Who Says Learning Forex Is Hard Currently, many people want to learn forex but are confused about where to start. In fact, forex can be an option if you want to start an investment.
Forex has become one of the most lucrative investments by many people because it can make profits online.
For some people, forex may sound complicated and confusing. Even so, this investment is not something that cannot be studied at all.
Do you want to start learning forex? Glints will provide guidance on these investments later in this article.
Get To Know Forex
Forex stands for Foreign Exchange which means the exchange of foreign currencies. Another name for forex can be called foreign exchange or foreign exchange.
In general, forex is a comparison of the value of a currency against other currencies which then form a currency or exchange rate.
Forex trading is an activity of trading currencies from various different countries with the aim of making a profit.
It can be said, the forex market does not have a special physical form so that you can trade forex within 24 hours at a time.
In general, forex traders can be sellers or buyers, even sellers and buyers at once.
Forex players are very diverse, ranging from multinational banks, central banks, large corporations, state governments, financial institutions, speculators (speculators), and so on.
Because it is broad and global, the forex market is the market where the largest money turnover is.
In addition, everyone today can be a forex market participant, especially you.
Usually a forex trader individually is called a retail forex trader. Retail forex traders can be anyone, including you, your family or anyone looking to get into forex.
What’s more, the capital to start forex is not too big. You can start with a small capital of around Rp. 142,700 or the equivalent of only $ 10.
Learning Forex for Beginners
If you are already interested, there are steps you can take to learn about forex. Among these steps are :
1. Get To Know Forex Terms
According to Benzinga, if you are familiar with Forex terms, it will be easier for you to learn and analyze the forex market.
Here are some forex terms you should know:
- Bid price : the price we can sell at
- Ask price : the price we can buy
- Spread : the difference between the bid and ask prices
- Margin : mandatory available funds
- base currency: base currency
- Pip : The smallest measurable change in a currency pair
Those are some forex terms that you must know. You can learn more about it from various forex term dictionaries available online.
2. Select The Right Broker
A broker is a company that acts as an intermediary in trade.
As much as possible, you should choose the right broker so that later you can minimize losses when you enter the world of forex.
Research and analyze every broker that you will use before playing forex. Make sure the broker you choose is a reliable broker.
If you don’t have time to look for a broker, you can first look for information for a trusted broker in Indonesia.
3. Perform A Global Economic Analysis
To be able to make money from currency trading, you must research the movements of the global economy accurately.
Periodically, you must pay attention to the development of the world economy on a daily basis.
Pay attention to when the value of the Rupiah weakens or strengthens, as well as some other country’s currencies that you will buy or sell.
That way, you can benefit from every opportunity that opens up.
4. Start Trading Forex
After preparing everything thoroughly, then start playing forex with caution.
The broker has provided an online application for forex trading that allows you to make trade transactions anytime and anywhere.
When you have made a purchase transaction, sit back and wait a while, let the broker work in the future.