In general, playing forex requires a lot of careful preparation, not only the preparation of the tools but several things related to our goals and skills in playing forex later. Actually we have discussed this a lot in several previous articles, it’s just that we want to provide reinforcement again by presenting articles that are more concise and clear for you to understand well. Generally, a novice trader will be confused by several things that they need to prepare to start trading in the forex market, simply this forex can only be played via the internet or requires an internet connection, so you need a lot of careful preparation because it’s not only costs that you need to provide . Well, please read carefully some important preparations before you plunge into the world of the forex market.
5 Essential Preparations In The World Of Forex Trading
- Knowledge, Skill and Purpose
The most important preparation that you must understand here is about your knowledge of the forex world. Do you already know what forex is and how it works? If not at all, we recommend that you learn to explore the world of forex from the articles that we have published on this website. In addition, skills in playing trading are also required, because many people fail in forex. Goals are also important preparations that cannot be ignored, the first time you play forex, you certainly have a goal in the future. The most common answer is trial and error, we hope you don’t think that way. In fact, forex has a basic purpose that is rarely understood by most people. First, the goal with forex trading is to train your financial management well, especially in terms of investments with more volatile values, conditions like this will give you the habit of managing finances, and not be afraid of anything that causes losses in the future. Money management from forex, also teaches us the importance of increasing self-discipline when taking big risks.
- Adequate equipment
As we know, forex trading can only be done when you already have complete equipment such as a laptop, cellphone and internet connection. it’s not easy to be an experienced trader, you have to provide tools like this at home or maybe if you don’t have one you can borrow them at an internet cafe or your office. It’s true, achieving goals for success is not as easy as you think, all traders have experienced it, maybe even you are much luckier than those who have previously tried to play forex. enter the world of trading. The following are some of the tools that you must provide when you are in the world of forex trading.
- Laptop or Computer: The first tool you need to prepare is a computer or laptop with a screen of at least 14 inches, a small screen that will block your view of the values and the Overlay graph on the monitor. It is not recommended to choose a laptop with a small size, especially if you are already minus, every number in forex trading provides significant value for you.
- Internet connection with a stable network: The main influence of your success in the forex market is an internet connection, the more stable the internet connection you use, the better access to the trading platform will be. That way, you can perform many actions such as opening and closing positions.
- Mobile: Mobile is also a mandatory device that you must have for various needs, if it is associated with trading equipment. Mobile phones have an important role in fundamental analysis that can be used to see news and economic conditions that will clearly affect market prices later. So, this cellphone is the second tool for those of you who want to explore the forex game to the fullest.
- You also need to prepare a trading platform
Next, an important tool in the forex world that you need to prepare well is a platform that makes it easy for every trader to open and close positions quite easily. You can get this trading platform in two ways, first from the broker you follow and secondly you can get it from the official MetaQuotes website directly. There are quite a few types of trading platforms, some of which are well known, namely Metatrader 4 and the latest version is Metatrader 5. We recommend choosing the MT4, apart from the classic appearance, the features provided are also complete. Only if you understand and master the forex game well, you can use MT5 to develop your next skill. We believe that every trading platform already has these two platforms, you just need to download and start playing from these platforms. Anyway, this platform also supports Android smartphones, so anytime you want to open a position it can be done quite easily.
- Capital and risk management
Playing forex is no longer a difficult thing to do, if in the past forex was often played by people with money. So now it can be played by anyone who wants to profit from trading foreign currencies. Even those of you who work at home can easily open a trading account, because there are now quite a few online sites and everything can be accessed quickly. But it needs to be reconsidered, because this forex also has a big risk. You play forex also requires a lot of capital, at least if you really want to feel money, just prepare a capital of 10 million or half of it. Then you start implementing risk management properly, so that in the future you don’t experience big losses. Don’t forget to also apply some account security strategies such as take profit and stop loss. This is important for you to implement, so that the account remains safe and losses do not grow.
- Journals and Ebooks are very important
Finally, the main preparation in playing forex is not from the amount of capital but from your own readiness. One way to prepare well is to read some journals and ebooks about forex. The more you read, the better your knowledge of the forex trading market will be. Don’t think that successful traders out there can be what they are today without learning first, true success must be done in stages from zero.
So those are some things that you need to prepare well when you want to start trading forex. Hopefully this information is useful for all of you. Don’t forget to listen to our other forex content, thanks for visiting.