Charts of the Week: 19 Mar 2018

Ethereum (ETH/USD) Daily Candlesticks & Ichimoku Chart: Will the sell off continue or will the support level of 400-450 hold?


CHF/JPY Weekly Candlesticks & Ichimoku Chart: CHF/JPY testing below the weekly ichimoku cloud. A close below will be extremely bearish.


Vee, our Founder/CIO highlights patterns/formations on two charts every week which may have the potential to turn into trading opportunities. These charts are part of our weekly subscription product – “CIO’s Week Ahead Update”Click here to get access to more professional market analyses and insights!  Now at 20% off with coupon code: 2YRPROMO. Valid till end of March.

10 Reasons To Be Passionate About Trading in Singapore

Forex Trading Singapore

Having a passion for something makes a huge difference in your chances of succeeding at it. When you’re passionate about what you do, you work harder, make more sacrifices and go the proverbial extra mile to become the very best you can be. Can the same be said of you when it comes to trading in Singapore?

There’s a lot to love about commodities, stocks, bonds, index and forex trading in Singapore. Our time zone lets us trade most of the active hours of the trading cycle, and we’re in the middle of the world’s major trade flows. The world loves investing in Singapore for our political stability, and recognises our economy as one of the most favourable for trading.

But what is it about trading itself that makes you, as a Singaporean or an international trader, have a genuine passion for it?

It’s not (just) about the money, as there are plenty of other ways you can earn, and one can easily burn out after a protracted series of losses. Yet there are many of us who continue to pursue trading and to put up with the inevitable hardships that come with it. Here are 10 reasons why we truly love trading and look forward to every trading day.

1. Trading is action-packed.

If you’re passionate about trading, chances are it’s because it suits your driven, type-A personality. You’re good at distancing yourself emotionally from objective decisions that need to be made. You enjoy taking risks and thrive in fast-paced environments that involve numbers and working with other people.

2. There are so many markets to choose from.

There are the stocks and the ETF markets, forex, the options market with its derivatives and CFDs. Of these, forex and CFDs are particularly attractive to day traders because of the minimal investment involved, although they also tend to favour stocks or ETFs.

3. Anyone from anywhere at any skill level can trade.

It has been said that one of the great attractions of trading is how anyone, regardless of where they’re from, how old they are or whether they’ve got years of experience or not, can get into trading. And in the market’s eyes, your chances of becoming a successful trader are just as good as the next person’s.

4. Trading is like having your own business without having to open a store.

The truly serious trader regards his practice as a business, which takes commitment for it to grow. Trading allows you to enjoy all the benefits of having your own business without having to hire staff,
market to customers or file all the paperwork that comes with setting up shop.

5. You have absolute control.

In trading, how much money you lose is entirely up to you because you have control over the risk. You set your own income goals according to your own trading plan and strategies, and make your own trading decisions without having to answer to a superior.

6. You can still make money even if the economy is bad.

Experienced traders know they will be able to profit in an up or down market if they trade properly. They know that there’s no way to predict which way the market will move, so they follow the trend regardless of the direction it takes and trade accordingly.

7. All the information you need is readily available.

Keeping abreast of developments in the various markets is easy thanks to the internet. You can get the solid training you need in trading principles and effective training methods for growing your investment capital consistently at TrackRecord’s “Learn to Trade like a Professional” Workshop. Take part in this information-packed two-hour workshop for FREE.

8. You never run out of second chances.

Even if you should lose in the market today, you can always start afresh tomorrow. What counts is that you learn from your losses and use what you’ve learned in the following day’s trades. Not many other professions or investment types are as forgiving.

9. Trading offers great freedom and flexibility.

Traders enjoy more flexible working hours than the average full-time employee or entrepreneur. You can trade as much or as little as you like, and, depending on the market you’re in, whenever you choose—forex and other securities will allow you to trade at odd hours, while commodities and stocks will require you to trade while those markets are open.

Thanks to technology, you can also trade wherever you like without necessarily sitting at a desk. You can take breaks for as long as you want and spend your off-hours with your family or on other pursuits.

10. There’s no limit to how much money you can make.

Unlike other jobs where earnings or bonuses are defined by percentages, how much you earn from trading depends entirely on your performance, which entails being ready to respond on time and persevering in carrying out your strategies. And because you get real-time feedback on your daily profit and loss figures, you always know exactly how much you’re making and how well your strategies work.

A trader who is truly passionate about his craft is so for reasons beyond those listed above. As in other professions where people derive fulfillment from the work itself, and not from the actual earnings, trading provides a sense of achievement in knowing that you have mastered your markets and your strategies as well as yourself.

Just as an artist would place less importance on the remuneration from a painting than on the painting itself, how much you make while trading becomes secondary only to your own enjoyment and satisfaction from the very act of trading.

Becoming a successful trader takes a genuine interest—when you love trading, you deeply enjoy following the market and are interested in developments there, the same way others might be interested in a particular sport or follow tournaments. You relish opportunities that allow you to keep on learning the business and are eager for the instant results you get from every trading decision.

Fuel your passion for the art and science of trading at TrackRecord, where professional traders take you through training modules designed to help traders from all backgrounds understand how to make consistent profits in the long run.




