Everyone can do Forex Trading as long as you have an account, money, and knowledge about Forex, but before you start trading, you have to know 5 rules that you should do in forex. The rules will give you information about Forex, the detail explanation will follow as well.
Foreign Exchange or usually it’s called Forex is business trading of nation’s currency on purpose to get the profit. If you want to start your forex journey, you need to learn about forex time frames.
Forex has four-time frames, first is position trading, second swing trading, then day trading, and scalping. The next step after you learn forex times frames is you have to know about 5 rules about Forex. The rules that you should do in forex trading, here are the rules.
First rules are when you try some strategies in trading, you must use your demo account. This rule is important to prevent the loss if the strategy that you use is big fail. You can try many strategies in your demo account, it so helpful for new traders. You can imagine if you use your real-time money and try some strategies and still loss, it will give impact in both financial and mentality.
Keep on Record and Create Trading Plan
Second rule are keeping a record of each on your trades. For example, today you bet for Japanese Yen against US dollar (JPY/USD) and the result as well. Next week you sell EUR against IDR (EUR/IDR), do not forget to record the result too. This way will help you to know that your strategy is success or not, if you get the profit it means success and vice versa.
Next rule that you should do in forex are creating your own trading plan. This rule can help you to knowing your risk management on your trade. Do not try to copy paste the other people trading plan blindly, you have to up to date also in trading market. Monitoring on the update news about currency will help you to make your own trading plan.
Fourth rule are let the trade miss if you are do not confident with your trade. The key of trading is confident, you must have “feel” about betting and your decision is so affected on your trading journey.
Strategy also have important rule in trade, you have to make sure that your strategy will get you a win and get the profit of it. But if you are not confident yet, just let the trade go. It’s not a big fail if you miss an opportunity, but it could be a big fail if you lose a lot of money.
Confident and Always Keep Up to Date
The last rule that you must to know is keep update on economy and technical information all around the world. Basically, Foreign Exchange or Forex is a trading about currency. So, if you have some trading plan, you need to know first about the update news about world currency. Then, you have to know whom the best forex broker in market now.
In short, if you want to start your journey in trading, you have to know about 5 rules above. You can get this information about rules and more information as well about Forex in DIDIMAX. Didimax’s forex broker is the best place you can go for your trading.
Learning how to trade is the first thing you have to do before you join a broker forex. Didimax will give you pro tips to become a pro trader. Those are the things you should do in Forex trading.
