When you have decided to go into this business, there are some tips on how to learn forex that you need to know for the success of your trading.
1. Demo Account
Some say the demo account is not important and is a waste of time, this is not entirely true. In forex trading, it takes your ability to read where the price movement is usually referred to as technical analysis (using graphics) and fundamentals. To be able to do technical analysis well, of course you need a lot of exercises on how to read charts, indicator characteristics used and so on. Well, here is the role of a demo account. To become a consistent and profitable trader, you may not be enough to just do a demo account for 1 month, it may take 2 months, 3 months or even more to finalize your method / trading plan. Remember, in forex trading you cannot use instant ways. Everything requires time and experience to be able to succeed well. Here I encourage you to do a demo account for 6 consecutive months.
2. Trading system and trading plan
This trading system and trading plan are very important. Without a good trading system that matches your style, it is impossible for you to succeed. Trading plans are also very important to prevent you from trading carelessly, let alone emotional. Believe me, without that, you’re just wasting your money.
3. Trading documentation
Documenting your trading is very important as an evaluation of your trading performance. By evaluating, you can correct trading errors and improve your trading performance. Don’t be a lazy trader because without trading documentation, it is impossible for you to do an evaluation like that.
4. Risk management and money management
Risk management and money management are also very important in trading. The amount of your transaction lot must be adjusted to the amount of risk that you can bear and the amount of your capital. If you don’t pay attention to money management, almost certainly you will run out of capital. If your risk per trade is too aggressive, then there is a risk of falling your trading account.
Finally, keep on learning and practicing so that you become a true trader .