Secrets to becoming a profitable trader in the forex market

Every single day the number of retail traders in the forex market is increasing at an exponential rate. If you look at the professional traders then you will see that every single one of them is trading the live assets after learning the market basics perfectly. Unlike the professional traders at Saxo, the novice traders consider forex trading as a get rich quick scheme and ultimately lose money in real life trading. Forex trading Singapore is very much popular nowadays since most of the retail traders are well aware of the profit potential of this high leverage market. Though the market offers an extreme level of profit potential but the success rate in the forex market is extremely low. In this article, we will discuss the secrets of becoming a profitable trader in the market.

Solid trading discipline: The forex market is a high volatile market and in order to make a profit in the financial market you need to have a solid trading discipline. Most of the novice traders are losing money in the financial market since they don’t trade the live assets with strict trading discipline. The experts in the forex market always execute their orders by following proper trading discipline since they know this is one of the key ingredients to remain profitable in the forex market. If you look at forex trading Singapore then you will notice that the rookie traders are even making a decent income at the end of the month due to their strict trading discipline. So if you think trading as your full-time profession then make sure that you trade with an extreme level of discipline.

Develop a solid trading system: Every single second the price of certain assets in the financial second is changing. The professional traders use this fluctuation of the price and make money in the online trading world. Forex trading Singapore is now very much popular since most of the traders know very precisely how to execute the perfect orders in the market. But in order to develop a perfect trading system in the market, you need to have a very clear understanding of the financial factors and technical analysis. Try to read as many articles as you can since it will enhance your trading knowledge in the market.

Perfect risk management factors

Some of you might often ask is there any holy grail in the forex market. The simple answer to this question is, YES. In the eyes of trained professional perfect risk management factors is considered to be Holy Grail in the forex market. As a professional trader, you should always make sure that your winners are bigger than you losers in the market. Most of the novice traders in the financial market tends to lose their patience and trading discipline after incurring few consecutive losses. But if you look at the expert traders then you will notice that every single one of them is following proper risk management factors in every single trade since they know it’s the key ingredient to becoming profitable in the long run.

Summary: Trading the financial instrument is an art and it requires pin perfect execution of the trading plan. If you truly want to become a professional trader in the forex market then make sure that you follow the above-mentioned tips in this article. It’s true that you will often have some losing orders in the market but you need to make sure that you are still holding your trading discipline very strictly. And always try to trade in favor of the long-term trend in the market with price action confirmation signal to reduce the risk exposure.

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Exploring different types of high-quality trading strategy

Trading the Forex market is all about triggering your brain in the right path. When you are in the Forex market you should be capable enough to think all the aspects of trading. You cannot just look into one factor and enter the trade because the market is highly competitive. You would have searched through many articles and books related Forex strategies but make sure the strategy you use should be something which works for you. As an example, the price action strategies can be suitable for ‘X’ traders and it cannot be suitable for ‘Y’ traders so it all depends on the individual’s preference. Not only Forex strategies but also Forex brokers are to be considered wisely but when selecting the Forex brokers it will not depend on the individual preference because the skillful best IB broker is the only choice for all the professional traders. We will help you to get some knowledge on the strategies by jotting down a few strategies.

A few strategies you should focus on

The Blade runner strategy- The Blade runner strategy is one of the best which is suitable for any timeframes and any currency pairs also it’s an exception for EMA crossover. It can also be considered as the trending strategy. However, most of the novice traders in the financial market often overloaded their trading charts with indicators and ultimately fails to execute the best possible signals. So if you truly want to become a professional trader then make sure that you are not trading with the indicator based trading system in the market rather use the indicator as helping tools.

Fibonacci Strategy- these includes the Fibonacci retracements, extension along with monthly, weekly, daily and yearly pivots. This strategy can be used in long time frames. In the eyes of the trained professional Fibonacci trading system is considered to be one of the most profitable trading systems in the world since it allows the trader to execute their trade with minor retracement of the trend.

Forex Fractal strategy- this is not only a strategy but also the market fundamental concept which makes you understand the movements of price and the reason for the movements. However, before you start trading the market using the fractal indicator make sure that you have a clear understanding about the support and resistance level in the market.

If you are not thorough with the strategies you should understand that the introducing broker is there to help you to move your Forex career in a successful manner.

Bollinger Band Bounce strategy- this is the ideal strategy to be used on the ranging market. This strategy is used to confirm trade signals too. The professional traders use the Bollinger band support and resistance level in the market to execute high-quality trades in the market. But if you truly want to make money consistently then make sure that you use the price action confirmation signal in the market.

