The pro traders are always one step ahead. They take managed risks and place the trade with high confidence. They never follow the herd since they know the herd is always losing money. Those who are new to the Hong Kong trading community have a lot to learn about this market. For instance, you might know that only 3% of the retail traders are able to succeed in trading. If you know these statistics from the very beginning chances are high you will be taking the trades with an extreme level of caution. In fact, you won’t trade with high risk to earn a huge amount of money.
The pro traders are able to succeed at trading since they know the proper way to manage the trade. Having the leveraged account doesn’t mean they become aggressive. They take rational steps and place the trade with proper risk. In this article, we are going to give you some amazing tips that can help you to manage the running trades like a pro.
Trade with 2% risk
The first rule depends is the 2% risk factor. You might have advanced risk management techniques still you should not be placing the trades with more than 2% risk. By using this fixed percentage rule, you give yourself some scope to think about the other variables. On the other hand, the rookies are making complicated EAs and trading bots to manage the risk. But do you think such an approach is going to work? The obvious answer is no. The only way you are going to make a big profit is by following an advanced risk management policy. The 2% rule is well appreciated by professionals.
Trade with the best platform
Trading with the best platform is very crucial to your success. For that, you have to find the best broker like Saxo. Once you open a trading account with a good broker, you will get access to the best platform by default. But this should be done from the start of your career. If you start to learn trading with a low-end platform, you might not be aware of the advanced trading tools. This will make the trading process much more complicated.
Trade with the trend
To manage the running trade you have to trade with the trend. If you ignore the trend, it won’t take much time to blow up the capital. In most cases, the rookies are trying to catch the tops and bottoms of the currency pairs. But by doing so they are imposing a great risk. To trade the reversal, you have to learn the chart pattern and other different trading techniques. In fact, you might not be able to trade the reversal after memorizing the candlestick pattern. So avoid trading the tops and bottoms since it increases your risk exposure.
Trade with the news
Those who are ignoring the major news are the big losers. To succeed in the trading business, you have to trade with the major news. This doesn’t mean you will ignore the technical factors. Trade management should be done based on technical and fundamental analysis. After you do that, it will be really easy to make some big profit. Those who don’t have the skillto deal with the risk exposure are always losing money. Some of you might be able to make some big profit by trading the major news, but it is a temporary solution.
Trade with discipline
Managing trade requires strong discipline. If you break the trading rules, you should not be expecting to make a big profit. Those who are smart and leading their dream life always follow the trading journal. It helps them to keep track of the trades and they can also improve their trading strategy by learning from the mistakes. Regardless of your trading result, you should not break the rules during the trade management process.