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Three proven technique to improve your trading skills
Trading is the smartest way to make money. Those who are brave enough to take a risk can easily secure their financial freedom just by becoming a fulltime trader. Being a profitable trader and having a long trading experience, you can pursue your dream with great ease. In the following article, we are going to talk about a few ways by which you might be able to improve your trading. But don’t think it will be an easy task. Every professional trader need to work hard and focus on the core elements of trading. Let’s learn some essential techniques by which we can easily improve our trade execution process.
Trade-in more instruments
Once you have a perfect strategy that helps you to win 70% of your trades, you can think about adding more tools to your preferred trading system. For example, you can do perfectly well with the major currency pairs but soon you will try to take trades in the cross pairs since you have already mastered this technique. As you have more pairs with which to look for signals, you will surely find more signals than you would otherwise.
Adding more instruments in your list will also increase the risk because you don’t have enough knowledge about that chart. After you add new instruments in your list, you must study them and also should modify your strategy so that you can grab a hold on those instruments otherwise you might lose most of the time. Analyzing more than one instrument has always been a challenging task. But if you manage to do the things in the right order, you will definitely become more confident trader.
Taking trades in more instrument won’t make you a successful trader. You must spend time understanding the nature of the market. If you intend to trade options in UK, you should be analyzing the major assets first. After knowing the key price movement in the major instrument, you can switch to the cross or minor pairs.
Trading in lower timeframes
You should always prefer to trade in higher time frames. Try to find the trade setups from a weekly or month timeframe. You might find 2 or 3 trades in a week and it’s more than perfect. However, some of the investors prefers to trade in a lower time frame as they get more trade signals. Skilled people can easily make decent amount of money by using the lower time frame data which tends to generate quick profit.
Lower time frame traders don’t often bother about the news announcement because they enter and exit from a trade within a short time frame. One of the key advantages of trading in lower time frame is that you can get a result from any trade very fast. Since the results are quick, you will not have to keep the emotional pressure for a longer period. But there are few drawbacks of trading in a shorter time frame. Shorter time frames often increase your losing rate and you will have to pay more commission due to the high frequency of trade executions.
Increasing your lot size
Increasing the lot size of your trades will help you to increase your profit rates. We always suggest using a fixed lot size according to your trading balance. You can increase this lot size as you get more experienced. But the main drawback is increased risk exposer. You are also decreasing the breathing zone when you trade with high risk.
Try to learn about lot size scaling since it will allow you to execute high quality trades. Never become too greedy to earn more money. Always follow strategic steps so that you can earn enough money without getting yourself in to trouble. Things might be tough but if you follow the tips in this article, it’s just a matter of time before you become a skilled trader.
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