Top traders in the Forex market are always making smart moves to protect their trading capital. They are not biased about the market movements and thus they never take the trades with emotions. On the other hand, rookies get emotional about trading and keep trading the market with emotions. Eventually, they lose a big portion of their trading capital. If you truly believe trading is the right profession for your business, you must learn some essential techniques.
In this article, we are going to teach you some essential techniques which will allow you to become a better trader within a short time. Follow the tips mentioned in this article as it will help you to earn more money.
Learn to use the Fibonacci tools
As a new trader, you might not know about the functions of the Fibonacci retracement tools. We all know using a trend trading strategy is the most effective way to make money in the online trading industry. Sadly, we don’t know the proper way to find the endpoint of retracement in any trade. This is where we need to use the Fibonacci retracement tools. With the help of the Fibonacci retracement tools, retail traders can easily pinpoint the endpoint of the retracement and take their trades with great confidence. While drawing the retracement level, focus on the higher time frame as it will give you a better picture of the market.
Learn to use the moving average
Elite traders always use the moving average to improve their trade execution process. If you install the 100-period moving average at the saxo trader platform, you can easily identify the key reversal points. If the price trades above the 100 periods moving average, consider the trend to be bullish. Similarly, when the price trades below the SMA, consider … Read moreBaca Selengkapnya