop your own trading system based on your personality.
Assess your personality
Before you start trading the market ask yourself about your personality. Do like to quick profit or you want to stay safe? If you love quick profit then you need to develop a scalping trading system. To be precise you will be trading the lower time frame to book quick profit. On the contrary, if you love safe investment policy then you should always trade the higher time frame. Most of the professional Aussie traders are long term traders. Most traders in the Aussie community believe in safe investment. They trade only the key support and resistance level with price action confirmation signal. Unlike the novice traders, they always keep their trading charts clean and focus on the price action confirmation signal. So once you assess your personality it’s time for you to work with your trading system. Developing your trading strategy is one of the hardest parts of the trading world. You need to make sure that your trading system is capable of making a profit under different market conditions.
Use demo account
Being new to this market there is nothing wrong to use the demo account. In fact, all the professional traders use the demo trading environment to develop and polish their existing trading system. So before you even think about making a profit with your real money you should be prepared to demo trade the market for at least six months. But this doesn’t mean that you will not take it seriously as you won’t have to lose real money. Always remember that if you don’t demo trade sincerely than in real life trading it’s just a matter of time you lose your entire investment. If you are new to this investing world then go for demo trading account Australia, to learn all the trading skills.
Use price action signal
Price action signal is one of the easiest ways to find the potential trade setup in the global market. If you are new to this investment world then make sure that you are not spending any money on fancy EAs or bots. Without assessing the sentiment of the market you will never able to find a quality trade setup. If you prefer short time frame trading then make sure that you do the multiple time frame analysis before taking any financial decision. Most of the time the short time frame generates many false trading signals. On the contrary, if you prefer to trade the higher time frame then try to work with your entry accuracy. Once you find the probable trade setup switch back to the smaller time frame to execute your orders at the minor support or resistance level. But always make sure that you are trading in favor of the market trend.
Leading all the trading skill requires time. You need to have patience and devotion to deal with all the obstacles at the early part of your trading career. Always go for high-risk reward trade setup so that your winners are always bigger than the losers. Stay disciplined and trade the market based on rational logic.
Assess your personality
Before you start trading the market ask yourself about your personality. Do like to quick profit or you want to stay safe? If you love quick profit then you need to develop a scalping trading system. To be precise you will be trading the lower time frame to book quick profit. On the contrary, if you love safe investment policy then you should always trade the higher time frame. Most of the professional Aussie traders are long term traders. Most traders in the Aussie community believe in safe investment. They trade only the key support and resistance level with price action confirmation signal. Unlike the novice traders, they always keep their trading charts clean and focus on the price action confirmation signal. So once you assess your personality it’s time for you to work with your trading system. Developing your trading strategy is one of the hardest parts of the trading world. You need to make sure that your trading system is capable of making a profit under different market conditions.
Use demo account
Being new to this market there is nothing wrong to use the demo account. In fact, all the professional traders use the demo trading environment to develop and polish their existing trading system. So before you even think about making a profit with your real money you should be prepared to demo trade the market for at least six months. But this doesn’t mean that you will not take it seriously as you won’t have to lose real money. Always remember that if you don’t demo trade sincerely than in real life trading it’s just a matter of time you lose your entire investment. If you are new to this investing world then go for demo trading account Australia, to learn all the trading skills.
Use price action signal
Price action signal is one of the easiest ways to find the potential trade setup in the global market. If you are new to this investment world then make sure that you are not spending any money on fancy EAs or bots. Without assessing the sentiment of the market you will never able to find a quality trade setup. If you prefer short time frame trading then make sure that you do the multiple time frame analysis before taking any financial decision. Most of the time the short time frame generates many false trading signals. On the contrary, if you prefer to trade the higher time frame then try to work with your entry accuracy. Once you find the probable trade setup switch back to the smaller time frame to execute your orders at the minor support or resistance level. But always make sure that you are trading in favor of the market trend.
Leading all the trading skill requires time. You need to have patience and devotion to deal with all the obstacles at the early part of your trading career. Always go for high-risk reward trade setup so that your winners are always bigger than the losers. Stay disciplined and trade the market based on rational logic.
