Taking up trading as a full-time career might mean a lot of challenges that you need to face. but one thing that is quite certain is that it’s a very awesome journey. once you take this up one thing is also certain you have to choose the right brokerage platform.
Shackecoins Provide one of the coolest brokerage platforms for you to go ahead and start trading with. but this article will focus on some of the key things that you need to take note of before you break into forex trading
Things to Look into Before Taking a Trade
Trading isn’t just a simple career—it is about merchandising businesses. It faced a lot of risks and things that needed to be considered thoroughly. Engaging in this field requires adequate commitment and confidence to navigate this kind of market action.
Here is the list that needs to be scrutinized before taking trading as a career.
- Recognizing market structure.
Identifying the ongoing market structure—uptrend, downtrend, or a range, will give you an idea of what to do regarding selling or buying.
For market structure, here are the choices you could either choose once you get to identify the structure:
- For an uptrend market, you need to buy either the debtor in possession (DIPs) or the breakouts.
- For a downtrend market, you need to sell either the rally or breakdowns.
- For a range of markets, you need to either buy at support or sell at resistance.
- Pin Down the Area of Value.
Upon knowing the market structure, it is important to pick the choices where it corresponds to the area of value. In simple words, it’s recommended to take a trade when the prices are close to the area of value, and, on the contrary, it is said not to take a trade when the prices are far from the area of value.
- Acknowledging the Entry Trigger.
Looking for the pattern also aids in getting into trades—patience plays a vital role in this part.
There are distinct ways you can follow from looking for the pattern—such as bullish engulfing pattern, candlestick patterns, or bullish hammer.
- Action Plan Respective to Exit Strategies.
Trial and error are always in trades, that’s why there are risks to be taken. Exit strategies are divided into two parts—the exit plan when your market is in favor and the exit plan when you’re wrong.
Shackecoins provide an experienced group of account managers that help you to learn through your forex journey. The above points are taught well in advance to the account managers.
Top 3 technical tools for forex trading
Here are the highly suggested technical tools for trading:
- Stochastic Oscillator. It is a momentum indicator that measures the price range correlative to the current price over a period.
- Accumulation or Distribution Line. This tool was also used to identify the money flows in and out by using volume and price ranges.
- On-Balance-Volume (OBV). This shows the positive and negative flow of volume to forecast the transitions in the stock prices.
Bottom line: Shackecoins helps you to grow your forex portfolio in the coolest ways possible. Don’t hold back anymore and experience the coolest account managers & technical tools available with Shackecoins right now!