A lot of people are looking for ways to earn using their smartphones and the internet. Some successfully find the best method that works for them. However, not every money-making scheme that you will find online will work for you. If you are in Indonesia, forex trading is one way you can generate cash but it's never an easy activity especially if you don't know have an idea on how to start it. To help you out, here are the things to consider to start forex trading in Indonesia.
Learn the Fundamentals of Forex Trading
Knowledge is power. It's one of the greatest assets that can't be taken away from you. If you want to earn money from trading foreign currencies, you have to learn the basics first, for Indonesian you can learn from analisaforex.com. Learning the fundamentals doesn't mean that you have to begin trading with real money. Invest in knowledge. Never stop reading books. Watch video tutorials depending on your trading level. Look for a forex expert who you can talk to. Talking to someone who has enough experience and knowledge in forex trading is important so you would know the things to consider when you move to the next process.
Set an Amount for Your Initial Capital
If you are a beginner, never put all your money in forex. As they say it, never put all your eggs in one basket. This means that you have to start small. After learning the basics of forex trading, you don't actually need a lot of money. With US$100 or less, you can already open a trading account. If you can find a broker that allows a minimum deposit so you can start trading, the better.
Choose a Broker
Choosing a broker is one of the most essential steps in forex trading in Indonesia. Apart from your knowledge, this is where your luck depends on. A forex broker serves as your platform where you can access the forex market and trade your chosen currencies. In Indonesia, it's challenging to find a good broker, especially if you are a first-time trader. But, there are factors that you must consider. For instance, it's important to double-check if the broker is regulated or not. The Badan Pengawas Perdagangan Berjangka Komoditi (BAPPEBTI) is the trading regulator in Indonesia. It is the body that monitors and regulates all forex brokers to ensure that they are in line with the country's terms and conditions, limitations, and rules. If this regulator finds out that the broker is breaching any law related to trading, they are obligated to pay hefty fines.
If you try to search the internet, you will find XM, FBS, HotForex, HYCM, and OCTAFX as the most popular forex brokers online 2020. All of them offer bonuses for first-time traders. You can choose among these five options but make sure that you have a checklist of what to look for in a forex trader. Don't forget to check it's license and if it's regulated.
Utilise the Forex Demo Account
Every Forex broker offers a demo account that can be used for a week or more. After selecting the right broker for you, utilize its free demo account where you can practice trading with virtual money. Note that in this account, you can't make a deposit or withdrawal. It's only an account designed for testing and practice. For beginners and those who want to improve their trading skills, a forex demo account is a good place where you can learn in your own experience. It's like you are trading on your own, the only difference is that you don't use actual money to trade.
Start Trading With Real Money
Forex demo accounts can't be extended. Whether it's a week or two weeks, you will have to proceed to trade with real money, which is the most exciting part. You can use the strategies and techniques you have learned from your demo account. You can also talk to your trading mentor in case you have inquiries regarding your trading tactics. This is where profiting and losing come in. You have to brace yourself since forex trading in Indonesia can be a challenging business. Nevertheless, you will get the earnings you deserve if you know how to manage it.