Simple Strategies to Help You Become a Better Trader
Trading in the financial markets is interesting. Sadly, most traders are not achieving their full potential. They are not making the money they should be making and they are not enjoying their trading career like they should. Here are a few strategies that will make you a better forex trader.
Use the Deal Cancellation Service
EasyMarkets came up with this service to encourage traders to take risks and avoid the fear they have when trading. With Deal Cancellation, you get a chance to cancel a losing trade within an hour after initiating. The benefit of this is that you can place big trades without taking much risk. Our company is the only one in the financial market to offer such a service.
Download Mobile Apps
As a trader, the desktop and web platforms of MetaTrader are the most ideal. This is because they allow you to do in-depth analysis in a large screen. To complement these platforms, you should download the accompanying apps to your smart phone. Doing this will help you monitor your trades and stop them when needed.
Few Specific Tools
A common mistake we regularly see is where new traders use many tools to make decisions. Some try to use all the indicators to help them decide how to position a trade. Often, this is usually the wrong strategy. Instead, you should work to master only a few indicators and applying them to your trading strategy.
To succeed as a trader, you should strive to be knowledgeable about the major issues that might affect the movements of financial assets. For example, if you are trading the EUR/USD pair, you should have all the details about the economic data expected and the top news from these countries. Checking out the economic calendar is very important in this.
Using Free Tools
The Metatrader and our inbuilt trading platform gives you multiple tools to help you manage your trading. For example, the Take Profit and Stop Loss tools can help you take profits at specific levels and stop the losses to avoid huge losses. The Buy and Sell Limit and Stop tools can help you place trades at specific prices even when you are not available.
A Set of Assets
Another mistake we see is when traders trade all financial assets available. This is wrong. Instead, you should tailor your trading to focus on a select group of currencies, stocks, commodities, or indices. If you are excellent in crude oil, you should focus on oil, instead of trying to make tens of other products. Doing this will help you become an expert in the instrument you chose. It will help you save time because you will only focus on a few assets.
A Proven Strategy
Finally, you should create a good, backtested trading strategy. In this, you can choose to be a day trader, a swing trader, or a long-term trader. Depending on the timeframe you chose, you can decide on the type of trading you will be doing. In this, you could be a fully fundamental trader or both. You can also be a technical or a quantitative trader. Before you start trading, you should have a well-defined strategy.