Know the Basics of Success in Learning Forex !!
Maybe you all who read this article have heard information either from the internet or from other sources, that forex trading is called giving promises that are grandiose, such as learning forex is easy and in a short time can generate huge profits.
In this article I want to share my experience, and on the statement above, I have to say that it is of course true, you can definitely get profits above average in foreign exchange trading, even if there is only the smallest price change with a pair or eye pair the right money can give you big profits.This is what often disguises the risks involved in currency trading.
You can get the benefits, of course, but you must develop a trading system to set your profit targets and limit your losses.
The statement that someone can learn forex trading quickly in a simple way is a myth in my eyes. There are indeed more people who testify about their success than their failures, but sometimes more about luck than their accurate analysis. Don’t get me wrong, I don’t deny that someone can succeed, because on the stock exchange and currency trading there are only two; increase or decrease in price, so you have a 50:50 chance ratio.
At first I also thought that forex trading was simple, then I opened an account through a broker and deposited not too much money as initial capital. I bought CFD shares, commodities like oil or gold, and then started trying forex with EUR / USD pair, and I was successful at that time. My equity account quadrupled in just 2 weeks, so I got a 400% profit and I thought “Getting profit here is easy! I am stupid not to start right away! “I think if I save more capital on my account, the greater the profit I can get. Then I deposited more funds in my trading account, the first week went as I expected, but after that my hopes vanished as my capital began to run out. The financial market changes and is opposite to the transaction position I took. That’s when I started to realize that forex trading is not as easy as I thought and I started to find out what really happened.
Have I done something different? Why does the market react like that? What escapes my observation? Is it possible for my transaction to be monitored and prices manipulated by the broker? From this thought I began to find out on the internet and in forums, the result was that many suggested that I continue to trade because all my thoughts were wrong.
I learned that if you want to participate as a small retail investor, you must take into account that many people are involved in the forex market. We must have the basics of forex technical analysis so that we know the right time to make transactions. This is the answer to my question above.
Based on my experience, it is very possible to benefit from currency or foreign exchange trading, but it is not easy, to be successful in forex trading, you must have a disciplined attitude and basic knowledge in observing market activity.
I am writing this article in my Learning Forex blog so you know the positive and negative currencies trading. With the articles and tips on this blog, I hope your forex trading knowledge will increase. So that the mistakes I have made make the experience for you too not to make the same mistakes. My experience is creating knowledge that is not only theoretical, it also provides an overview for you before plunging into the world of trading, to prepare in advance for example by using demo accounts to test theoretical knowledge in trading practices.
How is the best way to start forex trading?
From my experience, the most important thing is to look for basic knowledge of learning forex . Get an overview and familiarize yourself with the theories surrounding trading. Get to know the terminology and methods of market analysis. Look for articles about the basics of currency trading to get a basic understanding of fundamental analysis and chart analysis to help you make trading transactions. Finally, happy learning !!