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The best trading system to earn a living
The professional traders often get the question, which is the best trading strategy? Which method the traders should follow to earn a living? These questions are very important to ask since it will decide whether you can live your life in Singapore based on this business. Sadly, no one has the exact answer since the trading system greatly depends on the trader’s skills and personality. Every trader a unique strategy and no one can make a profit by using the same system. But in this article, we will highlight some common trading strategies that can help you to secure consistent profit from this market.
Support and resistance level trading
The new traders should focus on the support and resistance level trading system. Using the complicated trading system will jeopardize their trading career. The elite traders always ask the learners to develop their knowledge on support and resistance level. You might think finding the key support and resistance level is easy but in reality, people don’t even know what it takes to draw a valid trading zone. To find the key support level, you need to connect a minimum of three significant lows. On the contrary, to find the key resistance level, you need to connect three highs. Based on the support and resistance zone, you have to execute the short and long orders.
Trend trading strategy
Once you get skilled at trading, it’s very obvious you will start using the advanced method. This is when a trend trading strategy comes into action. Being a trend trader, you must focus on the long term data. Most importantly, you must open the Forex trading account with a well-regulated broker since you have to stick to trade for a long period. If you trade with the unregulated or low-end broker, you will face much trouble with such a trade execution process. When you use the trend trading strategy, try to use the price action signal to use a tight stop. Though it might tough once you start to understand the key features of the candlestick, you can improve your win rate.
Trading major chart pattern
Chart pattern trading strategy is designed for advanced traders. It allows them to execute the trade with a high level of accuracy. The majority of the chart pattern traders can trade the key reversal and make a decent profit. To find the potential chart pattern, you must rely on a higher period. If you trade the lower period chart pattern, you will get frustrated by losing too many trades. Trading should be done in a hassle freeway. And for that, you must select the bigger period as it gives more accurate data. You should also focus on the breakout strategy since the basic concept of chart pattern trading depends on the breakout trading method. If you learn to trade the major breakout with low risk, you can expect to make a big profit by trading the reliable chart patterns.

Using multiple trading strategies

The successful traders never rely on other people's method. They use have multiple trading strategies that allow them to deal with multiple assets. Let’s say, GBPUSD is exhibiting uptrend. So, execute the order in the GBPUSD pair, you need to focus on trend trading strategy. On the contrary, you have noticed a head and shoulder pattern in the USDSGD pair. So, the trend trading strategy will be of no use. You have to use the concept of head and shoulder pattern trading strategy to secure some decent profit. To be precise, the trading strategy which you need to use greatly depends on the market condition. And for that you must learn multiple trading methods or else you will never know which system suits you the best. Once you find the perfect balance between different kinds of trading strategy you will never face a tough time in this business.
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