In starting a business, we certainly make prior observations about the business that we will explore, how the business, the benefits gained and the risks that exist. Likewise if you decide to enter this forex business. You need to know about forex first, learn and develop the right strategies to minimize risk and get the expected benefits.
Well, the smart way to learn forex, you need to pay attention to the following steps so that you are easier to learn and not misdirected.
1. Collect Forex Articles
You need to know about forex and its characteristics well before starting this business. For that, collect as many articles about forex as possible to help you get to know forex more profoundly such as forex terms, products and so on.
2. Demo Account
This demo account is very important for you to learn about the characteristics of a currency, how it moves or to test the trading system you are using. Remember, to be successful as a trader can not be obtained instantly but it takes enough time and practice until you can succeed. Maybe you feel enough to do a demo account within 1 month, but for some people it is not enough, our advice should be to do a demo account for at least 3 consecutive months.
3. Trading Plan
This trading plan includes the trading system that you use, the risk management that is applied and the application of money management. A good and suitable trading system for someone is not necessarily good and suitable for you. Therefore, recognize your trading style and look for a trading system that suits you. Avoid trading that is careless and emotional because if so, you will waste money. Risk management and money management are also important to note, how much you will take profit, when you have to cut loss, how many lots you take in one transaction and so on.
This trading plan is important for a trader. Without a good and right trading plan, we believe, you are doing something in vain. Discipline running the trading plan that has been made.
4. A good mentor
Look for a good mentor for your trading. A good mentor must be smart and have good credibility in forex trading. He must be honest and trustworthy so he can inspire you. A good mentor will not want his students to continue to depend on him. He will encourage you to be independent until you can exceed his ability. And look for a humble mentor, who never wants to show off the results of the transaction to someone else because it is not necessary and a generous mentor, who is willing to transmit what he knows without the need to cover up or keep it a secret.
Finally, congratulations on learning and don’t be satisfied quickly because in the forex business there is no master or novice, there are only profit and loss.