Leading your dream life in the Forex market is a very challenging task. The majority of the retail traders don’t really understand why they should trade the market. They consider trading as a get rich quick scheme and they eventually end up by taking a huge risk in each trade. On the contrary, the pro-Singaporean traders follow the basic rules of investment business and trade the market with proper discipline. They never take any unnecessary risk since they know the outcome of any trade is completely random. Some of the retail traders often trade the lower time frame in order to find more trades. But this is absolutely wrong. You have to rely on a position trading strategy to become a professional Forex trader.
So, how do you learn to trade the higher time frame?
To be honest, there is no exact answer to this question. However, we can give you some precise guidelines which will help you to make a better decision. Before you start to trade the market in the higher time frame you need to understand higher time frame trading strategy is extremely boring. So, it’s obvious you might have the tendency to trade the lower time frame after a few weeks. This is where you need to work hard and develop your patience. Unless you know the proper way to control your patience, you are most likely to lose money just by trying to scalp the market.
Learn to trade in the demo account
Being a novice trader, you need to understand the importance of demo trading account. Though the term Forex trading Singapore is very popular but very few traders know the proper way to develop their skills. As a new trader, you need to open a demo account with Saxo and start practicing hard. Though you will be trading the market with the virtual dollar still you need to rely on the simple logic of risk management. Never demo trade the market with huge risk since it will create a bad habit. Since you will be trading the market in the higher time frame, there is a high chance you will switch to a real trading account. This is where most of the retail traders make a mistake. Unless you can make consistent profit in the demo account for six consecutive months you should never trade the market with real money.
Focus on your risk management policy
Most of the long term traders think they have the best trading system in the world. But the professional traders know very well no trading strategy is perfect. No matter how hard you try you can’t avoid the losing trades. You have to rely on money management technique to deal with the dynamic loss. Losing or winning doesn’t really matter as long as you trade the market with low-risk factors. Being a higher time frame trader, you need to limit your risk exposure by using the simple 2% rule. For those who are new might not understand about the 2% rule strategy, there is nothing to worry about. This is nothing but risking only 2% of your account balance in each trade.
Develop your patience level
In order to become a successful trader, you must have strong patience level. Never think you can beat the market by following an aggressive trading strategy. The pro traders always follow a conservative trading technique because it allows them to find the best possible trades. Try to gain control over your emotions so that you can make a profit in the long run. Forget about short term gains or quick profit. Wait for the best trade setups in favor of the long term trend. It might even take up to weeks but this is absolutely normal. Just go with the market flow and believe in your trading strategy. Within a short period of time, you will master a higher time frame trading strategy.