6 Ways to Start Trading the Forex Market For Beginners - Ratinah

Ways to Start Trading the Forex Market For Beginners - For beginners, starting forex trading may seem very complicated and confusing, so that it seems that only smart people can be successful. In fact, if you know the steps, you will know that starting forex trading from scratch can be done by anyone. It doesn't matter whether you are a student, a housewife, an employee with a permanent job, or still unemployed. 

6 Ways to Start Trading the Forex Market For Beginners - Ratinah

Because forex trading can be done 24 hours, 5 days a week, wherever you are, as long as you have a PC/Laptop/Smartphone and a smooth internet connection.

Why is FOREX trading so popular in the world?

Because you can trade from anywhere. From the kitchen counter, bedroom, garage or from the nearest Starbucks coffee shop (most of them have a wireless Internet connection).

If you have or like to travel, take your laptop with you and you can trade FOREX anywhere in the world where you have an Internet connection.

When you want to start trading on the Forex Market, nobody asks you for a diploma, formal license or proof of how many hours you have spent studying the Foreign Exchange Market and/or Banking Industry.

Economical FOREX Trading and Low Initial Fees!

You can open an account to trade Forex for as little as US$ 200 at most brokerage firms.

I personally recommend Fenix ​​Capital Management, LLC, which offers a state-of-the-art Trading platform, which allows you to place orders directly with the click of a chart.

The Main Benefits of Trading in the Spot FX Market are:

YOU pay no commissions or fees!

YOU can trade 24 hours a day!

YOU can trade up to 400:1 Leverage!

YOU can have Price quotes and live Streaming charts executable FREE!

It is important to know the difference between cash FOREX (SPOT FX) and currency futures.

In currency futures, the contract size is predetermined.

With FOREX (SPOT FX), you can trade electronically any amount you want, up to $10 Million USD.

The futures market closes at the end of the business day (similar to the stock market). If important data is released overseas while the US futures markets are closed, the next day's open could maintain a large gap with potential for heavy losses if the direction of the move goes against your position.

The Spot FOREX market runs continuously for 24 hours from 7:00 am New Zealand time Monday morning to 17:00 New York Time Friday evening.

Dealers in each of the major FX trading centers (Sydney, Tokyo, Hong Kong/Singapore, London, Geneva and New York/Toronto) ensure smooth transactions as liquidity moves from one time zone to the next.

Furthermore, currency futures trade in non-USD currency amounts only, whereas in spot FOREX, investors can trade in almost any currency denomination, or in USD amounts quoted more conventionally.

Currency futures holes, even during Regular IMM (International Money Market) hours, experience sporadic breaks in liquidity and constant price gaps.

The FOREX spot market offers constant liquidity and a much more consistent market depth than Futures.

With IMM futures, a person is limited to the currency pairs he or she can trade. Most currency futures are only traded versus the USD.

With spot FOREX, you can trade foreign currencies vs. USD or vs. cross each other, for example: EUR/JPY, GBP/JPY, CHF/JPY, EUR/GBP and AUD/NZD

More and more knowledgeable investors and entrepreneurs are diversifying their traditional investments such as stocks, bonds & commodities with foreign currencies for the following reasons: (to be continued)

Want to Learn Forex Trading? Follow these 6 steps

Trading foreign exchange (forex) is indeed known as an active financial strengthening activity. Trading is different from investing, which tends to be passive. Even so, both forex trading and forex investment are considered capable of presenting promising profits. Many people have started to be interested in learning forex trading in order to increase their financial strength in the future. However, you need to know that forex is one type of investment that has a high risk. Even if you have started to learn forex trading, without deep investment experience and knowledge, forex trading can boomerang against you and weaken your financial strength.

Even though it has a high risk, learning forex trading from an early age can be a good alternative to increase knowledge and strategies in carrying out good and wise investments. One of the important skills that you must have when learning forex trading is a high level of concentration. These skills are needed considering the forex movements that keep changing every second, so you have to be really observant and thorough in learning forex trading in order to be able to do the right analysis. Apart from that, there are several steps that might help you in learning forex trading, such as the following.