How to implement the strategies

Actually, you can trade many articles and books related to Forex but none of it could show you the 100% accurate way to find profitable trades. In the Forex market risks are high and it always deals the win-win scenario so even if you implement the best strategy there are chances to earn losses. So you should learn the art of trading perfectly so then you will be able to decide the market movements in a better manner.

The methodology is essential

You should have the consistency methodology to trade Forex. As traders, you should have your own way to trade Forex; if you consider the pro traders they obtain greater trading platforms from best IB broker. So if you truly want to develop a solid trading career in the forex market make sure that you develop a solid trading strategy and execute your trading in the professional trading environment by following proper risk management factors.

Summary- you pick a strategy, you find the best broker and once you land on a profitable trade then you are ready to earn profits. Earning profits in Forex market is not something unachievable but you need a little effort gain success. If you are ready to exert the power then you will obviously come to a good position in the Forex market. When you read Forex articles it gives you an edge to trade Forex. The market of Forex is all about dealing the risks of the market.

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Overcoming 3 Financial Issues That Young Singaporeans Face

We encounter several new hurdles as young adults. We no longer receive a daily allowance from our parents and we have to pay the bills. Not to mention, our financial capabilities are seemingly low at the start of our careers.

On that note, here are three financial issues that young Singaporeans face and ways to overcome each one…

ISSUE #1: LACK OF FINANCIAL KNOWLEDGE

We cannot deny the fact that personal finance is rarely taught in schools. According to Kevin Gallegos, a consumer finance expert at Freedom Financial Network, the Millennials’ crying need for more financial literacy cannot be overstated. It is never too late! Financial literacy is something you shape through conscious effort, much like learning how to write.

Image Credits: pixabay.com

Image Credits: pixabay.com

Young adults must take the initiative to educate themselves about the important topics surround money. These topics include budgeting monthly expenses, saving for retirement, and managing student loans. Following an online resource like MoneyDigest.sg or MoneySENSE.gov.sg can provide the foundation for you to learn the basics.

ISSUE #2: HAVING A LOW INCOME

Unless you are an heir to a successful company, the start of your career marks the time when your finances will be stretched. Having a low income impacts your ability to fulfill your primary needs such as food and shelter. Proper allocation of funds can help improve your situation.

Young Singaporeans shall distinguish between the needs and wants. If your income is not sufficient to address your primary needs then, you may consider taking a part-time job or freelance projects. Alternatively, you may eliminate unhealthy (and costly) lifestyle choices such as smoking. Imagine how much cash you will exhaust in a week if the price of a package of Marlboro cigarettes is about S$13!

ISSUE #3: CONFUSION BETWEEN SAVING AND INVESTING

Young adults are often experiencing a mix up between saving and investing. The idea behind it is similar, but the “mechanics” are different. Both involves the act of setting money aside for future use. The former is allocated after meeting your fixed and variable expenses. While, the latter is allocated if you want to grow your savings. Maintaining a realistic balance between these two is crucial for wealth cultivation.

Do not be afraid to read about investing as the power of compound interest works in your favor at the present time.

Image Credits: pixabay.com

Image Credits: pixabay.com

To conquer the challenges that young adults face, they must educate themselves about personal finance. This will help them manage their spending habits, repayment of student loans, and so on. This is a great start to your financial journey.

May you have the confidence to overcome each financial issue ahead!

Sources: 1 & 2

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The perfect way to trade the smaller time frame in the market

The forex market extremely volatile market and in order to make a profit in the financial industry you need to execute your orders with an extreme level of precision. Most of the novice traders in the forex market jumps into the online trading world without knowing the market basics and ultimately loses money in real life trading. If you look at the professional traders in the Singapore trading community then you will notice that most of the traders are trading the live assets with the professional brokers like Saxo after developing solid trading knowledge in the financial industry.

Due to recent technical advancement, the traders can execute high lot size trade in the market during the extreme level of market volatility by using the robust trading platform like SaxoTraderGo. Most of the time the market exhibit a high level of volatility during the high impact news release. But trading the high impact news release requires precise knowledge about smaller time frame trading. In this article, we will discuss how to trade the smaller time frame in the options trading industry like the expert traders.

Find the key support and resistance level

Most of the time the market tends to reverse its direction after hitting the key support and resistance level in the market. If you truly want to master the art of smaller time frame trading then you need to have a solid understanding about the support and resistance level in the market. The professional traders draw the key support and resistance level in the high time frame and switch back to the smaller time frame. They simply try to find confluence between higher time frame support and resistance level with the smaller time frame. Once they find the perfect confluence they execute their trades in the options trading industry with perfect risk management factors.

