Becoming a profitable trader is not so hard. You might be a new trader in the Hong Kong trading industry but this doesn’t mean you will have to lose money. Trading is an art and you must follow the guidelines of the experienced traders. If you want to master the art of trading within a short period, make sure you take some professional course. Some of you might think taking help from the professionals never helps. But this is wrong. Being a new trader in the Forex market you must follow simple logic and trade the market with proper discipline. Never take unnecessary risk in trading as it ruins your trading career. Let’s discuss four amazing steps which can help you to become a successful trader.
Step 1, learn technical analysis
Learning the technical details of this market is easy. Sadly the new traders always find a simple way to make things complex. They overload their trading charts with tons of indicators and loses a big portion of their investment. You have to use a clean chart to find the best possible trade setups. At times you might get confused with your trading strategy andits fine. Take a small break and try to learn from your trading mistake. When you do the technical analysis, make sure you focus on the daily or higher time frame. Never rely on the lower time frame trade signals as it always results in heavy loss.
Step 2, learn fundamental analysis
Some of you might think the fundamental analysis is not required to find the best trades. Without learning the details of fundament analysis, you can’t find the best possible trades. If you visit https://www.home.saxo/en-hk you will understand why fundamental analysis is important. Visit the learning center to know about the fundamental analysis and you will become successful at trading. The new traders might learn the art of fundamental analysis is a very challenging task. But in reality, this is one of the easiest ways to find the best possible trades. Blend your technical and fundamental data to filter out the best possible trades in this market.
Step 3, learn to improvise
You should never stick to your trading system. At times you must improvise your trading plan to protect your trading capital. And for that, you must understand the sentiment of the market. Learning the art of sentiment analysis is a very complex task. Without having enough experience in the retail trading business you can’t develop these skills. But you should never worry about this fact. If you open a demo account with Saxo you can easily understand how this market works. Demo trade the market for the first few months so that you gain enough confidence with this profession.
Step 4, trade with low risk
Having easy access to the high leverage trading account doesn’t mean you will take a huge risk. By taking a high risk you might secure big profits but considering the long term outcome, you are just ruining your trading career. You have to trade the market with managed risk. So, how much should you risk per trade? There is no exact answer to this question. But the pro traders always suggest the rookie traders follow the 2% rule of risk management. Some of you might not feel comfortable with the 2% risk. For them, it’s better to use the 1% rule of money management.
Risk tolerance level greatly varies from trader to trader. However, the novice traders should never risk more than 2-3% of their account balance. No one knows which trade will hit the potential stop loss or take profit. It’s always better to prepare for the worst-case scenario or else it will be almost impossible to live your life based on trading. Be smart and take rational steps in the trading profession.