Charts of the Week: 12 Mar 2018

Apple (AAPL) Daily Candlesticks & Ichimoku Chart: Apple posts an all-time high daily close (but still below the intraday highs achieved this year). Will this be the first stock with a trillion-dollar market capital?


CHFJPY Daily Candlesticks & Ichimoku Chart: Chart looking increasingly bearish…


Vee, our Founder/CIO highlights patterns/formations on two charts every week which may have the potential to turn into trading opportunities. These charts are part of our weekly subscription product – “CIO’s Week Ahead Update”Click here to get access to more professional market analyses and insights!

20 Things Every Profitable Forex Trader Should Know

forex trader in singapore

Becoming enthusiastic about forex trading in Singapore is easy. Because of its extreme liquidity with many currency pairs to choose from, forex trading has seen booming popularity in Singapore over the last few years. Singapore happens to be the largest forex trading centre in the Asia Pacific in terms of volume, and the third largest forex trading centre in the world.

Several brokers in Singapore cater to the needs of retail investors. The better known ones are LSE-listed IG and CMC Markets, and Canada-based OANDA, all of whom are regulated by the Monetary Authority of Singapore (MAS). Many other brokers outside of Singapore are likewise on hand to serve local forex traders, but investors need to be vigilant on who they use as many may not be subject to the rules that MAS enforces to protect the average retail investor.

You can trade round the clock here on any day except Saturday, Sunday, Christmas and New Year. And best of all, profits from forex trading in Singapore are tax-exempt, if you engage in it to supplement your income, and not as your main source of revenue.

With the many advantages that trading in Singapore can offer, it is not a surprise that many traders cannot wait to get started in forex trading. However, while diving headlong into the forex markets with this gung-ho enthusiasm is understandable, it’s hardly advisable. Seasoned forex traders will tell you that one stands to lose far more than he can gain in forex quicker than one can say “George Soros”.

In this article, we’ll take a look at four sets of “Forex Trading Top 5’s” that new forex traders can use as guides or for gaining trading knowledge.

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Top 5 Forex Trading Principles You Need to Master

  1. Master the basic forex concepts. Bear in mind that yield drives return when it comes to forex, because you are basically buying one currency and selling another at the same time.

    Because all currencies come with the interest imposed on them by each of their respective central banks, you’ll have to pay the interest on every currency you sell. This also means, however, that you get to earn interest on every currency you buy.

  2. Master the use of leverage.Remember that while many trading platforms will give you access to leverage, or borrowed capital that increases potential returns, it does not mean that you should use the maximum amount of leverage that you have access to. Yes, leverage can either lead to huge gains but it can also lead to huge losses. Therefore, you should always use manageable amounts of leverage relative to your capital and the volatility of the market. Leverage should be able to give you a fairly decent return on a regular basis if used correctly and conservatively.
  3. Master the basic forex trading strategies. These strategies include the 2% stop-loss, which involves never risking more than 2% on a trade and is a relatively easy way to ensure safe and profitable trades. Not trading against the market is another strategy that is recommended to new traders who lack the necessary experience for taking advantage of short-term market fluctuations.

    The carry trade involves profiting from the interest rate differential between two currencies, and waiting for the value of both currencies to appreciate. With this strategy, you’ll have to pair a currency with a high interest rate with a currency with a low interest rate, and take a view on the direction of the spread.

  4. Master yourself. If there’s one recurring piece of advice in forex or any other form of trading, it is to master your emotions. Reason should prevail over all your trades, even when those trades turn out to be successful. Indeed, one key forex trading principle is to be extra cautious in the face of early successes, or the first few hundred dollars of profit that you manage to make.

    Mastering yourself also involves knowing your limits, or how much you can afford to lose at any given time, as well as learning from your trading mistakes. This is why it’s important to keep careful track of your own historical trading data with well-organised records.

  5. Master plan. To know yourself means only you know the forex trading plan that will work best for you. In planning your forex trading strategy, have good reasons for getting into trading in the first place, and be sure to set realistic goals. Find advice for drawing up an effective trading plan in our previous post here.

If you are a new trader, you’ll want to limit your risk (by watching leverage, for example), and start slow: try starting with our own currency (the SGD), and with one currency pair at a time.

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Top 5 Forex Trader Traits You Must Possess to Become Successful

  1. Learned. As a successful forex trader, you not only know your stuff, but continually verify and update what you already know. You have access to timely information, which means you know what you need, when you need it. You’re also able to learn from experience, taking careful note of what works and what doesn’t, and leveraging that knowledge in making your future trades.
  2. Systematic. As rule, you never undertake anything major without preparation and forex trading is no different. You are organised with a well-laid trading plan that sets the time frame and techniques to be used. Rather than focusing on short-term results, you place more emphasis on how those results were obtained, and are confident knowing that the plan will help you to achieve your objectives in the long run.
  3. Patient. You are disciplined enough to stick to your plan, and far be it from you to let emotions sway your trading decisions. You know how to bide your time until the price point you want has been reached, and to enter or exit at the right time. You are also realistic and prudent when it comes to setting your trading goals, and know how to manage the risks involved.
  4. Objective. While you may be said to possess a certain element of audacity for getting into the risk-laden world of forex trading, it can never be said that you lack self-control. You thrive in high-pressure situations, exhibiting the self-control you are known for. This is not to say that you feel nothing during a trade, but the way you handle the tension that comes with trading is truly admirable.
  5. Determined.  Even after a series of losses, which is inevitable in forex or any other trading type, you have the panache to pick up where you left off and trade again. You well know that forex trading success doesn’t happen overnight, and that it takes time and perseverance to develop your trading skills. Even so, you are persistent in your efforts to master forex trading and remained undeterred by the difficulties involved.

