Winning is the hardest thing to do in Forex. Many traders have been trying very hard to win their trades to make a consistent profit. Some traders blame the market and say this market is very hard. This market cannot be beaten down and it cannot be cornered. Other traders say it is not possible to win trades in a market where every trader in the world is taking part in this exchange of foreign currency pair. This market is global and traders could not make a profit in the market. It is all about hard work and patience in making a profit in this market. In our article, we are not going to say to believe in your destiny and do not practice in Forex. We are going to say that you can also be a winner in Forex and how you should plan your winning trade. The Singaporean traders in the exchange traded funds community always believe in the rational execution of the trade. They work very hard to educate themselves with the proper knowledge of this industry. But if you are totally new to this industry then make sure that you are trading in demo account or else you will lose all your hard earned deposit.
Planning your trades to win
Here is a small detail of your plan that will help you to place a trade. It is only at the beginning stage and you can make any changes to the plan necessary to win. You need to have verified trading strategy which will help you to execute a high quality trade at every possible step. Instead of placing random trades you need to develop a robust trading system which will allow you execute the orders in favor of the trend. Once you develop your own trading system make sure that you use proper money management to save yourself from the big loss.
Know the market trend and price level: Trend is your friend in Forex. You cannot win the market if you do not place your trades with the trend. When you are a trader, always place the trades with the market trend in favor. The new traders lose money since they trade against the trend. They simply think that the market has formed a top or bottom and place bog lot size against the trend. But if you do some online research then you will see that in exchange traded funds, those who trade in favor of the trend are they only one who makes profit consistently.
Look out for market events: News release can change the market trend. If you do not check the news, the market trend can be changed and you will lose your money. Read every news about Forex and economy. It will help you to know what is happening in the world and save your time and money when placing trades. Fundamental analysis is one of the key ingredients which will help you to identify the strength of the trend so that you can easily make a decent profit. Even it will also save you from the trend reversal.
Set a stop-loss and pre-plan your trades: Always use a stop-loss in your trades. If you are away from your workplace or you cannot get access to your trading platform, the trades will automatically be closed when they have reached a certain level of loss. Pre-plan your trades where to set your stop-loss.
Place your trades and wait: After you have completed all these stages, place your trades and wait for the market trend. If the market does not move, do not exit the market. Take the market take you out of trend. Patience is a great way to winning your trades after you have placed your trades in the market. Always remember that patience has its own reward. So be patient and let the market do its duty after you place the trade.