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Research is very important in Forex trading
In the trading business, you will need to study consistently. Sometimes, you must look for new trading strategies. Whereas sometimes, you may try to improve your errors in the trading plan. Either way, you need to spend a significant amount of time learning strategies and skills. Moreover, you must understand the market conditions too. With fundamental analysis, you must keep track of the price changes. Then when you will get an indication of a price change, technical analysis can be used to find appropriate entry spots for the trades. Aside from the market analysis, traders also do not have enough ideas about money management. So, consistent research on currency trading is necessary to develop your edge. Your Forex trading business may not provide big profit potential in the beginning but with an improved trading edge, you can manage it. And the most exciting thing is, profit potential will be consistent with an efficient trading strategy. This article is for motivating to the new Singaporean traders to spend time on appropriate research. With patience and concentration, any trader can develop an effective trading plan. So, focus on one is important to execute trades securely. After you have mastered a safe trading approach, increase the profit potential with an improved trading plan.
Improve the market analysis skills
To place any size trade, you need to understand the market condition. An effective process is to do the fundamental analysis first and then technical analysis. The fundamental influences help to identify the possible price trends. But you need to improve your skills to use valid news sources. If the information is not right and you are approaching a trade, it cannot manage a profit potential. So, rookie traders will need to time and research to improve the fundamental skills. Just focus on the news related to the price driving catalysts to predict the volatility. After the fundamental analysis, you also need to justify the market change with technical analysis skills. It is a calculative approach to justify the fundamental analysis. Moreover, you also get chances to position the trades properly. Using appropriate tools, you need to look for suitable retracement for the trades. The Fibonacci strategy is appropriate for this work. There are more important tools to be used for technical analysis. You need to learn about trend lines, pivot points, oscillators, indicators and chart patterns, etc. so, research and acquire knowledge on Forex market analysis.
Acquire knowledge about trading
There are more things needed for trading aside from the market analysis. If you just think of risk exposure, it will take months to develop a decent money management plan. Sometimes, rookie traders take a longer time than a month due to their negligence on risk exposure. To secure your trades from potential losses, it is important to manage the investment. You cannot trade with too big lots. According to the expert traders, a 2% risk per trade and a 1:10 leverage is enough to execute trades in Forex. After the money management, you need to focus on the profit targets. It must be set according to your trading method. If you choose 5R of profit while trading with scalping or day trading, majority of the trades will return potential losses. Big profit targets are for long term methods like the swing and the position trading process. If you do not research, our mind would not set the right profit target. So, you must spend a significant amount of time learning about currency trading.
Find appropriate entries and exits
With efficient market analysis, every trader must place the trades properly. It is another fact for a secured trading business aside from the money management. You need to scale the trades properly and find a solid trade setup. Without confirmation from the market analysis, you cannot place any trades. Your trading money will be unsecured if you place a random trade for a random signal. So, look for valid entry and exit points for the trades. Improve your skills with efficient market analysis strategies.
About to start trading for the first time. Anyone wanna talk?
I don't really have any specific questions, just looking for general advice. Well, maybe one...see the bottom. I've gone through most of the babypips school, and just finished reading Courtney Smith's book. I have somewhat of a bit of background in game theory due to hobbies (I was one of the better players in the country in the national tournament scene of a certain video game, and have close friends who have been ranked in chess and poker who I have been playing with and learned a lot of game theory from), and tend to prefer boring, "turtle" strategies. I considered scalping, but I don't think it will fit my lifestyle (time consuming). So, I'm probably going to look at position trading the daily charts, and I'll start mostly with the methods from the book I was reading. I want to be as disciplined as possible- picking entry/exit points before entering the trade, doing as much of it automatically via stops as possible (which I will look at and adjust only according to TA), and looking at my positions once per day. No emotion. On a long flight yesterday I finally sat down and wrote up a trading plan, buying on a few techniques, all of which have set stops. I'll calculate my position size so that if I am stopped out (stops based on technical analysis) I will lose 1% of my account value. This also means that positions with wide stops will not be very profitable. I will write down every trade and what signal I used to make the trade. Every thirty trades, I'll eliminate my worst-performing signal and replace it with a different one, and see how I do. I did some backtesting on EUUSD over the first few months of 2009. Trading on inside days seemed profitable, as well as reversal days. Channel breakouts were iffy...I used the ADX filter to exit, and that let me exit at really good times, but because the stops were too wide (for long position, I was buying at 55 day high breakout and setting stop to 20-day low breakout) I was barely making any money off of it and that was wiped out by the bad trades. I need to figure out where I can place tighter stops on Channel Breakouts without removing too many winning trades. My biggest concern is that inside days seemed too consistent...I usually made almost as much money as I was risking on my stop every time I did it, barring one or two times where I basically broke even. Seems like a couple losing trades could've set me back pretty quickly and I should be seeing more. I should probably do more backtesting, but I feel a trial by fire would work better. I'll probably just set the risk to 0.5% instead of 1% and start a very small account and see how it does (I'd have to lose hundreds of trades in a row to get wiped out). Am I doing this right? And, the real question- what broker should I use? Right now I'm looking at Oanda. I saw a poster saying good things about IB and I'd rather use Ninjatrader because I hate MT 4, so I might look at shifting over to them when I have more money, but I don't have $25k liquid cash available to open an account with them. Oanda's flexibility with position size seems ideal for my ~1% risk on stop plan. However, the more I read about Forex brokers, the more nervous I get...they seem to make money when you lose and engage in all kinds of unscrupulous tactics like stop-hunting, slippage failing to trigger stops, and raising the spreads during big moves. Feels more like playing against the house than trading. This alone makes me feel tempted to go trade stock options instead with the same plan and see if that works. Thoughts?
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