Forex Trading In Singapore

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Singapore Broker Comparison:

Find the best Singapore Forex brokers comparison below. These brokers accept Singapore traders, have good trading conditions and are highly rated on the internet.

Broker Type Min Deposit Bonus Free Demo
avatradelogo Forex Broker $100 $1,200 Yes avafx review
eToro Singapore  Investment Network $200 Yes Yes etoro review
instaforex broker Forex Broker $1 Yes Yes easy-forex review

 

What Is Forex Trading?

Some times ago Forex trading was considered to be a game of big capitals and players. But times are changing and today almost anyone can try his or her hand at making profits on the price changes of the Foreign Exchange market without have a huge capital or making an impressive investment.

For many people in Singapore Forex trading has become a business or just an additional source of income. Today Forex trading is attractive, accessible and provides an opportunity to earn extra money or even a full time income. But with all its glory and attractiveness,  why only a little part of traders manage to “hit the jackpot”,  while the majority of Forex traders are staying in a changing position between a success and failure? Is it because of luck? Knowledge? Strategy? What do you need to trade successfully?

Of course, you need luck, the right strategy and the knowledge, these are important ingredients for successful Forex trading. But do not forget that the Forex market has a very high volatility, and the possibility of big profits is always fraught with risks. Therefore, before you start trading, you need to be prepared to take risks, not to invest your last money, have patience and know the rules of trading on the Forex market.

 

What do you need to trade Forex successfully?

The main principle of Forex trading is to buy a currency at a lower price, sell it at a higher and make a profit on the difference. But, in spite of its speculative nature, Forex is not a game of chance or gambling, it is a serious work that for many Singapore FX traders has become a stable source of income.

Trading Signals:

Using a trading signals system can significantly improve your trading results.  Signals may help you predict the direction of the market. Although they don’t give 100% accuracy, some trading signals may predict the market with up to 80% success rate.

Importance of education

Some newbie traders imaging the Forex trading on the stock exchange, as extremely complex and confusing process, and believe that it does not make sense to start this business without special education. Of course, if you have some financial education this is a huge plus, which can be one of the most important foundations of successful trading in the Forex. But in case if you don’t have a financial education, it does not mean that you have no chance to succeed.

In order to be successful in trading, it is not necessary to know all the secrets of Forex trading. It is enough to have an analytical mind, being able to study and understand the main factors affecting the exchange rates, learn the basics of Forex trading, and also know the basics of technical and fundamental analysis. Getting the necessary knowledge in our time is not difficult at all. Almost every reputable brokerage company offers their customers training materials, courses, seminars, and general information about online trading.

 

Practice and experience

If you have no experience in the Forex market trading, this is not a problem. You need to start with something. Therefore, in order to safely open a trading account, we recommend that you practice on a demo account first. So you have no risk of losing real money and get the opportunity to apply your knowledge in practice, understanding how Forex works and choosing the best strategy for yourself.

Demo account can be opened in almost all brokers. And remember, most of expert Forex traders are ordinary people of different professions. The key to their success is in hard work, patience, willingness to learn and a belief in themselves. Never stop learning Forex trading, always try to improve your knowledge, strategies and be updated in the recent Forex events.

 

Forex trading strategies

Successful Forex trading is usually based on different strategies that help optimize the work of a trader and to help him achieve the best results. In other words, it’s all kinds of strategies. Let’s look at the most popular ones:

 

Intraday Forex trading or scalping

It is a relatively young system of trading in the Forex Market, which has already gained its popularity among beginners and professionals. The strategy has been developed for short-term trades that last from seconds to minutes. Because of such a small time interval it is impossible to obtain greater profits, and, at the same time have significant losses, therefore this kind of strategy is suitable for those Singapore traders who do not have an impressive start-up capital, but are willing to trade in Forex to earn a little, but often.

Of course, using the intraday trading, you will not lose much in a single transaction, but be careful not to get carried away by frequent transactions and for a short period of time. Remember that a short-term strategy is more risky than the medium-term Forex trading, and the long-term trading, according to statistics, brings much more profits. And do not forget that frequent and minor losses in total can lead to a big loss. Undoubtedly, this strategy works, but you need to follow it “wisely” and with caution.

 

“Night Forex”

If you like a calm, unhurried trading, you can pay attention to this Forex trading method called “Forex night.” For example, if you trade in the night Singapore time, starting from 00.00 hours, you will find out that the market is almost still. It happens because at this time all major players (the US and Europe) are asleep, while only Japan is “awake”. Therefore, strong fluctuations of the price only occur in pairs with the yen. The rest of the currency volatility in this period is insignificant. Thus, currency rates are slowly changing, which makes it possible to make good money on “fast transactions.” “Night Forex” is good for pipsing, and you can operate successfully in the flat market.

 

Trading on the news

It is clear that the Foreign exchange rates are influenced by many factors: the economic situation in the country and the different fundamentals (GDP, inflation, unemployment, etc.), the statements and speeches of the first persons of the state and natural disasters. And if you master the art of understanding of what the consequences may result in one or the other news, the Forex news may well be the key to your success and bring you good and steady income.

 

Forex trading software

To make your Forex trading successful, you must be operational, that is, to know the currency pairs quotes in real time, be aware of the latest market news, analyze them and enter the market on time. It is clear that to carry out all these actions manually is practically impossible, therefore many Forex traders in Singapore use automated trading systems, i.e. special software for trading in financial markets, which analyze the market and make trading transactions.

These programs are called “trading platforms” or “trading terminals.” They are applications for your computer or Smartphone, and usually have a set of tools for technical analysis, e-mail, displaying financial news and much more. There are a lot of similar programs for Forex trading and they can be found and downloaded on the internet without a problem. Almost all of them are created on the same principle, so mastering the functionality of one of them, you will be able to work freely with others.

