Over the years I’ve traded currencies. I’ve been through the ups, as well as downs. I have been a trader and I understand the frustrations of people who are struggling to understand trading concepts. Here are two trading tips that will help you transform your trading. If you want to trade or invest smartly you need to use the innovative Quotex platform, and you should know about quotex login
Tip #1 – Multiple timeframes can be a good idea
You may find that there is a time when trading is most enjoyable. It could be for 5 minutes, 1 or 4 hours. It doesn’t matter how much time it takes to complete your entry, but you must establish a specific time frame.
Many traders don’t realize that there are other timeframes they can use to spot market major changes.
To trade successfully, you will need to know the daily trends for each day. It is important to determine the direction in which the markets are moving and then follow that flow.
You can achieve this by switching over to daily charts. If your trading is done on weekly or daily charts you will be able to see the trend.
The goal is to see the whole market from a higher time frame. You can then return to your chosen timeframe and decide your entry or exit times.
Tip #2: Only trade one currency
It is essential that you choose one currency when you first start using it. Many people choose to go with the EUR/USD and GBP/USD. You can also select the EUR/JPY/GBP/JPY. You can pick the currency you wish to trade, and keep it.
You won’t believe this, but each currency has its unique personality. Why? Because each currency represents a particular country or region. Different stimuli may have different effects on these countries. It is important that you understand how currency affects you.