Becoming successful in real life is a very challenging task. You might be well educated but still you have to work in smart way to succeed in professional life. Think about the elite investors in Singapore. They are trading Forex and securing millions of dollar profit with smart approach. Some the expert traders don’t even analyze the data for hours. Just by looking at the chart they get the bigger picture of this market. This article will try to educate the readers about one particular system of trading that is often regarded as a mysterious. The topic that will be discussed in this article is discretionary trading concept used by the professional investors. Let’s dive deep.
What is this trading approach?
At first, we need to understand what does discretionary trading means. This is the style of trading when a person is dependent on the gut feeling rather than analyzing the usual patterns that appear on the chart. Do not think this is a crazy idea because most of the traders using this method are highly experienced who can understand market movement with a blink of an eye. The concept sounds like something out of science fiction movie. But it requires skill and extreme patience to develop this extraordinary quality of analyzing without using any common indicators or tools.
If you are wondering who this person is, you need to look at the professionals who are leading the ways in currency trading industry. This sounds quite surprising but this is the way these experts have become skilled individuals in the market. By spending a lot of time and understanding how the basic works, they have acquired their ability to understand the future more than by simply looking at the chat. This requires a lot of wisdom as well as experience. So, if you are only a beginner this is highly recommended to not try this discretionary trading method in the live account.
Advice for the naïve traders
The naive traders should never look for the signals in the trading platform using such an approach. They should rely on the traditional strategy since they don’t have enough skills to analyze complex data. If you want to focus on long term goals and change your life with minimum hassle, you should start learning from scratch. As you gain experience, you will slowly realize how the discretionary trading method works. By pushing yourself to the limit and try to trade this market with gut feelings is a big mistake. You have to follow a simple conservative method and only then you will be able to develop these skills. But never try to quicken the process as it will result in big losses.
Is this a profitable method?
The most obvious question is to know whether this approach is profitable to use in the live market. As we have already said that only the professionals prefer to use this technique, it can be easily realized that there are certain dangers associated with the formula. First of all, this is a highly rewarding technique only if this can be used correctly. A single mistake occurs, there is no way to rectify the results as this will be solely based on the gut feeling.
Secondly, this is a wonderful formula when a person has great wisdom and can know the market without using any of the tools provided by the brokers. It’s the ultimate test of faith where individuals rely on experience rather than the traditional tools to assist them in taking the right decision. Finally, that's experts prefer techniques that are safe to use and minimize the risk simultaneously. Despite all of this, please keep in mind there is no ultimate guidance to win without practice. Discretionary trading can only be rewarding when they are a sufficient amount of knowledge and wisdom gained by an individual.