1. Create a demo account

In learning forex trading, it's a good idea to immediately apply the theory you get. However, do not immediately make forex trading transactions. Therefore, you can start creating a demo account that projects a forex trading activity as your first step in learning these investment activities. You don't have to worry about losing capital when learning to trade forex using a demo account. The reason is, you can do trading activities without having to spend a dime.

Keep in mind that this demo account is a tool for learning forex trading, it would be better if you learn about the forex transaction process rather than see the dynamics of the money market. Usually a demo account to learn forex trading has an overview of the real foreign exchange market conditions. So, you can also use the demo account to practice the intuition and analysis needed as a trader. In creating a demo account, you can contact a trusted broker.

2. Know the types of trading platforms

Once you have a demo account, you can immediately start continuing your forex trading steps with real market situations. However, there is one thing that is needed to continue that step. You must first log in or register yourself on a trading platform. The demo account that you create through the broker is indeed your identity as a trader, but you must also register the account with the trading platform to continue the process of learning forex trading. Currently, there are many trading platforms available online that can be used to learn forex trading. To gain access to this trading platform, you can contact the broker who managed your demo account before. If you are ready to trade forex, you can easily and quickly transact using OCTO Mobile.

3. Understand the right time to trade forex

Time is an essential element that you need to pay attention to when learning forex trading. As is well known, the money market continues to run 24 hours a day, 5 days a week. However, as a human being to work continuously in that period of time is impossible. Therefore, you must be able to carefully manage the appropriate and appropriate time for you to trade forex. For the time element, there are basically 4 time sessions that you need to pay attention to when learning forex trading, namely the Sydney, Tokyo, London and New York sessions.

By understanding these four sessions while learning to trade, you can determine a time scheme that suits your personality to carry out forex transactions. If you really intend to become a full-time trader, maybe you can try each session more quickly. However, in applying the time or session you must have high concentration. If you feel that the activity is too risky, you can start studying trading in your spare time, such as during office hours.

4. Get to know the mechanism of technical indicators

Technical indicators are one of the important instruments for you to understand when learning forex trading. With an in-depth understanding of technical indicators, it will be easier for you to perform calculations or analyzes related to prices, volumes, and market interest related to foreign exchange. Technical indicators are also one of the ways used by traders to be able to map market conditions as well as predict the direction of foreign exchange price movements in the future. Trading indicators also usually already exist as a tool in various trading platforms. Even so, you still need to understand how to analyze technical indicators in depth as an important step in learning forex trading

5. Study the fundamental indicators

In addition to technical indicators, there are other terms that you need to understand. That is a fundamental indicator. Fundamental indicators are also one of the references that you need to conduct analysis as a means of learning forex trading. These fundamental indicators Cusually come from economic data, as well as socio-political issues that are developing in a country and can affect the movement of foreign exchange values. In studying fundamental indicators, you will do more research on the economic and social data that affect a country's currency. The economic data that you will research will usually be strong around a country's economic prospects, inflation, and unemployment. Basically, if a country has good economic prospects, the analysis you do will tend to lead to a strengthening of the value of a currency. However, the opposite is also true.

6. Understand the risks before trading

Even though you have understood all kinds of knowledge and good steps from learning forex trading, you also need to understand what risks can come

RISK WARNING:

Risks of currency trading: Trading currencies on margin is a very risky form of investment and is only suitable for individuals and institutions capable of dealing with the potential losses it entails. An account with a broker allows you to trade foreign currencies on a highly leveraged basis (up to about 400 times your account equity). Funds in an account traded with maximum leverage can be lost completely if the positions held in the account experience a change in value of even one percent, given the possibility of losing one's entire investment. Speculation in the foreign exchange market should only be carried out with risky capital funds, which, if lost, would not significantly affect the financial well-being of investors.

That's 6 Ways to Start Trading the Forex Market For Beginners - Ratinah

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