Top 5 Forex Trading Tips for Singapore Traders

LONDON, February 16, 2012 /PRNewswire/ --

Foreign exchange is one of the most popular traded financial products, providing attractive opportunities for savvy traders in Singapore, even in volatile market conditions.

Here we look at the top five forex trading tips with a focus on using FX Accucharts from City Index Asia as a trading tool.

1. Research & Analysis

Before jumping into an FX trade it is important to learn how to use technical and fundamental tools so that you can trade more effectively.

2. Trading Plan & Tools

Fortunately, there are a number of leading trading platforms to help you to achieve more consistent trading results, one of which is FX Accucharts; developed by City Index Asia.

FX Accucharts provides traders with the convenience of rapid and accurate analysis, whilst allowing you to benefit from professional features such as real-time price feeds and multiple time frame analysis to uncover potential future market directions.

Key features include:

• Over 150 indicators/oscillator variations 
• Customisable charts to fit your individual preferences 
• Personalised chart analysis and indicators
• Ability to save and share customised workspaces with other FX Trader account holders
• Audible price alerts
  

3. Risk Management

Stop and limit orders can help you manage risk and protect potential profits by helping you get in or out of the market at specified prices.

4. Discipline

One of the most important parts of formulating a trading strategy can simply be to stick to it.

However, not every trade you make will be successful. In a losing situation, it is easy to let losses accumulate in the hope that prices will turn around.

Experienced traders tend to cut their losses quickly and run their profits to a level they expect the market to reach, using their trading strategy and trading plans to help enforce these rules.

5. Follow the News

Because your forex trades will move in tandem with the live market and are likely to be influenced by global, social and economic events, you will be in a much better position to open new trades or exit positions by keeping up to date with market events.

Summary

If you want to learn more about foreign exchange, or even start trading with City Index Asia, you can view more information here: http://www.cityindex.com.sg/fx-trading/start-trading-fx.aspx

Forex trading involves substantial risk of loss and is not suitable for some investors.

Trading CFD and FX on margin carries a high level of risk, which may not be suitable for some investors.

Consider your investment objectives, level of experience, financial resources, risk appetite and other relevant circumstances carefully. The possibility exists that you could lose some or all of your investments, including your initial deposits.

About City Index:

Today more and more individual traders are discovering the benefits of derivatives, and many of them are discovering them through a City Index trading platform.

City Index is a leading global provider of margined foreign exchange, CFD trading and in the UK, spread betting. As a group, we transact in excess of 1.5 million trades every month for individuals in over 50 countries worldwide. To learn more visit: http://www.cityindex.com.sg/

SOURCE City Index Singapore