Every single day the number of online traders is increasing at an exponential rate. Previously forex trading was not so much popular since it was only limited to the large banks and institutions. But due to the recent technological advancement, normal people can trade the live assets with investing a huge amount of money. Even there are many professional traders in the Singapore making a decent income by trading the live assert. Some of you might think that trading is an easy task but in reality, it is one of the most complex tasks which requires pin perfect execution of the trading plan. There are many traders who consider the exchange traded funds as a casino and thus they take a huge risk on every single trade. It’s true that sometimes they will hit the jackpot but in the long run, they will wipe out their entire trading account. In this article, we will discuss how to do the perfect market analysis in trading.
Chose a robust platform: The first thing that you need to have in order to become a professional trader is a robust trading platform. There are many brokers in the today’s world but only the high-class brokers are offering a robust trading platform and powerful trading tools to the traders. In order to trade the market dynamics, you broker should be capable of execution of trades extremely fast and they should also provide powerful trading tools to their traders. If you look at the professional trader’s community in the Singapore then you will notice that most of them are preferring Saxo as their prime broker since it provides highly reliable trading service to their traders. As a trader, you can access to wide range of trading assets in the market and you can easily execute your orders from any digital device. Most importantly you trading tools will not be compromised regardless of your device which means all the features for doing the market analysis will be available for you through cross-device technology offered by them.
Keep yourself updated: There are many novice traders in the forex market who often ignores the power of fundamental analysis in the forex market. In the eyes of trained professional fundamental analysis is often considered to be the most powerful price driving catalyst in the forex market. If you don’t do the fundamental analysis then it will extremely hard for you to make a profit if you participate in the exchange traded funds. For instance, the currency rate fluctuation in Singapore is very stable yet major economic news release might create an extremely level of volatility in the market. So if you trade the USDSGD at that time you won’t understand why the market behaves in such a wild manner. That’s why all the professional traders in the world always make sure that they are well aware of the fundamental news release in the market.
Use the price action trading strategy: Price action trading strategy is considered to be one of the most powerful and profitable trading strategies in the world. Those who are involved in exchange traded funds might have heard about the price action trader’s community. If you live in Singapore then you will have unique chance to meet the professional price action traders during the trader’s reunion in Singapore. If you truly want to master the art of forex trading then it’s highly imperative that you learn the different candlestick formation in the market since it will allow executing high-quality trades in the market.