10 Important Preparations Before Forex Trading


As we know that many people out there are still unfamiliar in the world of forex and are always looking for ways on how to get the initial tips to open a trading account. We need to know together, that playing forex trading is a big enough risk if you do not prepare a strategy mature enough, especially if only with funds but do not know anything about the ins and outs of the forex world. In general, there are many preparations you need to start trading forex, interestingly we have summarized 10 important preparations before plunging into the world of trading. Hopefully with this information, you can understand better about the ins and outs of forex yet. Please look carefully.

 

 

 

10 Important Preparations Before Forex Trading

Just like a soldier who will fight, of course requires a lot of preparation ranging from mental, skills, experience, weapons and many others. This also applies to yourself who just want to start to open a forex trading account. Please see below.


1. A reliable computer or laptop

One of the tools that we think is very important that you must have is a computer or laptop that is qualified or reliable. Although there is now a trading platform that you can play on your Android smartphone, the menus and features provided are far more complete if you play trading on a reliable computer or laptop. No need to buy a laptop with an expensive price, just the price of 5 million can already be used for forex trading. Most successful traders out there, use two platforms at once, namely laptops and smartphones.


2. Internet connection

Next the equipment you need to dive into the world of trading is nothing but a stable internet connection, you can only run forex online because the chart information displayed is live from the market price at that time, other languages ​​are real time. A stable and smooth internet connection can make it easier for you to trade forex quite easily and quickly. Unlike the stock game, you do not need to be monitoring continuously market movements because in detail forex is a trading game that is so volatile.


3. Capital to play

As we know, you will not get profits if you do not have the capital to play. The capital of this forex game depends on your financial ability, if you are familiar enough with the world of forex, capital of 10 million is enough for the beginning. No need to use capital reaching 50 million and above if you are not a trader who really has mastered market analysis well. In addition, also apply risk management and good financial management so as not to experience large losses.


4. Platform trading

It is important for you to know too, before playing forex, you must choose a trading platform that you can later install on a computer or laptop. The most popular and widely used trading platform for traders is Metatrader 4 or abbreviated to MT4 because it provides complete features to understand market movements. In addition, there are metatrader 5 whose features are far more complete, usually used by the winning traders who are already professional in the forex world. You can download this platform from the broker site you chose. Well, at number 5 we will discuss this.


5. Choose the best broker

The fifth step you have to do is choose the best broker can be local Indonesia or abroad, we recommend choosing a broker that has been verified or registered with the Official Indonesian Financial Institution or BAPPETI. Because brokers not registered with these financial institutions can be said to be illegal brokers whose origins are from outside, they are looking for the Indonesian market using global payment systems such as Fastpay, Moneysend, Paypal and many others. Choosing the right broker is the most important thing for novice traders.


6. Journal learning forex trading

If you finish the first preparation to number 5, the next step is to prepare a journal for the learning process to explore the ins and outs of the forex world. This is important for every potential trader to master before engaging in real trading. Be sure to study first so that your rin rate calculation is clearer, don't just set it up with a prediction system, because obviously it's like an online gambling game that relies on the fortune of your instincts. Journal to learn forex is quite a lot, you can listen to the article times with the title "Application to learn forex trading". There are explained several application platforms that you can use to learn forex such as Forex Course, Fx School, Forex Learning and About Forex.


7. Don't risk more than you can

Important in the preparation of forex trading, do not ever name open a position with a high risk, especially not to make your loss opportunities greater. Most novice traders are always wrong in this regard, according to them installing a high laverage can get higher cuan as well, even though it could be but the chances are quite small.


8. Gunakan stop loss

In playing forex, make sure also to use the name stop loss, the function of the stop loss itself is to make sure the losses you get are not greater. That is, if this is ignored, then the loss that will occur can destroy your account and the collateral profit is quite small. Some professional traders still use a stop loss system to avoid a bigger loss. You have to be brave to do this because it is likely that market movements are very difficult to predict. Remember once again, however sophisticated your strategy is in playing forex, at least keep protecting your trading account. This is important and you must remember carefully.


9. Gunakan take profit

If the stop loss was used to stop the loss, then the reverse if take profit is to take the amount of profit you get to secure the profit you receive. Also make sure that the amount of profit you receive must be in accordance with market analysis so that it is not too bear. Don't be a trader who is too ambitious to get high take profit, but do it in stages for the security of your account.



10. Use a demo account for analysis again

Of all the preparations you have done, at least come back to learn to explore the movement of the forex market with a demo account. This is important to further test whether your analytical skills are getting better or even decreased.
So much information from us about 10 important things before you start trading forex. Hopefully this information can be useful for us all Thank you.

 

 

 

 

 

Published on: 4/7/20, 12:36 PM
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