All Forex trading software are designed to simplify the process of trading, but do not think they will make the right decisions for you. Mechanical trading system requires constant monitoring and tracking parameters of its performance. Remember that mechanical trading systems help a trader to trade better but do not work for him. For example, many FX Singapore traders use several automated trading systems in order to achieve the best combination of technical and fundamental analysis.

 

Why People Trade Forex In Singapore?

Singapore is one of the biggest financial centers in the East. Singapore trading volume takes the 5th part of the global Forex trading circulation. The famous Singapore FX trading center Mustafa Forex produces milliards of dollars investments and deals on a daily basis. With such huge funds circulation, it is not surprising why Singapore turned to one of the biggest Forex trading center in Asia where Singapore brokers and traders trade currencies, commodities, stocks, and indices 24 hours a day.

Forex Trading in Singapore website provides you with all tools and materials that every Singapore online trader needs in order to succeed in trading Forex. We offer a full guidance of Singapore online brokerage firms with their detailed reviews, which will help you in choosing a Forex broker that meets all your needs. In addition you can benefit and improve your trading skills with the help of the news, articles and trading strategies.

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How Much Money Can You Earn in Forex?

forex moneyThe reality is cruel …

Hello dear readers! Many beginner Singapore Forex traders ask “How much can you earn on Forex?” Today, I am going to reveal you the reality of the Forex profits and how much money people make with online trading. I will show real examples made on real Forex accounts.

In order to understand the issue properly, let’s define what is profit and how much is really possible to make money on Forex. Profit depends on the effectiveness of your trading, that is the interest that a trader earns on his/her investment. But there is a second part of it, that is money itself. 50% of the profits from the $100 investment is only $50, and from $1,000,000 is $500,000! Is there any difference? Read more ›

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Free Forex Software – What Is The Most Popular Free FX Software Today?

free forex softwareWhat is the best free software for Forex trading? What free Forex software can provide you with the best possible forecasts and analyzes to trade Forex successfully? Is there a forex automatic trading software that does not require programming skills to work with it? Read this post to find answers to these questions.

Forex trading platform is a trading software that will not only allow traders to analyze currency markets and trade forex and CFD online. Some trading platforms like Metatrader 4 (MT4), Metatrader 5 (MT5) and Trade Station  work with their own programming languages and allow traders to use and test automated strategies. Unlike them, most browser-based platforms (WebTrader) do not offer automated trading functionality or modern Forex indicators.

Forex Analysis Software 

The purpose of the analysis in Forex trading is to provide Forex traders with tools to predict market movements. Even the most basic trading platforms provide at least some tools to work with graphics – for example, to calculate the support and resistance levels.  Read more ›

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Day Trading Forex Strategy

 

daytrading forex strategyMany forex market traders begin their path to success with daytrading. There are many reasons for that, and the main thing is that the forex daytrading strategy is a very common and popular form of trading.

Why traders choose a short-term trading?

Beginners use a day trading strategy because they can see the result of trading at the end of a day, not a week or a month. Let’s say … they don’t have enough practical experience and knowledge at the beginning, so they can not yet predict the behavior of the market over a long period.

Day trading or involves the implementation of short-term contracts when a transaction may be performed within 5 minutes, a day, hour, and a trader can have just a small budget, but quickly react to the behavior of the market. Daytrading Forex strategy allows avoid big loss due to incorrect prediction.

How to trade

When choosing the day trading forex strategy, it is important to remember that the most important thing is not the trading method but a level of knowledge, expertise and experience. Well, try out different strategies  on a real trading account,  and with the help of a demo account, which allows you to not risk your own capital. Another useful way to learn more about day trading strategy is to take part in a number of educational seminars.

Types of strategies

Under the daytrading Forex strategy, we understand:

1. Trading at the very short time intervals (1 minute, 5 minutes). Forex Pros note that this is the most risky forms of trading and such traders often trade with small deposits. Analysts and brokers are advised not to meddle in this kind of trading especially if you are a beginner.

2. Trading on the hourly time frame. It is characterized with a high speed trading and not really suited for beginners.
3.Trading on the four-hour time frame. It makes it easy to predict and build curves using some daytrading indicators. This strategy makes it possible to get a decent profit.
Forex Pros do not look for the best forex day trading strategy, but they use their experience and knowledge to create their profitable strategies.

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False breakouts of the important levels in Forex trading

forex tradingFor many traders who use technical analysis in their Forex trading platforms a breakdown of an important level is a signal to enter the market. Unfortunately, very often such a breakdown is false, and after reaching a top point the price comes back by just trying the level. Such situations bring traders losses and disappointments of the trading system they are using.

To avoid false signals, it is necessary to understand what a false breakdown is, how it differs from a true breakdown and how it can be determined. False breakout is a temporary price movement, in which it breaks an important technical level, after which it begins to move in the opposite direction of this level. During a true breakthrough price will not be returned to a broken level and continues its movement. Read more ›

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Fundamental Analysis in Forex Trading

fundamental analysisUniversity of Michigan consumer confidence index.

Many Singapore Forex traders use fundamental analysis when trading Forex. Most of the Forex trading platforms provide their traders with an economic calendar where traders may see and follow the major economic news release.

University of Michigan consumer confidence index is a leading economic indicator in the Fundamental analysis of USA economy. It allows us to determine the level of consumer confidence in the economy at the moment, but also determine the prospects for economic developments in the future. In other words, the index measures how USA consumers want to spend the cash.

This leading indicator is calculated from the responses to the survey by telephone, which is conducted among consumers once in a month. The poll is held by the staff at Michigan State University USA. Read more ›

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