How to overcome the challenges in forex trading and become a professional trader
Trading the forex market can extremely difficult if you are relatively new in this industry. Most of the professional forex trader who is making consistent profit in the forex market have undergone many obstacles in their trading career. It’s true that almost 95 percent of the forex traders in the financial world fails to make a consistent profit yet the number of new traders is increasing in every single day. In Dubai Islamic, commodity trading platform has been launched so that the Muslim community can also participate in the trillion dollar market. All the Islamic rules are strictly followed and trading the financial instrument using the Islamic commodity trading platform is 100 percent halal for the Muslim Ummah. Since taking interest is prohibited in Islam the Dubai government has made such a unique system which actually confirms the existence of physical assets in trading. Previously many talented Muslim traders didn’t participate in the online forex trading world due to the norms of Islam. But in today’s world many brokers are offering swap free Islamic account in which all the trades are executed by maintaining the Islamic rules and regulations. In this article, we briefly describe how to trade the financial instrument profitably by using the Islamic account provided by reputed brokers.
Trade what you not what you believe
Most of the rookie traders in the financial world have a tendency to sell the rally and buy at the dip. They think that the price of a certain commodity has reached its peak and it’s the right time to execute sell order in the market. Similarly, when the price goes too low on the market they think that it’s nearly impossible for the certain assets to remain at such a low price. For this reason, they execute their buy order in the market. But in reality, most of the financial instrument always have a tendency to breaks its previous high so that it can make a new high in the market. Similarly, the market always tries to break the most recent low to make significant low in the market. Professional traders use their Islamic commodity trading platform to assess the technical parameter of a certain commodity. They simply ignore their emotions and execute their trade order in the market based on their technical analysis. If you truly want to become a professional trader then you can rely on emotions rather you should concentrate on the market momentum and take your trading decision based on the fundamental and technical analysis.
Trading in favor of the long-term prevailing trend
There is a well-known proverb in the forex industry that trend is your friend. The expert in this industry follows this proverb blindly since they know that trading along with the long term prevailing trend always reduces their exposed risk in the market. As a professional trader, you must have the capacity to identify the prevailing trend in the market. Always make sure that you use higher time frame in your Islamic commodity trading platform to identify the long-term prevailing trend in the market. Once you identify the prevailing trend in the market try to spot a trading opportunity in favor of the current trend of the market. Since you will be a trend trader, most of the time you have to hold your position for more than one day. Being an Islamic trading account holder you will also have some added benefits which the other traders in the financial world will not get. As Muslim trader, you won’t be paying any swap for overnight carrying position in the financial market.to be precise you will be trading according to the Islamic sharia and the broker will take care your extra charge as their complementary service.
Combination of technical, fundamental and sentimental analysis
Trading the financial instrument successfully requires an extreme level of skills. Most of the novice traders in the forex industry try to make a profit based on their technical analysis. But the execution of perfect entry in the market requires combinational analysis of the three major factors. As a professional forex trader, you can easily do your technical analysis by using the Islamic commodity trading platform. For the fundamental analysis, there are many online forex news websites from which you can get a clear overview of the economic performance of your desired country. Once you complete your technical and fundamental analysis the remaining part is your sentiment analysis. This is one of the toughest things in the forex market. You cannot learn the market sentiment unless you spend a considerable amount of time in the forex industry. This something that you develop inside you over the period of time.
Summary: Forex trading is now not only limited to certain individuals .Due to the smart approach of different brokers and leading financial leaders online trading is now halal for the Muslim community. The number of Muslim traders is increasing every single day. As a professional forex trader, you can easily secure your financial freedom and enjoy the other benefits of this world in your spare time. If you truly want to become a professional forex trader then you must have a clear understanding of the financial market. Don’t skip any single topics that you don’t understand. Go through them again and again and eventually the complex thing will be extremely easy to you. Even you can learn the forex trading without spending any dime since all the professional educational materials are available for free on the internet. Sincerity, devotion, and dedication are enough to turn you into a professional forex trader.