Forex trading in UAE when in line with sentiment is one of the main keys to profit if a trader is having trouble finding the right strategy. This search is easy and highly recommended for traders who are just starting trading, especially every day some experts volunteer to review the state of market sentiment. If you keep it simple, market sentiment is like the mood of the market. As an example, let’s assume the UK’s central bank suddenly cuts interest rates at a recent meeting. What happens next, GBP will experience a massive scale. Aside from that, if you need the best broker in UAE, you just need to visit http://www.arabforex.pro/en/uae/ right away.
From here you can be sure that none of the traders in the UAE want to buy GBP. In this case, the GBP condition will show a decline in the chart when viewed from the forex chart. This change in sentiment usually occurs during the opening and closing hours of forex trading.
During opening hours, UAE forex traders are still reading the possible direction of the market, so they prefer to wait outside the market. Likewise, during trading closing hours, traders will choose to leave early if they don’t want to experience a decrease in profit from the trading position they have taken.
Then, don’t use stops at close range. It is very dangerous for traders to do for any reason. For some traders, getting around to changing opening and closing hours of forex trading can indeed be done in many ways, and one of them is by using a shortstop.
If the UAE trader continues to use stops with a super short distance, there is a big chance the trader will be knocked out of trading continuously. Such a situation can deplete the account equity if it is not stopped immediately, for example by widening the stop distance a little more.
Assuming a trader in UAE opens a position in line with the sentiment in the market, then that position must be supported by an appropriate stop distance. One example for a day trader, a stop position should be placed above or below the high low of the previous day. It’s because the stop position is so important in trading, so more research is necessary.