Using the advanced tools of your trading platform
Everyone wants to lead a happy life. Happiness is directly related to your financial freedom. If you are always under the extreme financial pressure, chances are very high you will forget about the happiness in your life. Due to the ongoing global economic crisis, people are always trying to find an alternative source of income. After doing extensive research many people consider Forex trading as the best profession. If you open a trading account with ETX Capital, you can easily make decent money by using a leverage trading account. But to do so, you must have clear knowledge about the advanced tools used by the professional traders. The more you will learn about this market the better you will become at currency trading. If you fail to educate yourself properly, you won’t be able to lead your dream life based on trading profession. Today, we will share the amazing use of advanced trading tools available in your platform.
The Fibonacci retracement tools
We all know the trend is our friend. But how do many traders know the proper way to trade with the market trend? The majority of new traders are busy with indicators and they are trying to make things complex thinking it’s the only way to earn money. Just have a look at the successful traders in the United Kingdom. You will be surprised to see the simplicity in their trading strategy. Fibonacci retracement tools are one of the best tools which allow the retail traders to trade with the market trend. But when you use this tools make sure you are using it in the higher time frame. In the lower time frame, the market retracement will not give you a perfect entry point. If possible, start using the price action signal to trade the key retracement levels.
Chart pattern trading strategy
The chart pattern trading system is one of the easiest ways to catch the large market movements. Sadly the new traders don’t know how they identify the major chart pattern in their mt4 platform
. In order to learn chart pattern trading, you need to use the daily or weekly time frame. The lower time frame chart pattern always generates low-quality trade signals. Though we have different kinds of chart patterns the novice traders should follow the most reliable chart patterns only. Start with the reactance and triangle chart pattern. Once you understand the proper way to use this chart pattern, focus on the other complex chart patterns to increase your profit factors.
Using the pending orders
Those who love to trade during the volatile market can use pending orders. Pending orders are not only useful for the scalpers but the long-term traders also use this to save their time. When you use the pending orders make sure you have a precise knowledge about the potential stop loss and take profit level. Without having a stop loss in your trade is nothing but risking your whole investment. Some of you might say about the usage of mental stops but do you really think it can save you. Think about the Brexit event. All of a sudden the GBP/USD pair dropped more than 2000 pips in the global market. In such a case, mental stops will never be useful.
Using smart indicators
Though we all know indicators are nothing but a waste of time but by using it properly we can make trading easier. For instance, the professional traders often use the 100 and 200 days SMA. It allows them to execute quality trades when the trend of the market is not clear. Some scalpers also use the 100 and 200 SMA and set pending orders. But always remember, the indicator is just your helping tools. You need to assess other variables of the market. No matter how well you trade, limit your risk factors. Money management is the only thing which can save your investment in the long run.