Trading at a professional level requires adopting a set of disciplines and tools. The most successful hedge fund managers and retail traders didn’t achieve such fame and fortune just through innate talent. Instead, they’ve used the tools listed below to consistently extract profits from the foreign exchange market.
The trading platform is where every transaction takes place, whether it’s a short sell of the Euro versus Dollar or a long of the Dollar versus Yen pair. Regardless of the strategy you are looking to execute, the functionality afforded by your trading platform will play a huge role towards your year-end bottomline. A good trading platform, such as the one provided by Bcapital, is loaded with a robust set of features including technical indicators and real-time price quotes you can use to derive high-probability trade setups.
The economic calendar lists all if not most of the global market events that could potentially move currencies. This ranges from central bank interest rate fluctuations to geopolitical changes, such as the recent Brexit. All of these market events have a degree of influence towards price action hence keeping track of them can benefit your trade entry and exit points. Brokerage firms, such as Bcapital, offer a free economic calendar on their main website. You can bookmark the page and check regularly for an updated list of news reports to be released.
Traders can use market analysis reports like the ones provided by Bcapital broker, to gain a deeper insight of the market. It can be advantageous to incorporate market analysis to your existing strategy as a means to filter out low probability setups. Of course, this does not guarantee a total win, but rather a better chance of making some money throughout a series of trades.
Books on Trading
In any profession, books can be simple yet powerful tools that instill a specific knowledge base, skill set, and mental framework. Reading trading-related books gives you different vantage points from which to base trade ideas. You’ll be able to look at price action from both a technical and fundamental perspective. eBooks are useful in equal measure and have been more convenient nowadays to acquire thanks to technology. Whichever material you choose to go with, be sure to supplement your learning with these reading materials.
Round-the-clock client support can help you resolve technical issues without affecting your ability to execute, monitor, and manage trades. You’d want your broker to have client support service available 24 hours per day, 5 days a week. Brokers, such as Bcapital, offer this feature free of charge. A good broker will also provide different methods from which you can contact them, such as email, phone, and through an online chat room.
Succeeding as a trader does not mean you have to be at the top of your class or have the most money to trade with. In most cases, you only need the right mental attitude as well as the tools listed above to succeed in the long term.