Everyone wants to become a millionaire. People are always working hard to ensure a high standard of living. Sadly, most of us end up leading an average life. But there is an easy solution to this problem. If you start to trade the live assets by using a leverage trading account you can easily become a millionaire. But in order to do so, you must master the art of currency trading profession. There are a few things you need to have to become a successful trader. First of all, ask yourself whether you can push yourself to your extreme limit to learn all the details of this market. If the answer is YES, this article is going to change your life.
Why should you trade the major pairs?
Those who are trading for few months might think trading the exotic pair is the best way to earn huge amount of money. But when you deal with the cross or exotic pair you have to understand the extremely volatile conditions of the market. Never expect to earn huge money based on your gut feelings. If you trade the Forex majors, you won’t have to lose a huge amount of money due to false spike. Most of the time the price movement is much more stable and the traders are able to find high-quality trades.
Learn price action trading
Price action trading is one of the easiest ways to execute high-quality trades at the key support and resistance level. Those who trade the market with indicator based trading strategy can never find quality trades. Though they can make a decent profit they will always have to trade with lower risk-reward ratio trade setups. On the contrary, those who have knowledge of price action trading can easily filter out the high risk-reward trade setups in their online trading account. Things are really easy if you know the proper way to trade the market.
Trade management skills
Even though you will be trading the Forex majors but this doesn’t mean you won’t lose trades. Things are not so easy when it comes to retail trading profession. You have to understand how to manage your losing trades in an efficient way. Those who are completely new to this profession might think risking too much is the only way to secure big trades. But in reality, this is the easiest way to blow your account. Learn from your mistakes and never take more than 2% risk of any trade.
Ride the trend
Riding the trend is the only way to secure big profits. If you scalp the market with big volume chances are very high you will never become a successful trader. The retail traders always forget to trade with the market trend. But if you do some research you will be surprised to know, only the trend traders are able to make a decent profit in this market. So how do you identify the trend in any major pairs? The idea is very simple. You have to use the daily or weekly time frame to find the overall market trend.
Those who are completely new to this profession might not understand how to use the trend line tools. In such case, they can use the 100 and 200 SMA to filter out the best trades. If the 100 SMA crosses above the 200 SMA you can consider it as uptrend. On the contrary, if it crosses below the 200 SMA consider it as a bearish trend. Once you have spotted the trend correctly, try to find quality trade setups in favor of the trend. If you still feel confused with the trading profession, look for the profession trading course. Spend some money and try to learn from the expert traders.it will significantly help you to become a successful trader. And be a confident trader to learn more about this market.