Over the years, I traded currencies. I have seen both the good and bad times. I’ve helped many traders understand how trading works. I also know what it is like to see people struggling with trading concepts. Here are two simple tips that will help transform your trading. If you want to trade or invest smartly you need to use the innovative Quotex platform, and you should know about quotex trading login
Tip #1. Multiple timeframes make it a great idea
You might feel most comfortable trading at a certain time. You can choose to trade for 5-minutes, 1-hour, or even 4-hours. It doesn’t matter how long the entry takes. However, you should set a time limit to ensure that your entries are timed correctly.
Many traders don’t know that they can and should use different timeframes to identify major market shifts.
To be able to trade you need to, for example, determine the daily trends every single day. You need to know the direction the markets are headed and then follow them.
This can be done by switching to daily chart. If you are trading on the weekly and daily charts, then you can see the trend.
You want to get a complete view of the market. This is done by moving up in your time. You can then adjust your time frame and decide when you want to exit or enter.
Tip #2 – Trade one currency
It is important that the first time you use a currency. Many people choose either the EUR/USD (or the GBP/USD). The EUR/JPY/GBP/JPY can be chosen as well. You can pick a currency that you are going to trade and choose to stay with it.
It is true, you won’t believe it. Each currency has its own personality. Why? Because each currency can be used to represent a country, region, or country. Different stimuli could have different impacts on different economies. It is important to know what affects your currency.