3 Easy Steps to Become a Better Trader This Week
Becoming a great trader may take time and practice. However, there are small tricks to help you improve your trading results as soon as this week:
- Pick a currency (or pair) and focus on it.
Harborx app offers 50 currency pairs that include combinations of majors, exotics and commodities, such as gold and silver. Pick a currency or a few pairs that you like and learn more about them. Just a few hours of research will help you understand why the currency moves a certain way and how it can potentially react to further market changes. For example, fans of ‘safe haven’ currencies, JPY and CHF, know that these assets are likely to rise in cases of international crises, elections, and other uncertainties. Other currencies, such as CAD, AUD, and NZD tend to have a strong correlation with commodities’ prices, this is why they are called ‘commodity currencies’. If you come from a country whose currency is available on the app as ‘exotic’, you may want to focus on trading it. After all, you’re in the best position to understand your country and factors that affect your currency.
- Never skip your stop loss.
We cannot emphasize this enough. Losses happen to everyone, so the best we can do is protect ourselves, and this is exactly what Stop Loss is about. If the market goes against you, at least your account balance doesn’t!
- Trade more.
Believe it or not, only practice makes perfect. Setting your daily target number of trades, be it on Trial or Live account, will keep you engaged. And guess what: the more you trade, the better your trading skills get. And if you follow steps 1 and 2 mentioned above, you may be well on your way to achieve your winning position on the Leaderboard (if you’re on the Live account), or simply improve your trading results if you’re still on Trial.
Wherever you are in your Harborx journey, enjoy trading!
Harborx Limited is regulated by Cyprus Securities and Exchange Commission under license number 230/14 in accordance with the Markets in Financial Instruments Directive of the European Union, and the Investment Services and Activities and Regulated Markets Law of Cyprus (Law 144 (1) / 2007). Harborx.com is owned and operated by Harborx Limited.
Risk warning: there is a high level of risk involved with trading forex, commodities, indices and other contract-for-differences. Past performance is not a reliable indicator of future results. You must be aware of the risks associated with trading directly or indirectly on margin. Please ensure that you fully understand the risks involved and do not invest money you cannot afford to lose. Please seek independent advice if the risks involved seem unclear to you and refer to our full risk disclaimer.
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