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How to Become a Successful Beginner Forex Trader
Foreign Exchange trading or commonly referred to as forex is indeed known as a financial strengthening activity that is actively carried out. Forex trading is able to bring promising profits. Many people have started to be interested in learning forex trading in order to improve their financial strength in the future. There are ways to become a successful beginner forex trader, namely:Choose the Right and Reliable Broker
The first step you have to do is to choose the right and reliable broker. Later at the broker you will get a demo account that you can use to learn. The demo account you create through the broker is indeed your identity as a trader. However, you must also register the account with the trading platform to continue the process of learning forex trading. Currently, there are a lot of trading platforms available online so that you can use them to learn forex. To get access to using this trading platform, you can contact the broker who bridges the forex trading transaction. For example, you can trade forex on GIC. On GIC, you will get various benefits that you can get through the GIC mobile application. In addition, GIC is a trading platform that uses 2 breakthroughs in the most advanced technology, namely MetaTrader 5 and Blockchain which gave birth to a revolutionary blockchain-based P2P Trading platform.Learn Forex and How It Works
You should learn how the forex itself works and the system before trading. There are also trading sessions that you should learn. You must carefully manage the appropriate and appropriate time to trade forex. For those of you who want to learn about forex yourself, you can start through the GIC Academy which has been provided by the GIC broker for those of you who want to learn from scratch about forex. Then, you can also read various sciences about forex through the GIC journal which is used to learn about several terms about forex itself.Do Research and Analysis
The next way you have to master forex trading is to be able to do research and analysis such as technical and fundamental analysis. Technical indicators are one of the important instruments for you to trade. With an in-depth understanding of technical indicators, it will be easier for you to perform calculations or analyses related to prices, volumes, and market interest related to foreign exchange. In addition to technical indicators, there are also fundamental indicators that are one of the references you need to analyze forex trading. These fundamental indicators usually come from economic data, as well as socio-political issues that are developing in a country and can affect the movement of foreign exchange values. In studying fundamental indicators, you will do more research on economic and social data that affects a country's currency. The economic data that you will research will usually be based on a country's economic prospects, inflation, and unemployment rates. Basically, if a country has good economic prospects, the analysis you do will tend to lead to the strengthening of the value of a currency. However, it can also be the other way around.Trade with Advance Planning
By making a trading plan, the trades you do will be organized consistently and disciplined. A trading plan will have many benefits that you can get when you implement it. A trading plan will help a person take responsibility for their own trading results. If the results are not as expected, then you can immediately take the best steps on your trading account without hesitation and panic if the direction of the market price movement is contrary to the prediction. The more you force yourself to enter the market by analyzing so many technical variables and fundamental data in the market, the more inconsistent your trading account results will be. This is a psychological hurdle that a trader must overcome.Prepare Capital According to Capabilities
When you want to trade, of course you will need capital. You must prepare trading capital according to your ability. Don't be too pushy to the point of having to go into debt or even use money that will be used or used for shopping for daily necessities. You can use the existing funds from the rest of the budget that are not used for trading or investing. Because not all things trading will experience profits. You can also trade on the GIC platform with capital starting from 2 million rupiah.Train Mentally to Be Stronger
Before you become a trader on a real account, you must of course prepare yourself by equipping yourself with a fairly broad knowledge both in terms of fundamental analysis and technical analysis. Previously, you must have made transactions using a demo account for learning. That way, the transactions that you have made on the demo account must be applied to the real account without involving passionate emotions. A forex trader's mentality should be prepared since he is still trading on a demo account, so when you jump into a real account, you will feel like opening a new demo account. It depends on your personal character. This mental aspect of trading is not easy to formulate. You must be able to accept losses like a professional trader, enter based on trading signals by not trying to control the market, commit to always practice controlling emotions from time to time, commit to be able to work hard and keep learning.How to Become a Successful Stock Trader
In addition to forex, there are also ways you can do it if you choose to become a successful stock trader. However, not everyone also has the knowledge to trade stocks. Here are some ways and tips for stock trading that you can apply when you want to do the trade.Have the Right Knowledge