Price action trading strategy

There are many different types of trading strategy in the world. If you look at the experts in the trading industry then you will notice that every single one of them is using the price action confirmation signal in the market. It’s true that if you trade the higher time frame then you will be able to execute high-quality trades by using the price action confirmation signal. But in options trading, you need to use some advanced technique to trade the smaller time frame by using the price action signal.

Most of the professional traders draw the key support and resistance level in the market prior to the high impact news release and once they news is published they try to find possible price action signal in the 5-minute time frame in favor of the long-term trend in the market. It’s true that you will face little bit difficulty in trading the high volatile market conditions but if you trade with solid risk management factors you can easily make lots of money in the high volatile market conditions.

Do the fundamental analysis

Fundamental analysis is one of the key ingredients to execute high-quality trades in the market. Most of the novice traders in the forex market trade the live assets without knowing the perfect way to do the fundamental analysis in the market. It’s true that mastering the art of fundamental analysis is a little bit difficult but if you trade with an extreme level of devotion then within a very short period of time you will see that there is no other alternative other than fundamental analysis to trade the smaller time frame in the market. The fundamental factors in the forex market are so powerful that event the long term prevailing trend in the market often gets changed due to this high impact data.

Trading the smaller time frame is a little bit risky and requires pin perfect execution of the trading plan. If you truly want to master the art of smaller time frame trading then make sure that you follow the above-mentioned tips very precisely.

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Make your time count: Three tips for managing freelance finances

The on-demand economy is booming, driven by ride-sharing, peer-to-peer rental, project-based job platforms and the ease of e-commerce. There are unprecedented income opportunities for freelancers but this work comes with a host of new challenges – many of which are all too familiar for me and my family – like co-mingled and confusing business expenses, quarterly and year-end tax headaches, and a general lack of visibility into your ‘real income’.

My brother and uncle are entrepreneurs, and I’ve seen how they have setup their businesses starting at day one. Having the ability to track earnings, expenses, and taxes automatically are keys to success and always top of mind. Getting better insights into their financials, including net income and tax obligations throughout the year is also increasingly important.

For those who are considering hitting out on their own this year, or the increasingly popular ‘side hustle’, here are my three tips to maximize your financial success.

1)    Don’t mix business and personal. I know firsthand the temptation of co-mingling your personal and business finances, whether it’s using your personal credit card for your freelance expenses or keeping your finances together in one bank account, but there are important legal, tax and financial reasons for keeping your finances separate. Self-employed workers often struggle to keep track of their finances without the luxury of an employer helping them manage tax or CPF contributions, and many have no visibility into their real earnings and income. Separating your finances will help you keep a closer pulse on the health of your business and prevent any unpleasant surprises when you find out how much you owe come tax time. 

2)   Ditch the shoebox. Our research shows that a large number of self-employed and freelancers are keeping track of their finances on paper and a fair proportion of on-demand economy professionals say that difficulty managing finances has the biggest potential to put them out of business. This is deeply concerning to me and points to a major financial literacy gap among this demographic. Part of feeling confident about your freelance business and its future is understanding the more in-depth financial aspects. Using cloud financial management software to track expenses, mileage and invoices all in one place can help you find more tax deductions and save thousands in taxes.

3)    Don’t be afraid to ask for help. Just because you’re self-employed, doesn’t mean that you’re on your own. Working with an accounting professional can help you create the building blocks for your financial future and make sure you’re not missing out on deductions. Building a close relationship with someone you trust early on can foster a value-added relationship, where they aren’t just doing your bookkeeping but giving you strategic insights on how you can set yourself up for long-term success. Whether you’re working towards quitting your day job to freelance fulltime, expanding your client base, or achieving profitability, if you’re direct about your goals and open to guidance, a strategic advisor can be a critical resource to help you realize them.

As someone from a family of entrepreneurs and someone who has spent the greater part of my career working to advance entrepreneurship, I’m thrilled to see a growing number of people taking control of their own future and leveraging the technology available to them to shape their careers and support their families. If you’re one of the many Singaporeans who will enter this economy in 2017, be bold; be diligent; be well-organized. You’ve got this.

Shirin Anne Wan Bio

Intuit - Shirin 01

Shirin Anne Wan is the Head of Customer Care for QuickBooks Asia Pacific, with more than 15 years of experience in customer service, customer care, operations and service excellence. Based in Singapore, Shirin has served in her role with Intuit as member of the APAC leadership team since 2013. Previously, she worked for Citi in customer experience management.

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