The Forex traders know how hard it is to execute the perfect trades. Even after having years of experience in the retail trading business, the traders fail to nail the market. But the pro traders are one step ahead. They can easily manage the best signals and place orders with an extreme level of accuracy. Learning to trade the market like the pro trader is not all hard. In fact, with some basic rules and techniques, you can start living your dream life in Hong Kong. Let’s learn about the four secrets used by professional traders to open the perfect orders.
Focusing on the pending orders
Most of the naïve traders love to execute the instant fill orders. This means the orders are executed on the real-time price movement. But the execution of such trades requires constant monitoring of the price levels. So, the quality trades are often missed and it’s nearly impossible to get the best price. Unlike novice traders, professional traders use pending orders to get the best possible price. For instance, by setting a sell limit at the trend line level, you can expect to make a huge profit with a very tight stop. But those who are using the manual strategy have to wait for a long period to find the perfect point to place the order. So, learn about the limit of orders to execute the perfect trades.
Rely on price action signals
The price action trading strategy is used by thousands of professionals. The strategy is based on the different variations of the Japanese candlestick pattern. Experienced traders in the Forex trading industry use a reliable pattern to place new orders at the supply and demand zone. But learning about the basic pattern is a very tough task. And when it comes to complex patterns, the novice traders get frustrated. But if you dig deep and learn the key reason behind the formation of different shapes candle, you will never forget the patterns. If necessary, open a demo account with Saxo and master the art of price action trading.
Use the Fibonacci retracement tools
We all know the trend trading system is one of the best ways to make a profit from this market. But very few traders know the perfect way to find the end of a retracement. Without knowing the end of the corrective move, it’s really hard to place the perfect orders. To eliminate this problem, the professional traders rely on the Fibonacci trading strategy. Instead of trading all the levels, focus on the major retracement levels. Look for the price action signals since it will help you to place the trade at the important levels with a very tight stop. If you get lost with this strategy, try to learn a Fibonacci trading strategy from the professionals. But remember the fact that a Fibonacci trading strategy is mostly designed for professional traders. So, you must analyze the higher timeframe period data.
Maintain a trading journal
To execute a perfect trade, you must maintain a trading journal. Those who are trading the market without having any valid logic are always losing money. You don’t have to use rocket science to make a profit in the Forex market. Just keep things organized and try to develop your skills by learning from the experts. If it becomes hard to find a mentor, read the free articles with interest and you will learn many things about trading. But never rely solely on complex price movement. Be prepared to lose trades since it will be part of your journey. However, the losers should never be bigger than the winners. Always give priority to high-risk reward ratio since it will act as your recovery factor. Once you start to use these factors as your checklist to place the trade, you can execute a perfect trade.
