The retail traders are always looking to change their life without doing any hard work. Many traders often buy expensive EAs and bots to automate their trading strategy. But do you really believe other people trading system will work in this market? If it was so easy, no one in this world would be losing money in the Forex market. You must develop your trading system just like the successful traders at Singapore. If you do some digging on the internet, you will be surprised to know, thousands of trading system are available and every single one of them claims to be the best. But after doing extensive analysis, the most of the experts have come to a conclusion, price action trading is by far one of the most simple and effective trading systems in the world. So how do we become a professional price action trader? To be honest, you will have very hard work. However, if you follow four simple rules, things will become a little bit easy for you.
Start focusing on the basic factors
Instead of thinking of about the different formations of the Japanese candlestick pattern, it’s highly imperative you learn to the basic elements of the Forex market. Learn more about the key players and high impact news release. Without having a strong foundation, it will be really hard for you to deal with your challenges. Once you know the basics, try to learn about the different types of chart pattern in the Forex market. Start trading the market with the demo accounts and try to understand the impact of different candlestick at different levels. Every candlestick has a different impact on the market. You have to know the nature of its impact to become a profitable trader.
Use the demo accounts
Demo accounts will provide you the perfect platform to master the art of this trading profession. The retail Singaporean traders in the options trading industry often say demo accounts are still the best friend of the traders. Before you start learning the details of this system, demo trade the market for a few months and try to learn the proper way to identify the key support and resistance level. A support is a zone in the market where the traders look for potential long trade setup. Similarly, a resistance zone forces the price of a certain asset significantly down.
Start learning the pattern of the reliable candlestick pattern
Learning the detailed formation of the Japanese candlestick pattern is your first step to becoming a price action trader. You might get confused after seeing tons of price action signal but don’t ever get frustrated. Try to understand the psychological reason behind the formations of each candlestick. Decipher the candlestick pattern and you will have a clue about the price movement of a certain asset. Those who are looking for a shortcut way to master this skills should look for a professional price action trader. If you reside in Singapore, you can easily find many successful price action traders and they will be more than happy to help you.
Start trading the real market
This is the most complex part of being a price action trader. Once you have a clear knowledge of how the price action trading system works, it’s time for you to trade the real market. When you start taking a risk in real life, easy things seem to become overly complicated. And when things go wrong, you might get very emotional and place a trade without any logic. This is where you need to work hard. Train your mind so that you can control your emotions regardless of the outcome of any trade. Be very brave about your trading decision and never trade the market with high risk. Use a low leverage trading account as it will dramatically reduce the risk factors.