Learning to use the trading platform is a very challenging task. You need to learn a lot about the trading industry and chose a professional broker to ensure premium trading environment. If you trade the market with the low-end broker it will be really hard to make a consistent profit. Most of the time you will have to face technical issues and this will eventually force you to embrace the losing orders. For instance, if you try to execute trades during the major news, you will face heavy slippage with the low-end broker. But if you trade the market with a high-end broker like Saxo, it won’t take much time to develop your trading skills. You can use their robust trading platform to find the best trades. Let’s learn the top three tools you can use in the trading profession.
Fibonacci retracement tools
Everyone knows a trend trading strategy is one of the most effective ways to find great trades. Being a new trader, you might not understand how to ride the market trend. Instead of using a complicated trend trading strategy, try to learn the use of Fibonacci retracement tools. Many rookie traders in Hong Kong have changed their life just by learning to trade the market with a Fibonacci trading strategy. Being a new trader you might not understand the proper use of Fibonacci retracement tools. But there is an easy solution to this problem. Just open a demo account with Saxo and try to master the Fibonacci trading strategy. Read books and articles on Fibonacci retracement tools and you will be surprised to know its use. Though Fibonacci trading strategy is extremely profitable still you need to limit the risk factors in trading. No one knows which trade will result in loss. So be prepared to embrace losing trades regularly to
Use the SMA
SMA stands for the simple moving average. If you intend to make a profit from this market in the lower time frame, you must learn to use the 100 and 200-day simple moving average. This level act as dynamic support and resistance level. If you spot a price action confirmation signal near the 100 and 200 SMA, you can execute the trade with precise stops. But for that, you must have access to the robust trading platform or else you will get delayed price feed. Without having exposure to real-time market data it’s really hard to execute quality trades based on price action confirmation signal. So, chose your broker very carefully if you truly want to make a profit from this market.
Oscillators are often known as leading indicators. Those who are new to the trading profession might not understand the functions of an oscillator. It is used to find the overbought and oversold condition of any currency pairs. Though the indicators offer accurate signals to the retail traders, you need to use other parameters. Never rely on the readings of the indicators since it will make things worse in the trading profession. You need to use the oscillators in the daily or weekly time frame or else it will be very hard to make a consistent profit. Never rely on the lower time frame readings since it will force you to overtrade the market. You need to be a conservative trader to make a consistent profit. Never trade this market with aggression since it will jeopardize your trading career.
By now you know the details of the most used tools in the trading profession. Learning the detail use of such trading tools might be hard but if you learn its use in a demo account, you won’t have to lose money. Once you feel confident with your demo trading performance, trade the real market with managed risk so that you can easily make a profit at any market condition.