Money.P-media – Want to Learn Forex Trading? Follow these 6 steps. Changing unfamiliar trade (forex) is indeed known as an active financial strengthening activity. Exchanging is different from investing, whose activities tend 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 in-depth investment experience and knowledge, forex trading can boomerang against you and weaken your financial strength.
6 steps to learn forex trading for beginners
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 continue to change every second, so you must be really observant and thorough in learning forex trading in order to be able to do the right analysis. Apart from that, there are some 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 about this investment activity. You don’t have to worry about losing modular when learning forex trading using a demo account. The reason is, you can do exchange activities without having to spend a dime.
Keep in mind that this demo account is a means of learning forex exchange, 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 broker. In creating a demo account, you can contact a trusted intermediary.
2. Know the type of stage exchange
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 an exchange stage. The demo account that you create through the agent is indeed your identity as a dealer, but you must also register the account to the exchange stage 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 good at trading forex, you can easily and quickly transact using OCTO Mobile.
3. Understand the right time for forex exchange
Time is an essential element that you need to pay attention to when learning forex trading. As you know, the money market continues to run 24 hours a day, 5 days a week. However, as a human being to continuously work during that period of time is impossible. Therefore, you must be able to carefully manage the time that is appropriate and appropriate for you to do forex trading. For the time element, there are basically 4 time sessions that you need to pay attention to when learning forex exchange, namely the Sydney, Tokyo, London, and New York sessions.
By understanding these four sessions while learning to exchange, you can determine a time scheme that suits your personality to carry out forex transactions. If you really intend to be a full-time broker, 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 learning about swapping in your spare time, such as when you come home from work.
4. Get to know the mechanics 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 merchants to be able to map market conditions as well as predict the direction of foreign exchange price movements in the future. The exchange indicator is also usually already there as a tool in various exchange stages. 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 principal indicators
In addition to technical indicators, there are other terms that you need to understand. That is the principal indicator. The principal indicator is also one of the references that you need to conduct analysis as a means of learning forex trading. This principal indicator usually comes from economic information, as well as socio-political issues that are developing in a country and can affect the movement of foreign exchange values. In studying principal indicators, you will do more research on economic and social information that affects a country’s currency. The economic information that you will research will usually be based on 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 risk before making an exchange
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 your way when you start trading forex seriously. Understanding the risk of forex trading is not based on instinct alone. There are many factors that can be analyzed to present a variety of risk projections that will be present. Risk will always exist in every exchange activity, but with a deep understanding and good management, you can determine the tolerance limit for misfortune or loss so that you can launch a wise strategy to divert large potential losses.
After you get a good knowledge and understanding when learning forex exchange, the next step you can do is to start doing forex transactions continuously. For those of you who are interested in starting forex investing steps, you can choose a trusted foreign exchange transaction institution, such as CIMB Niaga. CIMB Niaga has a forex service product that offers convenience related to foreign exchange transaction services that can meet your needs. The forex transactions offered by CIMB Niaga are quite diverse, with competitive exchange rates that also provide a variety of foreign currencies, buying and selling foreign currencies, as well as moving facilities to all countries. You are free to make forex transactions anytime and anywhere with OCTO Mobile and OCTO Clicks. Make sure to always make forex transactions with us. Find the complete data here.