Having much experience in Forex trading, we would like to share our knowledge of online trading with every Singapore trader.
1. Don’t risk money that you cannot afford. If you are planning to start real trading in Forex, invest the available funds only. Never use your last money for online trading. As it will make you more sensitive to watch your trading and the psychological barrier will not let you take adequate quick decisions and this can negatively affect your trading. If you don’t have available funds, it is better not to start real trading now in order to avoid the psychological pressure from yourself and your family. You must feel free and emotionless while trading in Forex market.
2. Don’t expect that the market will always go your direction and you will always have positive results during your online trading. Even the most experienced traders have losses. The skill is to know to carry your losses and increase the number of profitable positions.
3. Don’t change your strategy in the middle of your trading. Experience shows that you should not change your decision every time when the quotes jump or make a rapid movement. Not following your trading strategy may lead to the unsuccessful trading. Once you have developed your trading strategy, follow it in any trading conditions.
4. Don’t follow the bulk of traders. Experienced traders are often feel uncomfortable when they see that their positions are the same as that of the majority of traders. Experience shows that the majority is often mistaken and the opinion of the crowd will be in most cases wrong. There are many advisers, signals and analytics around. It is clear that in many cases these tools give wrong recommendations so sometimes it is smart to act controversially.
5. Take control of your emotions. Keep yourself calm and emotionless when you trade. If during long practice you gained enough skills and developed good trading strategy, uncontrolled emotions can ruin everything and bring you much looses.