Forex trading might be a risky business. Nevertheless, it becomes a complete failure if you commit a lot of mistakes along the way. And these are not just ordinary errors. These are the costly ones. It's definitely not impossible to lose hundreds to thousands of your dollars for nothing simply because you've played your cards the wrong way.
That's why one of the things you should learn about forex trading is the common mistakes people do. The point here is to ensure that as much as possible you don't do them to our own account.
Here are some of them:
1. You don't learn much about it.
There are a lot of things you should know about forex trading in general and Singapore forex trading in particular. For instance, do you know the best time to trade? Do you have any idea of the standing of the Singaporean dollar against other currencies in the world-how in demand it is? Do you know the difference between bid and ask price, as well as the definition of spread?
Unless you're willing to learn so much more, you will never get the answers to these questions, which are actually very important if you wish to succeed in the field.
There are many ways on how to learn forex trading. For one, you can enroll in any of the classes or courses offered by forex experts in Singapore as well as in Malaysia. You can also take them online. It is also recommended you start reading business sections of newspapers and purchase business magazines.
Read up blogs and discussion boards administered or participated by forex traders, especially those who have been in the business for quite some time. You can get plenty of pointers from their own experiences.
2. You haven't looked for a good forex broker.
There are a lot of forex brokers in the market today, but not all of them will be the best one to use for forex trading in Singapore. Know that there forex brokerage is regulated in the country. Thus, you should pick only those that are supervised by the authorized agencies.
Needless to say, you should look for a forex broker that's dependable, one that is operational 24 hours a day. The forex brokerage should also be easy to contact for technical and customer support.
3. You didn't use the demo account.
An automated forex broker usually has a demo account. Especially if you're a beginner, you should make full use of it. A demo account works like a real forex account since you're going to trade in a live market. The only difference is that there's no real money involved. Your account will be provided with virtual cash, which you can use for trading. It will be replenished until the demo account has expired.
A demo account allows you to test the various forex trading strategies you've learned. You can also get a more comprehensive view of the real-time forex market. When you start trading for real, you won't feel overwhelmed anymore.
4. You trade at the wrong times.
Why is trading at a wrong time considered a grave mistake? You're just wasting a lot of your time. With no high trading volume, you cannot trade Singapore dollars or other currencies you have to the fullest. You may also end up trading in volatile times.
How do you know when is the best time? You need to pay attention to the market hours. Though forex trading operates 24 hours a day, all markets don't work at the same time because of time differences. If you're in Singapore, you'll most likely follow the time of Tokyo Forex Exchange, which opens from 7 p.m. to 4 a.m., EST. In between these times, other markets are in full swing, such as the Sydney forex market at 5 p.m. to 2 a.m., EST, and the London market for an hour, from 3 a.m. to 4 a.m., EST.
It's also advisable not to trade during the weekends, especially Sunday, as majority of the traders are not really around. Skip the Monday trading during London hours as this is the most volatile time.
5. You are so aggressive.
There's nothing wrong with being aggressive, but there's also such as thing as calculated risks. This means you invest more when you know you can get a higher return in the end. It's not a good idea to be aggressive when you're frustrated or angry since the emotions will stop you from thinking rationally. If you're still learning the ropes, start small.
6. You depend too much on the tools.
Good news: there are a lot of tools you can use right now for trading. Bad news: you depend on it a lot. Keep in mind that these are just instruments to help you make a decision.
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