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31FX Blog

What To Do When The Forex Market is Stale During The Coming Holidays

31FX – Here at 31FX we want your trade to be profitable even before the start of 2020. Take advantage of the forex market during the holidays and see how you can gain more profit.

Here are a few pointers you can take:

Read Through Your Trading Journal

Before the end of 2019, you can take some time off to review your trading entries throughout the year. Not only should you take note of your successes, but also focus on when you failed and took unprofitable trades in the market.

Study and Memorize Candlestick Patterns

If you want to seriously improve your technical analysis when viewing the chart, take this time to review and familiarize yourself with candlestick patterns. Memorizing at least 10 candlestick patterns can help improve your eye in trades and boost confidence on your trading decisions.

Study and Memorize Chart Patterns

This method goes a long way. Chart patterns provide a detailed illustration of supply and demand forces. This also helps when you’re uncertain about the trend direction and trading emotions of other market participants.

Study Average Price Moves in Pullbacks and Retracements

Take this “downtime” as well to study how far price retraced during a correction and how many pips on average does a currency pair move during an impulsive wave. This will guide you on how to set price targets for your trades and stop loss entries.

Conclusion

2019 has been a year’s worth of major market events. With the approach of the new year, we encourage traders to spend this time not only with their loved ones but to also utilize what they’ve learned and earned during their trades.


Trade wisely and diligently.

Get the best out of your trades and earn them with the help of professional brokers from #31FX.

Join and register a live account now with 31FX and get the best out of earning from how the market moves this coming 2020.