Today I met my old friend who has been stayed in Malaysia for 5 years. The first impression that comes to my mind when I think of him is a forex trader, forex Indonesia or forex Malaysia. Before the success as it is now, he experienced a falling failure when playing forex. I share his story to inspire you who are also doing forex trading, either using local forex broker or foreign broker. Forex, also known as foreign exchange, FX, or online currency trading.
My friend is not a clever student at school and very naughty. Just imagine, if the other friends during school hours are in class, he went to the internet cafe.
Someday during the school year, me, him, and some of my friends were looking for books at one of the city’s bookstores. My friends and I are busy picking up school textbooks, while he sits in one corner of the bookstore while reading something. We saw he really seriously read the book. Like disbelief, the book he read is heavy reading for high school kids like us. He read forex trading books, how to become a successful master trader. Unfortunately, when going home, he did not buy the book.
He joined forex trading courses in the internet cafe. The forex trading course is not cheap for school students. Apparently, he used his school money to pay that online forex trading course. Geez! I feel my friend was really naughty but also intelligent.
Forex Trading for Forex Indonesia – Forex Malaysia
When I asked why he became a forex trader, he said: There are many reasons for him to try to trading forex. There are many reasons to try to trade Forex.
- You can be a super trader at a young age, financial freedom.
- We can earn a huge profit compared to his deposit.
- No need large sums of money in the beginning. In fact, you can start with only $ 1 USD.
- Gain extensive knowledge and experience in finance.
- You can have your own business and depend only on yourself.
- You are free to set your time as you wish.
Forex Trading is Online Currency Trading
His way to become a master of forex traders is not smooth. He suffered several losses due to a lack of knowledge. Her parents were also summoned several times by school for not paying school fees. Finally, my friend was in trouble with the school and his parents.
Feeling no progress, he finally stopped trading forex to graduate high school. After graduating from high school, my friend started looking for a part-time job. He was delaying college for a year. During that year, he focused on learning the forex. From his salary, he attended paid online forex courses and training. He also learned many new things from good forex books written by both domestic and foreign authors.
He also started trading again from a small amount, then raise it to a thousand dollars, until now he can withdraw hundreds of millions of dollars in a day.
No one expects his success, including me. Now he is a very successful man after passing failures and bankruptcy so many times. His forex trading result equal to my salary for a year.
Here are some tips for forex trading for beginners.
9 Tips Forex Trading
- Trade-in one pair only.
Trade-in pair GBP / JPY & EUR / JPY. Select one then learn. We also need to study all possible movements from the bottom of the chart patterns from our previous trading experience, select a pair that has a moderate volatility level. Extreme volatility pair like GJ & EJ for experienced traders. Avoid GU pair if you are still a beginner. To study this system, the pair USD / CHF & EUR / USD is recommended.
- Trading only in the London market session.
London market session is more stable and relatively easy to predict. The average market movement has 2 large waves of movement from 13:45 to 15:15 and from 17.00 to 18.30 WIB.
The US market session is not too good, the right trend is likely to come after the news is released, as the market and time of the US market at the same time as the direction of the trend is difficult to determine.
- Don’t use Stop Loss.
This strategy’s purpose is to avoid SL hunting. Basically all brokers are thieves and scammers, their basic profit apart from their spread profit also from SL hunting. Most of all MT4 brokers (MetaStock system) are not always in market moves, and most of them are trades against traders because their gain is lost made by the trader. SL will make you lose money no matter how much good OP you will make.
- Do not change your daily profit targets.
Consistently better, we have to make decisions about how much we will get and when we should stop on a trading day. The most important is not to be greedy.
- Do not trade when big news.
Do you have problems with wide spreads, SL hunting, and freezing platforms? You can avoid or reduce these things by not trade on red news, on the contrary, most of us can predict price correction or reverse movement of economic logic.
- Follow the trend direction.
Believe me! The slogan in the ads “Begin what’s next” isn’t recommended in trading. Because it will make the wrong direction or try to enter the market at a price point. In fact, we are always wrong, at least we think we are the wrong direction.
- Don’t panic easily.
Train mentally in the market is important because most are trained only on how to find profits or looking for a good trading system. No matter when you’re in a position or in a state of waiting for the right moment to enter the market, if you are not sure, just wait. Of course not for a long time, but let the market tell you what step we should take, the market will show where it will be in a few minutes, so be patient.
Trading is not a side job.
If someone thinks he can achieve a fortune in an hour or two hours of trading per day, I think he is wrong. If I can be sure it will last only a few days and will not profit consistently. Trading is hard work and full of stress. If you are not 100% committed, then you will fail. I think that’s why 95% of traders will lose their money, and it is also important to avoid trading when something is disturbing your concentration.
Choose the broker with the best service.
If we trade with a scammer, we will doubt our trading ability on the spot, I never lose before I realize that there is nothing wrong with my trading system and knowledge, the broker only takes my profit when he sees me succeed, how? SL hunting (do you believe 80pips in just one second?), Slippage (I’ve experienced 63 pips slippage), requotes (I’ve had 15 minutes re-quotes), no quotes, off quotes, busy trading context, freezing platforms, etc.
Spread is a term to refer to the difference between the buying and selling rates of forex. Traders usually prefer small spreads, as this can minimize their losses.
Foreign brokers offer an average spread of 2 pips (percentage in points). The local broker offers spread up to 10 pips. Pips is a term for the value of each increase or decrease in the value of the currency pairs traded.
Now my friend became one of the famous and successful forex Malaysia and forex Indonesia consultants. Hopefully, my friend’s experience inspires you. It’s good to understand the detail of forex trading in order to maximize profit and minimize losses. Never give up before success comes to you.