Learning forex trading online is very possible for you to do. Currently, sources of information about online forex trading are widespread, even many forex trading workshops and webinars that you can attend for free. One of them is through the discussion in this article. This article will discuss the steps to learn forex trading online so that you have enough ability when you finally trade later, especially if your main goal in entering the world of forex trading is to make a profit.

Understand the Rules of the Game

The first step to take in learning online forex trading is to understand the rules of the game in the world of forex trading, such as general regulations, trading activity processes, and how to make a profit. For example, trading sessions that last 24 hours for 5 days a week. There are four trading sessions that are opened alternately; Australian session (Sydney), European session (London), Asian session (Tokyo), and American session (New York).

With just a device that is compatible with the trading platform and an internet connection, you can do forex trading. You can start with capital in your account. Then, you can get profit from the buy or sell that you do by referring to the trend of currency pair price fluctuations in the forex trading market.

For example, in the EUR/USD currency pair where the exchange rate is 1.4745/46, this means that to buy (buy) currency worth 1 EUR you have to pay 1.4746 USD. While when we sell (sell) 1 EUR, you will receive 1.4745 USD. The number 1.4745 shows the nominal offer, while the number 46 shows the nominal demand. Profit is obtained depending on the nominal exchange rate of the currency you buy or sell.

Also complete your insight into factors that have a direct and indirect influence on currency values, one example is the conditions in the midst of the current COVID-19 pandemic. This pandemic has a direct impact on economic conditions which at the same time also affects the exchange rate. Countries that are able to deal with the pandemic and strengthen their economies have a much greater opportunity to increase their exchange rates.

Once you understand the basic rules of the game, next you should also be more familiar with the terms that are widely used in the world of forex trading, such as buy and sell. In the EUR/USD trading pair, the term buy refers to buying Euros and selling Dollars simultaneously. While the term sell means selling Euros and buying Dollars at the same time.

Another term that you also need to know because it is commonly used is base currency. The base currency is the first currency in the pair which is always worth one unit, while the second currency in the currency pair is called the quote currency. The quote currency is the number of units needed to equal the base currency. For example, like this. If there is a EUR/USD currency pair, it means that EUR is the base currency and USD is the quote currency. At an exchange rate of 1.4745/46, 1 EUR is equal to 1.4745 USD.

Find Out Various Forex Analysis Techniques

The next step is to find out the various forex analysis techniques that are often used by traders. Forex trading analysis is divided into three types of analysis, namely fundamental analysis, technical analysis, and market sentiment analysis. This fundamental analysis refers to the study of economic factors, socio-political factors, as well as the defense and security conditions of a country.

These factors can affect the rise and fall of currency exchange rates, this means you must be sensitive to related information. Next, there is technical analysis. Technical analysis focuses on the implementation of statistical and mathematical techniques to be able to read market conditions, for example making predictions about price movements in the forex trading market for some time to come by referring to market trend data graphs.

Here, you need to explore more deeply about the type of chart that is suitable for you to use to perform technical analysis. Then the last one, market sentiment analysis. Market sentiment analysis is an effort to read the tendencies that occur in the majority of market players, for example detecting interest and low or high risk of loss in trading.

The main subject analyzed here is the behavior of traders in the forex trading market. These three analyses have a big contribution for you to make buy and sell decisions when trading which ultimately determines whether you will profit or not.

Observe, Then Choose a Broker

You definitely need a broker to connect you to the international forex market. But before deciding which broker is most suitable to help you, do some observation first. Check the reputation of the broker and compare the portfolio between one broker and another.

Don't forget to also check whether the broker is regulated by the government or not, namely a broker that is registered with the Commodity Futures Trading Supervisory Agency (Bappebti). Also find out what the minimum capital requirements are that need to be deposited, including how much transaction fees will be charged to you.

If you have all this information, you can get the best quality broker and the one that suits you best. One example of a broker that you can trust is PT. TRIJAYA PRATAMA FUTURES with legal permit number 407 / BAPPEBTI / SI / VII / 2004 which is registered with Bappebti. You don't need to be confused anymore about finding a trusted broker.

Learn While Practicing

Of course, you will not always learn online forex trading by focusing only on theory. There will come a time when you also have to learn while practicing, trying to apply the theories that have been learned previously. If you already have a broker, you can use their demo account to try practicing trading.

This demo account is designed so that beginner traders can learn to trade forex without fear of experiencing losses. This practice account uses unreal capital, but the forex trading market conditions presented there are real conditions.

Expand Your Network of Fellow Traders

If you are still a beginner trader, it is very important for you to expand your network of fellow traders. Join a trader community so you can get valuable stories of experiences from those who have started trading first. For example, such as profit experiences or loss experiences. Establish good communication and relationships so you can learn more.

Apart from the trader community, several forex trading brokers also often hold webinars or workshops on forex trading. Attend events like this, then you can discuss with fellow participants to increase your insight and network.

You can also join us in the Telegram Community GIC Trade. And get various interesting information on the Telegram Channel GIC Trade at GIC Trade News. And don't forget to check our Youtube account which is full of interesting information and interesting podcasts about the world of trading. Don't forget to follow our social media accounts, Instagram which provides various information about various interesting webinars that you can follow.

Avoid making baseless assumptions when you first start forex trading, including when practicing with a demo account. Don't hesitate to ask and discuss with your broker if there are obstacles or conditions that you don't understand. This way, you can learn more ways to trade forex that can help develop your trading skills.

Those are the steps to learn online forex trading correctly that you can do gradually. If you have mastered all the basic theories, you can start preparing initial capital to trade forex. Don't forget to prepare an exit strategy or backup plan to prevent unwanted things from happening while forex trading is being done. Stay optimistic and continue to equip yourself with insights and information about forex, market conditions and world developments.

Visit GIC Indonesia to get information about the world of trading. You can also join us in the Telegram Community GIC Trade and Telegram Channel GIC Trade. Don't forget to check the Youtube account GIC Indonesia which is full of interesting information, and follow our Instagram account to get information about various interesting webinars that you can follow.