Forex Trading Tips: Secrets to Avoiding Recurring Loss (1)
Capital turnover in forex trading is more than 4 trillion USD per day.That is why the money market is the largest financial market in the world. Forex trading has become increasingly popular in the community, ranging from the middle to lower layers to the jetset .
How to make transactions is easier. Sophisticated information technology has made trading more practical. Not to mention the market that actually runs 24 hours a day from Monday to Friday.
Even though, it cannot be denied that the risk stored is also quite high.Departing from concern for your capital safety, we decided to share with you ways to avoid painful losses.
1. Learn before being beaten
Indeed forex trading is simple, but to be able to say that you must know the knowledge first. Simply put, trading does not necessarily make the risk disappear.
Learning trading is something that cannot be separated from the success of a trader. Learn the right way, starting from a new base and then gradually increasing to a higher level.
No pain, no gain . There is no instant success. All need time. All need knowledge.
2. Find a reputable broker (broker)
The futures trading industry (forex included in it) – though increasingly popular – is still not as popular as other business sectors. Call it property, stock trading or mutual fund investment though, it is still more popular than forex.
That is why people still don’t have enough information about forex, so it’s easy to be fooled by people who take advantage of that ignorance.Starting from fraud under the guise of forex investment, to brokers (futures brokers) who do not have official permission from (illegal) authorities. Finally, the community capital was lost where it was taken.
Therefore, for the sake of the security of your funds, make sure you join a futures broker who already has official permission from the Commodity Futures Trading Supervisory Agency (Bappebti) as the futures trading supervisory authority in the Republic of Indonesia.
3. Practice with a demo account
With a demo account you can practice trading with the real market situation without having to worry about losing money. This is because even though the market conditions used are real situations, the capital used is “virtual” capital.
4. Keep it simple
A trader tends to be tempted to put too many indicators into the chart.Often even he uses several indicators that actually have the same function, or even without knowing what the function actually is. So “come out of the way”.
Finally the chart became very crowded and he just became confused himself. Then you should discard indicators that you do not understand their functions and uses. Use a maximum of 4 types of indicators on your chart and make sure everything has functions that you understand and master.
5. Use Safety
It is important to know how to avoid losses; minimally reduce the risk.The right and proper capital management techniques (MM) are inseparable from successful forex trading . Anyone can enter the market at any time, but the problem is how they get out safely.
Using stop loss is the most effective way to ensure that the risk you face is not too large, or at least still within your tolerance. The point is to limit risk.
In the second part, I will continue to discuss the things you need to know to avoid repeated losses.
See you later.