Practical Way to Start Forex Trading

Many people want to start trading but don’t know how.

Well, maybe more accurately, don’t know how the steps should be. Since trading is an activity that involves investing a certain amount of funds, many people probably don’t want to take the risk of something they don’t know.

Congratulation, if you take such an attitude. This means that you have sufficient discretion in assessing the risk to yourself. This is one of the first steps to becoming a trader.

For the next step, read through the following this article.

In this article you will find out how to get started with trading – specifically, Forex trading.

Forex trading

Forex (foreign exchange) trading is the process of speculating on the price of a currencies that has the potential to make a profit.

Currencies are traded in pairs, so by exchanging one currency for another, a trader speculates whether one currency will rise or fall in value against another.

Briefly and generally, the steps to start trading Forex in Indonesia are as follows:

Find out first what Forex is (you are currently doing it), what instruments, terms, and learn how trading works. Now there are so many ways to learn about trading, you just have to get started.

If you think you have understood well, then you can think about connecting your device to the internet. Trading devices, among others, smartphone, tablet, or computer.

Find a Forex broker that suits your needs and who will accept you as a client. It is important to ensure the licence, security, capabilities and reputation of the broker you choose to work with.
If you have chosen a broker, you can open an account and deposit your capital on your trading account.
You are required to download the Forex trading platform recommended by the broker of your choice. Trading platforms, for example, MetaTrader 4 or MetaTrader 5.
Start trading. Usually every broker provides a demo account so you can practice trading strategies without having to worry about the risk of losing capital.

Tips Before Starting Trading

In short, you already know the steps to start trading.

But maybe you need a longer explanation of what to learn as well as the best tips before starting trading.

That’s why you continue reading this article. We will describe it to you.

First step…

You should take the time to study the characteristics of currency pairs and what influences them. This is a form of time investment that you make to save your money.

Next, you must have a trading plan and most importantly, follow the plan you have made. This is an important component of your path to success as a trader. The trading plan includes objectives, risk tolerance level, methodology and evaluation criteria. Once you have a plan, we repeat, make sure that every transaction you make is within the corridor of your plan.

Start learning practice with demo account, so you have the opportunity to experience trading and test trading plan without risking your capital. Find out if you are the type of trader who enjoys fundamental analysis or technical analysis. Fundamental traders prefer to trade based on news, be it financial news and data or political news. While technical traders prefer analytical tools such as Fibonacci retracement or other technical indicators to predict market movements. However, you don’t have to choose one, because many traders combine the two.

Know your limits, including knowing how much you are willing to risk on each transaction, adjusting the leverage ratio according to your needs, and not risking more than you can afford. Manage risk well and protect potential profits through stop and limit orders that will take you out of the market at the price you set.

Don’t let emotions ruin your trading plan. When you run into a loss, don’t try your hardest to get your capital back as quickly as possible. Wisely digest the situation by evaluating your plans. Try to regain the capital little by little, rather than losing twice. Every trader is bound to lose money, but if you are positive you will use all your experience to forge you to become a top trader.

Don’t be afraid to re-evaluate your trading plan if things don’t go the way you thought they would. As experience increases, your needs may change. Your plan should always reflect your goals. If your goals or financial situation change, your plan should follow suit.

Tips for Choosing an Indonesian Broker

As we mentioned above, choosing a broker is one of the crucial steps that you need to go through. Choose a broker that is safe, legal, easy to reach, and gives you the confidence to be able to earn in the long term.

With Finex, it means that you are transacting with a broker that has been supervised since 2012 by BAPPEBTI which is the regulator in Indonesia. The safety of the funds you save is guaranteed by the Government of the Republic of Indonesia.

Finex offers trading with Mini, Standard and Pro account. Each account has different initial deposit requirements. Find out each of the characteristics to suit your needs and abilities.

With Finex, you can trade and profit on Forex, single stocks, indices, as well as commodities such as precious metals (Gold & Silver) and WTI crude oil.

In total, you can trade on 70 different instruments, consisting of 27 Forex currency pairs, 7 indices, 33 single stocks and 3 commodities.

You can enjoy advantages such as: