Trading in favor of the long-term prevailing trend in the market is one of the most profitable ways of trading the live assets in the market. If you look at the professional traders in Singapore then you will notice most of them are profitable in forex trading since they follow the trend in their trading. Forex trading Singapore is now very much popular and professional brokers like Saxo is offering full-fledged trading service to the retail Singaporean traders. However, there are certain things that you need to care when you trade in favor of the long-term prevailing trend. In this article, we will discuss the major technique which the professional traders in their trade execution in favor of the long-term prevailing trend.
Use the higher time frame: Most of the novice traders in the forex trading industry consider forex as get rich quick scheme but they soon realize the hard truth in real life trading that it’s the place for the pro traders in the market. In order to make money by trading the financial assets, you need to make sure that you are trading in favor of the long term. If you look at forex trading then you will notice that most of the traders are now pretty much successful since they use the higher time frame in the market. It’s true that by trading the smaller time frame will give you lots of trade signals but they will be full false signals. As a professional trader, you should always focus on high-quality trade executions in the market rather the high-frequency trade.
Know fundamental factors: Forex market is always changing its direction even though in gradually proceeds toward the long-term prevailing trend. The short term counter trend is often known as retracement in the market. If you look at the professional traders then you will notice that most of them execute their trades in the market in the minor retracement of the trends. But in order to trade the retracement in the market, you need to make sure that you are well aware of the fundamental news release in the market. If you ignore the fundamental news release then you might be trading the trend reversal in the market thinking that it’s a minor retracement of price in the financial instrument.
Use Price action signal: The study of the raw price data in the market and executing the trades using the candlestick pattern is known as price action trading strategy. Forex trading Singapore is getting popular every single day and professional brokers like Saxo are proving high-quality trading tutorials and lessons for the beginners’ traders. When you trade in favor of the long-term prevailing trend in the market make sure that you follow the proper price action trading strategy in the market. As a professional trader, you should always try to trade the key support and resistance levels in the market since it is one the key ingredient to executing the high-quality trades in the market.
Summary: Trading is all about precision and risk management. As a professional trader, you need to learn how to trade the trend line in the market using the price action confirmations signal. If the trade goes against you then consider it as a trend reversal and don’t try to recover yours loses in the market rather wait for the next trading opportunity. Last but not the least stop picking the tops and bottoms of trade rather try to trade in favor of the trend in minor price retracement.