Tip1: Have defined trading goals and your strategy should fit your personality
It is important for a trader to be aware of the trading goals in order to suitably plan your trading journey. Also, it would be better to read expert traders opinion online such as this Plus500 review that we found. You should comprehend your aims to plan the process of executing them in reality. The methodology that you opt for achieving these goals should be realistic and they should go with your personality. You must raise certain questions to yourself before finalizing the type of your trade.
Tip 2: Time Frame and Approach Pattern
The decisions of your business should not only be narrowed down taking into consideration the time frame that you are trading in. You should opt for a top-down approach. You should do a multi-frame analysis to get a better view of price action.
Tip 3: Strategy Check
You can validate your trade strategies by testing them on historical data. It is like poker in which the player is aware of his winning probability, you as a trader should know the setups that have high probability. The recognition skills of your chart pattern improve beforehand.
Tip 4: Define and Stick to your trade plan
With a trading journal and make a trading plan that is updated on a regular basis, you can plan your trade in a disciplined manner. With this disciplined trade planning your trade would make better improvements with time and you would be a pro Indonesian forex broker.
Tip 5: Choose Higher Time Frames
Better probability trade setups come with higher timeframes and thus the daytraders should not go for smaller timeframes. The trader faces various hurdles during the day trading and thus they should look at the broader picture and see what works in the market.
Tip 6: Avoid many Indicators
Looking for the profitability standpoint you might get a bit lost and that is why it is suggested that you should concentrate on the price action alone. Try to resist using various indicators and gradually you would be able to focus on the price alone. So before you use any Forex indicators, you must know the purpose of it. Because if you don’t know how a Forex indicator works, then you don’t know when is the right time to use it.
Tip 7: Understand Key Levels
There are two key levels that must be well comprehended while trading. These levels are called as resistance and support levels. These are the levels that are regulated by both buyers and traders. The levels with higher timeframe are more reliant. You should use them as your target levels.
Tip 8: Keep a check at News and Events
It is important for you to keep track of the news and events because they are likely to bring volatility in the market. To become a smart Indonesian forex broker you should be responsible for handling risks. Limit your position size to resist extreme movements in price.
Tip 9: Trade Action is your Thing
Whether you are new to forex trading or not, but there would be many people that will suggest the use of indicators to keep a track of the market. But you should be smart enough to concentrate sheerly on price action because it is the price that regulates the indicators.
Tip 10: Make Realistic Goals
There would be a large number of claims made on the markets that are autopilot which talk about a system that makes great profits in a single day. You would not be ready to make a 75% draw down to reach such zenith.
To become a pro-Indonesian forex broker you should make such trading plans that are strategically realistic. Our forex trading tips will help you make better assumptions and at the end of the day, it is you who knows what works best for you.