For everyone who has achieved success on the Forex market, there are different secrets of a trader. In fact, this is a set of rules that must be followed in order to make a profit and not to lose a deposit. Usually, these rules are quite simple and easy to apply in practice, the main thing is to follow them strictly. Some of the secrets are directly related to trading, while others are responsible for money management, you choose which of the points are important for you.
Trader’s secrets in practical trading
- Pending orders – many professional players say that the most profitable deals are those that were opened using pending orders. They not only bring a great profit, but also the percentage of successfully opened positions in such trading is much greater than in the case of instant execution. Perhaps, it is just an accident, but most likely, there is a clear pattern.
- Trading at the right time – that is, you enter the market only if it is really profitable. For example, there is a clear price corridor, in which it is easy to determine kickbacks and the main trend. You should not open transactions in any case, if you have just launched a trading terminal, trust your intuition, sometimes it is enough just to look at the chart to understand that it is not worth trading.
- Always use forex indicators – they not only save time for technical analysis, but also serve as an excellent source of signals for entering or closing positions. Sometimes you may just not notice the past changes in the market, and a sound signal will allow you to close an order in time.
- Look for Forex regularities – watch the market and learn to memorize its behavior. Usually, on the chart of a currency pair you can always clearly see how the price behaves in some cases.
- Use the Forex API. This will help you automatically get all the necessary information about the market situation.
Financial secrets of a trader on money management
- Calculation of transaction volume – if your transaction level is 700 or more percent, you have nothing to fear of correction and can safely maintain the transaction until the trend reversal. This option is suitable for medium-term deals, but if you are trading on scalping, you should use the available funds to the maximum. Sometimes it is necessary to open several deals at once, in order to fully use the opportunities of your deposit.
- Documentation – if you are trading in large volumes, it will not be superfluous to take a screenshot of an open position, many traders have managed to prove their accuracy thanks to such prudence. It is quite simple to take a screenshot – press the Print Screen (PrtScn) key on your keyboard and save it in the desired format, set the date and time in the name. Gradually, such an operation will take you no more than a minute, but in case the order does not work, a screenshot will be an excellent argument in the proceedings.
- Withdrawal of profits – trading on Forex is quite unstable, so one of the secrets of a trader is the constant withdrawal of profits. This is the only way you will save your earnings.
In the process of trading, you will buy your own secrets of a trader to trade on Forex, and no longer need outside advice, but in the initial stages it may be useful to take into account someone else’s opinion, as well as use special professional services, such as Twelve Data. Learn to use all necessary tools at once to achieve more significant results in trading. These tools will allow you to trade more efficiently and make more money. Even if it is difficult to learn how to use them at first, this approach will be rewarded in the future.