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Three things that you should follow for doing the perfect technical analysis

Discussion in 'Strategies & Systems' started by Adam Smith, Mar 31, 2017.

  1. Adam Smith

    Adam Smith Member Trader

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    There three types of major analysis in the forex market. Every single successful trader in the forex market executes their orders based on the major three types of analysis in the forex market. The technical analysis helps the traders to identify the best possible trading spot in the market and the fundamental analysis helps the traders to ride the long term prevailing trend. The last type of analysis is the sentiment analysis which assesses the market sentiment. If you truly want to become a professional trader it’s highly imperative that you master these three sets of skills. However, most of the traders in forex trading Singapore use the technical analysis section since they are extremely busy with their real life. In this article, we will discuss top three things that you should know in order to do the perfect technical analysis in trading.

    Price action signal: There are many different types of trading strategies in the financial world but among them, price action trading strategy is considered to be one of the most profitable trading strategies. If you are relatively new in forex trading then it will be the little bit difficult for you but if you remain committed to learning then you can easily master the art of price action in few months. Most of the professional traders in forex trading Singapore are using the highly reliable candlestick pattern to trade the live assets in the market. But in order to trade the best possible price action setup in the market, it's highly imperative that you chose a reliable forex trading broker since tight spread, wide access to financial assets and robust trading tools are the key requirement to do the technical analysis. High-class brokers such as Saxo offers excellent trading conditions to their traders with relatively low cost and you can also learn many tricks and techniques in trading by accessing the Saxo academy.

    Use the higher time: Most of the novice traders in the financial market fails to achieve success in trading since they trade the lower time frame. It’s true that if you trade the lower time frame in the market then you will have lots of trading signals but in order to make a profit in the market, you need to focus on high-quality trade execution. If you ever get an opportunity to meet the professional trader’s reunion in Singapore then you will notice that every single one of them do their technical analysis in the higher time frame since they know it will save them from the false signals in the market. If you look at the professional forex trading Singapore community then you will notice that some of the traders use the multiple time frame analysis while doing the technical analysis. So if you do the multiple time frame analysis make sure to an emphasis on the higher time frame.

    Use Fibonacci retracement tools: Fibonacci retracement tools is one of the most popular trading tools used by the professional traders all over the world. It allows the traders to execute their trade in the market in favor of the long-term prevailing trend. There is a well-known proverb in the forex market that the trend is your friend so if you trend in favor of the trend then you are reducing your risk exposure to a great extent. As a professional trader, you should trade the important Fibonacci retracement level such 38.2 %,50 % and 61.8 % retracement level along with price action confirmation signal. But when you execute your orders in the market make sure that you proper risk management factors since it is one the key ingredient to becoming a successful trader in the forex market.

    In Summary,There are many different types of trading strategies in the world. If you truly want to achieve success in forex trading then it’s highly imperative that you learn how to do the technical analysis perfectly in the market. Make sure that you trade the key support and resistance level in the market and execute your orders in favor of the long-term prevailing trend. And try to master the art of price action trading strategy since it is one of the most profitable ways of trading the live assets in the market.
     
  2. Sarfraz Ahmed

    Sarfraz Ahmed Well-Known Member Trader

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    Technical analysis always helps and one who has more skills in it would do well in trading too. I trade with FreshForex which is a true regulated ECN broker offering service in forex, commodities, stocks and Binary Options with more than 12 years of expertise. They have in-house forex education and analytics. BTW, they are offering $2017 Hot Bonus for both new & existing clients and for the former it is no-deposit. With an excellent trading conditions like near zero spreads/commissions & fast executions with no slippages/re-quotes; one can trade comfortably!
     
  3. Jafar

    Jafar Well-Known Member Trader

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    Quite useful advice, especially about large time intervals, I've always thought the bigger the timeframe, the more reliable and less risky trading would be.
     
  4. Sarfraz Ahmed

    Sarfraz Ahmed Well-Known Member Trader

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    Well, I think one can’t do perfect technical analysis but one can always give their best. A good broker is also necessary obviously else even your best strategy or system won’t work. So it is imperative that you select a good one which would help you in your trading and you can just focus on trading alone. I had a good trading system but a bad broker make me lose money. NovaFx was the culprit which ran away with my money!
     
  5. Maxi89

    Maxi89 Active Member Trader

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    No matter how hard it might be for a newbie, those are really useful tips. Especially in terms of a timeframe for trading. But this is where the depo size matters.
     

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