Understanding your trading platform is very crucial to your success. The novice traders don’t spend enough time to learn the proper way of currency trading. They start trading the market based on their gut feelings. Such aggressive actions from the new traders might help them to secure some big winners but consider the long-term fact it’s just a waste of time and money. You have to understand the importance of the manual trading system. In the eyes of the expert Singaporean traders, emotional trades are nothing but the key ingredients to ruin your trading career. So it’s your call whether you will invest your money in emotions or start trading the live market by using rational logic. Every successful trader knows the use of advanced features of their trading platform. They never place any trade without assessing the risk factors. Now we are going to discuss the most used tools in a professional trading platform.
The simple trend line tools
Every successful trader knows the importance of market trend. They never place any trade without finding the strength of the market trend. Finding the market trend is not all hard since you have your trend line tools. Connect three higher highs or higher lows and you will get your desired trend line. When you use these tools, you have to consider the daily or weekly time frame. If you use the lower time frame signal it will be really hard for you to assess the quality of your trade setup.
Support and resistance level
Support and resistance level is the key area where the traders look for potential trade setup. You don’t have to do the complex calculation to find the key trading zones of this market. Just use the simple horizontal lines to find your key support and resistance level. But when you start trading the live market you have to use some technique. Instead of considering support and resistance level as a concrete number, consider these as your zone. This will save your trade from the wild swings of the market.
Indicators and EAs
Indicators and EAs are very much popular in the exchange traded funds community. The expert Singaporean traders use the indicators to assess the quality of the trade setup. You might have very little experience in this market but if you can use the indicator in a proper way you can save yourself from many losing trades. But this doesn’t mean you will be using too many indicators to get the best trade setup. Never plug more than two indicators in the same chart. You have to keep your trading chart clean so that you can easily find the long-term market trend. Always keep your trading system simple as it will help you to make a quick decision in a high level of market volatility.
EAs are nothing but your expert advisors. It will give you early trading signals. As a full-time trader, you should never rely on EAs. Manual trading is always the best trading system in the world as it allows the traders to assess the sentiment of the market. You can make a huge amount of money by using the most advanced EAs in the world but focus on the long-term output. The market is always changing its nature and it’s almost impossible to make a profit by using some codes of the computer. Trading requires human intellect.
Pending orders are very useful for the full-time traders as it saves a huge amount of time. You don’t have to sit in front your trading platform all day long. Just set the pending order with predefined stop loss and take profit level. The market will do its own duty and you are can enjoy your life the full. Try to make your system as simple as possible. The complex trading strategy never works in the currency trading industry.