Take your first steps toward mastering the forex trading principles you need and developing the traits that will help you succeed at TrackRecord’s “Learn to Trade like a Professional” Workshop. You will learn how to grow your investment capital consistently through effective trading methods. Find out how you can participate in this two-hour information-packed workshop for FREE.

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Top 5 Benefits of Forex Trading

  1. Ease of Trading. Forex trading is highly accessible to everyone with its low capital requirement, low transaction costs, and low barriers to entering the markets. There are no commissions to be paid, and no single person can corner the forex markets or discourage you from entering. And as long as a market is open somewhere in the world, you can trade 24 hours a day.
  2. High Liquidity. It’s easy to convert your assets to cash in no time and with no price discount—however large the amount in question, no matter the currency, and with little price movement. This is because liquidity remains almost constant in forex markets, which almost always guarantees that there will be someone out there willing to trade with you.
  3. Widely Available Trading Technology. Forex trading platforms are some of the newest in the world compared to those for trading futures, stocks and options. There are also several helpful forex trading extensions from third-party software providers. Thanks to technology, you can even practise trading on a free online demo account, using real-time, real-world trading conditions without risking real money.
  4. Leverage. Leverage, one of the important forex trading concepts you need to master, is what allows you to trade up to 50 times more money than you actually have. This means that even without substantial capital, you stand to earn substantial profits while risking a minimal amount. However, this also means that you can lose much more than you can afford to if used wrongly. Just because some platforms allow you to have so much leverage does not mean that you should use such a high amount of leverage. Leverage must be used with caution as it is a double-edged sword. If you are unfamiliar with it, start with a low leverage factor!
  5. Flexibility. The profit potential of forex trading that comes from price fluctuations allows you to buy or go long, or sell or go short on currency pairs without any restrictions. You can trade when with the view that markets are going higher or lower, enabling you to profit from both upward and downward trends. There is also no fixed lot size, meaning the size of your position is up to you.

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Top 5 Forex Trading Words of Wisdom for Young Traders

  1. Study. Looking back, many seasoned forex traders will tell you they wished they’d studied more—money management, market fundamentals, even forex trading basics, instead of making (costly) mistakes first, and then studying afterwards. Studying is also an ongoing process when it comes to considering factors affecting price action and market reactions.
  2. Stick to your stop-losses. There are also forex veterans who wish they hadn’t put tight stop-losses when they were first starting out because they were afraid of locking in their losses. This is completely wrong. Paper losses are losses too! Using a stop-loss the right way, however, gives you greater control of your risk. So it is imperative to always use them. Make sure your stop-losses are at a reasonable distance from your entry price (relative to market volatility), and are aligned with your exit plan.
  3. So little beats so many. This piece of advice that some experienced forex traders might have wanted to give their younger selves applies to frequency as well as quantity. Frequent trading tends to encourage emotional rather than rational trading decisions, and so increases the risk of making mistakes. You’d also be better off trading smaller amounts instead of risking your entire trading account for one, big windfall.
  4. Seek out your fellow traders. Some forex old-timers wish they had reached out more to other traders when they were novices, as they now appreciate the value of suggestions, feedback or the perspective of traders with experience. Joining an online group or community, or writing a blog are great ways to engage particularly if you are an introverted beginner.
  5. Sidestep the hearsay. Other experienced traders gained their experience the hard way—they allowed themselves to be led astray by the promise of a supposedly infallible forex robot or fool-proof method. They might also have given way too much weight to the doings and sayings of other traders. Just remember is that there is no such thing as an “only strategy you’ll ever need” that will succeed all the time.

Still can’t wait to get started in forex trading? Let these “Forex Trading Top 5’s” be your stepping stones to the effective training in trading techniques that you can receive at TrackRecord. Sign up now for TrackRecord’s FREE Learn to Trade like a Professional” Workshop and learn about a field-tested framework that will help you on your way towards a profitable forex trading career.

Want to dramatically improve your trading results? TrackRecord regularly runs trading courses and workshops for all levels of traders. Submit your contact details to be informed of our next event!

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5 Things You Must Know Before Opening A Forex Trading Account

Forex Trading 101: What You Need To Know Before You Start Trading Forex

10 Reasons To Be Passionate About Trading in Singapore

Advantages of Trading Forex in Singapore

Are profits from FOREX Trading taxable in Singapore?

Six Insider Traits You Did Not Know About Forex Traders

10 Principles of Successful Forex Trading

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