Learn Forex from Beginner Level to Become a Professional Trader
With the development of technologies such as the internet, more and more various types of online businesses are offered such as the forex business. Forex business is a business that makes currency as an online trading material. This forex business actor comes from various circles around the world. No wonder if the day is getting more and more popular. Coupled with the large benefits offered from the forex trading business, of course it makes many people tempted to try it.But you know actually not only because the benefits are the reason for many people to start trading, there are several other reasons that encourage them to start a forex trading business such as:
- Affordable capital
Now to trade the capital needed to open an account is very affordable.
The forex market runs 24 hours a day and for 5 days a week. This means you have the opportunity to trade forex online starting from Monday to Saturday morning.Thus you will be able to work on this business by choosing a flexible time.
- Forex is a very transparent market
Information for forex is available to anyone through international financial news that can be accessed by anyone
- The forex market is a stable one and offers greater strength than other financial markets
Famous figures in forex in the world
- George Soros
Who doesn’t know about this successful trader. At the time Black Monday Soros had a fantastic advantage of earning around $ 1 billion in just one transaction.With that success, many awards have been obtained. Even George Soros also wrote various books on investment and trading that have spread throughout the world.
- Andrew Krieger
His success in being a trader was due to his fantastic trading achievements that made $ 300 million in profits in 1987 in New Zealand. After that Krieger began to be known to many people, especially among traders.
- Paul Tudor Jones
Paul tudor is one of the figures who also correctly guessed Black Monday 1987.Since Black Moday, he is known as one of the forex traders with accurate predictions and is able to manage his hedge fund successfully.
Even Forbes magazine placed it at the ranking of 297 richest people in the world as of March 2010.
In addition to the above figures actually there are still many successful figures of other forex traders such as Nial Fuller, Bruce Kovner Cynthia Kase, Larry Williams, Richard Donchian, Bruce Kovner and many more
Terms that are in forex
- Lot: the size used for the forex market
- Margin: guarantee or down payment in forex trading
- Leverange: is leverage in forex trading, namely the ratio to determine how much margin (advances required in conducting transactions where the ratio will be multiplied by the size contract
- Buy: positions in forex trading to buy and do if prices are expected to rise
- Sell: positions in forex trading to sell and do if prices are expected to fall.
- Order position: order to buy and sell at a certain price
- Pip: is the value of 1 point rising or falling price movements
- Resistance: is the upper price limit which is often referred to as psychological price
- Support: is the lower price limit which is usually paired with resistance (above)
How to choose the right broker for forex trading
One way to choose the right broker is to choose a broker that has been regulated or legal. In addition to choosing the right broker, look at the platforms and trading services used. The last way to choose the right broker is to choose a broker that provides spreads and deposits that are not too large.
Step by step opening a forex account
- Open the website of the brokerage company that you selected and fill in the registration form, type the name according to your ID card, type email, check the approval box and click the account open button
- When finished, record or save your account data
- Test login and log out your account
- After registration is complete, prepare a forex transaction place by downloading and installing the metatrader
- Once installed and verify your account by uploading your ID card or ID card
- After successful verification you can make capital deposits or deposits
- Then confirm by opening your broker’s website to confirm.
- Wait for the deposit process, usually between 1-4 hours depending on the queue of the number of deposits
Some introductions about indicators
- Moving average
Moving averages are indicators that function to calculate price movements within a certain time span.
With RSI you can find out if a price is overbought or oversold.
Stockastick is an indicator that shows the location of the last closing price by comparing the lowest / highest price range for a certain time period.
This indicator serves to show the current trend. Can also be used as a guide in giving a buy or sell signal.
Technical and Fundamental Analysis
Technical analysis is an analysis that is based on observing the graphic display that exists on the chard by utilizing the help of indicators. This analysis can also be said to be an approach to analyzing the pattern of price movements in the past to predict future price movements. Fundamental analysis is an analysis obtained from observations of economic news or events
Risk management and financial management in forex
- Risk management is about minimizing risk with the aim of maximizing profit opportunities. Want to try this method, you can try the wrong type:
- Cut loss is by closing a losing transaction with the aim of avoiding a greater risk of loss
- Switching is closing a losing position and opening a new position in the direction of the next price movement.
This technique is to just leave the position against the direction and wait until you want it to be desired.
- Financial management is a process of managing money by adjusting capital in the present and making plans for future capital. So you plan in each transaction how much money you will be prepared to sacrifice. For example, the limit of capital that you will sacrifice is 5%, then if when you make a transaction and suffer a loss of 5% of the amount of your capital then you must end your transaction on that day