Recognize the Conditions of the Forex Market
Forex market, before you decide to open or close a forex trading order, it is better to know in advance about the forex market conditions at that time. Like you are going to war, the first step you need to do is to know in detail the battlefield and enemy strength so that you can determine what kind of combat strategy is most suitable so that the chance of winning will be even higher.
Unlike the case when you will fight but you just leave without learning how the battlefield conditions and the strength of the enemy forces that will be faced then the chance of winning will be even thinner.
This applies also to the forex market even though you have learned a lot of various indicators and trading strategies, but if you decide to open or close a position regardless of market conditions, the chances of getting a big profit will be even thinner, maybe there is defeat 🙁
Now to increase the opportunity to get maximum profit, the step that needs to be done is to study market conditions and have a good strategy (both technical, fundamental and sentiment).
Basically, market conditions can be grouped into three periods, namely :
- Uptrend (Bullish) Market
- Downtrend (Bearish) Market
- The market is being consolidated (Ranging)
So after knowing the market conditions for sure, the next step is to implement the right strategy for each of the above conditions in the hope that the opportunity to get profit will be even greater given the forex market is an uncertainty market. And keep in mind that the thing that is certain in the forex market is the uncertainty itself :()