There are many traders in Forex who do not place a trade when they see a good trend. They think they need more profit and that is why they keep waiting. This is a big mistake that you are doing. You do not know when the trend will turn against you. If there is one thing that is not known, it is the trend. The trends come and goes and the traders do not know when they will get a good trend to make the profit. This article will tell you why you should never wait for a perfect trend. A perfect pattern will never come to you but you have to use your strategy to make money. This industry is not going to offer you a profit before you but you need to take your money.
Unpredictable nature of the Forex market
The new Singaporean traders always think they know how to perfectly execute trades in Forex market. Finding great trades with high-risk reward ratios takes years of experience and patience. Never think to trade the real market unless you have extensive demo trading experience. Demo trading environment will give you the perfect opportunity to learn the art of trading without risking any real money.
Some of you may say following the market trend is the only way to make a consistent profit from this market. If this were true, the market would have never changed its trend and no one would have lost money. The experts of the options trading industry often say trading all about timing and finding the perfect trend. To do so, you must have a clear knowledge of the fundamental factors. Never try to place trades based on technical data only. Analyze the economic news so that you can understand when the market trend might change. To be precise, you have to deal with all the important variables to become a profitable trader.
If you find a good trend, place your trade
Whenever you find a good trend in Forex, do not hesitate but place your trades. Do not be greedy and think you will wait for the next trend to come. As this trend is good, the next trend can be even better and then you will have more chance to make money. These thinking are wrong and you should not waste your time trying to get a good trend. Any trend can turn into a profitable trade if you can use your strategy right.
The news can make the trend turn against you
One of the thing about the pattern is they are volatile. Like the price moving up and down, the pattern also moves up and down in Forex. Most traders think they will place the trade when the trend is going up and up but they never think it can also go down. The news that is being released can also affect the movement of the trend. It can change anytime and you will have no time to close your trades. Many traders wanted to make their profit big and they keep the trades open, suddenly the news released and it changed the trend and they lost all the money. This news can be released anytime because it is a global market. It is hard to predict when the news will change the pattern and that is why you should close the trade with profit when you still can.
It is better if you do not make your profit run
Many traders try to make their profit run and they keep the trades open. It is not good because it increases your chance of losing money. It also confuses your mind because you are not following the strategy. Make a plan and follow it all the times. If you start keeping the trades open, you will lose money when the trend turns against you.