Stock trading is actually not as difficult as many people imagine, but it also cannot be done carelessly because of course there will be a risk of loss that must be faced if you are not wise in choosing steps and instruments when buying and selling stocks. You should have basic knowledge of stocks and learn as much about stock trading as possible from websites that introduce stocks, or from stock trader books before you start trading. This is an important key to help you get a solid basis in making decisions later. You can discuss with people who you think have more experience and knowledge in the field of stock trading, and are also always open to the latest information about stock developments.Set aside funds in a planned manner
Income management is a very important thing to have before deciding to trade stocks. With good financial management, you can maximize your investment funds as best as possible. Make sure that you have set aside funds for your basic needs, emergency funds, and insurance, so that the funds used for investment can be allocated as best as possible without interfering with personal needs. You can decide in advance how much money you want to spend on each purchase and sale and how much risk you are prepared to face. Some successful traders tend to choose stocks with a risk of less than 1%-2% per trade. So, this way it will be easier for you to weigh the advantages and disadvantages that you will face. Keep in mind that stock trading is not always profitable, but if you can manage the risk, the profit you will get will far exceed the losses you face.Prepare Time
Stock trading does not only require funds and knowledge. Time is the most basic thing that a trader must provide before starting stock trading. Also make sure you can set aside your time as best as possible during trading hours, so you can monitor good opportunities to buy and sell and maximize your profits. In Indonesia, stock trading hours are divided into two sessions from Monday-Friday, session I is held at 9.00-11.30 WIB, and session II is at 13.30-14.50 WIB.Choose the Right Securities
Choosing the right securities is key in stock trading. Good and reliable securities are those that have been registered and supervised by the Financial Services Authority (OJK). Currently, there are a lot of securities in Indonesia, both offline and online. How to register is also easier, because there is already an online stock trading application where the entire registration process can be accessed online. Make sure you choose securities that are trusted and the most suitable for you, both in terms of quality and ease of access.Starting from a Small Nominal
As a beginner, it's better to start with a small nominal. Starting from buying cheap stocks but from trusted companies. Start learning to be consistent with the nominal you set. By starting from a small nominal, usually you will slowly start to learn good stock trading techniques and your trading skills will slowly improve. If you are more confident in your abilities, then you can start to increase your trading capital.Avoid Fried Stocks
Fried stocks are stocks that offer huge profits at low prices. Stocks like this are usually able to tempt traders because of their skewed prices. However, if you want to stay a trader with greater profits for a long time, you should stay away from stocks like this. Don't think of trading as gambling or what is commonly referred to as gambling, don't expect you to get rich overnight. Stock trading is basically a job that you can make as a side job, so you have to stay realistic and wise in choosing the stocks you will buy. Don't be tempted by the offer of momentary profits which can usually actually cause greater losses.Confident but Realistic
You must have strong confidence in trading. This can grow as you are more often in the trading world. Having capital is important, but having enough knowledge and experience is what can help you maximize your profits and help you also to succeed in the trading world. Confidence must still be accompanied by a realistic attitude. Stocks can indeed offer lucrative profits, but successful traders also don't always make a profit on every trade. Many traders also experience losses of at least 40%-50% of their entire trades. But with good risk management, they can maximize these profits, so that the losses from failed trades can be covered by the profits obtained. So, if you fail every now and then when it comes to trading stocks, it's normal. The most important thing is to continue to learn and continue to hone your abilities in seeing the next good opportunity.Characteristics of Successful Traders
There are characteristics that are common to successful traders. You can see these characteristics below.- Tends to use the left brain. This analysis and logic is one of the characteristics that successful traders have to help interpret what price movement charts show. A trader will decide whether or not to make a transaction based on all his logical considerations.
- Easy to analyze. If you have good analytical skills in reading price movements and data related to forex, then this can help you in determining a deadly trading strategy. You can use good analysis as a tool to reap more profits. You can still benefit if you don't have analytical skills. But the profits that come from the luck factor will never last long.
- Have good psychology. In forex trading, a good psychology will determine whether a trader will succeed or lose. There are three elements that determine the success of a trader, namely method (analysis), money (money and risk management), and mind (trading psychology).
- Quickly absorb information. If you can absorb all the news or information related to forex trading in a quick calculation, then you have the possibility of being able to take the opportunity one step faster than other traders.
- Stand firm. Not being easily tempted by all the offers that exist is also a form of firmness in your stance on the beliefs you have regarding forex trading. If you are one of those traders who are not easily influenced by the opinions of others who differ from you, then you are one step closer to becoming a successful trader.
- Have a great desire to succeed. Successful traders will realize that success itself cannot come instantly if it is not balanced with effort and hard work.
