Just make a deposit of at least $1,000 to your account!
Get the best trading conditions and attractive bonus offers! We have already given 6 legendary sports cars! But it does not stop there! The next Lamborghini Huracan of the latest generation may be yours!
Salma – invest in your victories!
Download for Windows
Download for Android
Download for iOS
Determining the mission to give traders opportunities in every second, SalmaMarkets has been attempting to provide clients with as many advantages as possible.
December 02, 2019
Have you ever thought about important questions to the best forex broker, like what type of trader are you, what timeframe is right for you, is this market right for you? These are the first questions you must ask yourself to find the answer.
Don't you think that you can suffer losses because you don't have a clear idea about your personality when trading, and what is your trading style? These are important questions that you have to answer yourself so that you can achieve success in trading. The first one is, what type of trader do I belong to?
To answer this question, you must think about the quality of yourself. If you are accustomed to following the rules, can't deal with psychological pressure, don't trust your thinking, then you are a systematic trader.
Trading systems are trading based on rules, like traders who have very accurate trading strategies. If all the criteria have been met, then it's time to open the order. Systematic traders do not consider market sentiment or the current situation in the market. If the system gives a signal to open a buy order, the systematic trader will undoubtedly open a buy order.
The main advantage of being a systematic trader is the possibility to spend less time in front of the monitor screen. You can even create a system that will open and close order positions automatically. All you need is to set all the criteria for your trading. An automated system like that can also reduce your emotional level, and make trading more comfortable for you.
But there are hidden losses here. It could be that systematic traders or automated systems do not react to market sentiment. Important news might cause high volatility in the market, and systematic trading strategies will not react to it. If you rely on your mind, if you choose to consider the current situation, if you can easily adapt to market changes, then you are a trader with discretionary type.
Many traders ask us what timeframes are good to use when trading. But unfortunately, there is no definitive answer to that question. Your personality plays an important role. If you are a dynamic person and like action, you have to trade in short periods of time like M15, M30, and H1. You will get a profit quickly, but you must remember the risks.
You have to face a swing that changes trends quickly and quickly. If the multiple swings have no effect when trading on a larger timeframe then that will be very important when trading on smaller timeframes. If you are ready to experience stress to get money in a short time, then choose a small timeframe.
However, if you prefer to think and prove your ideas and do not like stress, then a large timeframe is right for you. But you also have to think about the risks. You will reduce stress levels but have to wait for a longer time until the market reaches your target. Are you a patient person? If yes, then choose daily, weekly and monthly timeframes.
Sometimes traders don't even know what market will give them better opportunities. Do you know that volatility makes the market different? Did you know that there is a market for long-term trading and there is a market where it is better to capture short-term momentum for profit?
If you only trade in EUR / USD because you have heard somewhere that it is the most popular pair and you believe that this pair offers a stable profit, then you might have been cheated. If you get a large profit from trading on EUR / USD, then you don't need to change anything.
However, if you experience work, then it's time to think of other markets. Maybe oil with high volatility is the key to your success or AUD / JPY with long-term trends is your chance. Check all trading instruments provided by going to Salma Market's forex broker, the best forex broker you can find.
Our dedicated team of customer support agents is on hand to provide you with localised support in 10 languages.