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How to Make Money from Forex as a Beginner

by Didimax Team

Many new traders wonder how to make money from Forex and avoid as many loss as possible? Until now, not a few people are looking for ways to earn extra money and income in the midst of uncertain situations and conditions. 

The solution that might be taken to fulfil this is investment. However, not all investments are profitable today. Current deposits have low-interest rates, while stock prices have even plummeted. 

Hoping to get additional income from these two investment instruments doesn't seem right. For now and in the future, one way that can be done to keep making money is through forex trading because profit opportunities can be obtained from two directions.

Although forex trading seems easy to do, not a few people think that forex trading is difficult because it requires sophisticated gadgets.

In fact, some beginners think that great traders are those who have a capable computer or laptop plus many monitor screens that display charts and prices to make money from Forex.

Coupled with the assumption that if you want to enter the world of forex trading, you must master mathematics and statistics, must understand economics and politics and must be able to read charts and use a number of complex and many indicators.

In essence, forex trading is complicated. However, all these assumptions are not necessarily true. In fact, if you think like that, it's not trading that is difficult, but you yourself who make it difficult to do and live.

For those of you who want to learn this forex business and want to know how to do forex trading transactions, here are some tips and information on how to trade forex for beginners.

 

Choose an Official, Legal and Trusted Forex Broker to Make Money from Forex

The first and easiest way to do before starting your first transaction is to choose and determine the best forex broker that suits your needs.

As we all know, there are many local and foreign forex brokers operating in Indonesia today and they are easy to find. Starting from fake ones, which do not have a clear office and legality, to brokers who are officially regulated by the Indonesian government.

Well, this is where you need to be vigilant. Usually the ones who promote the most on the internet are brokers whose credibility is unclear in the eyes of the Indonesian government.

To minimize mistakes in choosing a forex broker, you can find information about forex brokers that have clear regulations and legalities through the official website of the Commodity Futures Trading Regulatory Agency (CoFTRA).

In addition, the forex broker you choose must be a member of the exchanges, namely the Indonesia Futures Exchange (JFX) and the Indonesian Commodity and Derivatives Exchange (ICDX) such as Didimax forex broker.

Choose the Account Type as Needed

Every forex broker in Indonesia certainly has a certain type of account that is offered to each prospective customer. Each of these accounts has its own advantages. 

Therefore, it would be better if you choose a trading account based on your needs and trading style in forex trading so you can easily make money from Forex.

When you decide to make forex trading transactions, then make sure you have a good trading plan. Starting from how to make trading decisions, acceptable risks, to the capital settings used.

All these things should be well recorded in your trading plan. The most important step in preparing and ensuring that you will be involved in the forex market for a long period of time is to build a forex trading strategy and plan.

You also need to make sure to actually run it. Don't forget to always deepen your learning about forex so that it is easier for you to understand everything related to forex trading. That way, you can make money from Forex safely.

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