In the past days, we already discuss about what the mostt important when doing trading in forex, and in this articel. We already have another list you can follow to get more profit when try to playing forex, so if you interest.
You can go and check what do need to have the best option, so when there is not mistake and minus development if you are playing trading forex for the first time.
1. Focus on trading only one currency pair with low spreads
Perhaps, it is impossible for us to achieve the large daily profit target that has been determined, if we trade a currency pair with a high spread value, because our profit also depends on the spread value of the currency pairs we are trading. And also because the capital factor that we use is too small.
The currency pair with the lowest spread value is EURO Vs USD or abbreviated as EUR / USD.
For example, for the EUR / USD currency pair specifically at the FBS forex broker, for trading on a real account, a spread of 0.9 pip is given for a Cent type account, while specifically at the Okta FX forex broker, a real account is given a spread of 0.5 pip in the account. micro if we trade EUR / USD.
So, to make it possible for us to consistently achieve our big profit targets, our alternative trading is to choose currency pairs with low spreads, and focus on trading them in daily trading.
In this case, it does not mean that we take the opportunities for gaining profit on other currency pairs lightly. In other words, if a great opportunity for making big profits is not seen in the EUR / USD currency pair, then you can switch to trading the currency pair. others who have a great opportunity to make large profits. Because the price conditions depend on market conditions at that time.
2. Set up a trading strategy to manage finances properly
Our success to multiply 100 thousand money quickly in trading on the forex market, also depends on our expertise in arranging trading strategies related to proper capital management.
To achieve success in generating millions of rupiah in profit per month with a capital of 100 thousand rupiah, it is very necessary for us to know the skills to manage capital or financial management strategies properly.
Because forex trading is high risk which can result in large losses that can lead to loss of capital quickly, financial management strategies need to be regulated in a measured manner, when making transactions in currency trading.
In addition, with a correct and measured and defined financial management strategy, it is likely that the trades we make can generate multiple profits every day during each month.
To find out examples of the correct practice of financial management strategies in profitable trading, study the secret article to multiply money quickly in the forex business
3. Set up a trading strategy with correct risk management
Is it really too important to set a trading strategy with the correct risk management? The answer, of course, is very important.
All traders are reminded with the sentence, “Trading currencies in the forex market carries a high risk, which can result in loss of money and can result in large losses exceeding the capital used. Forex trading may not be suitable for all inexperienced traders”.
That’s a strong warning that is always on every forex broker website that wants to satisfy its traders who want to trade on the forex market.
Therefore, forex trading contains a high risk that can result in large losses that exceed the capital used (balance touches a minus number), so as a trader, you need expertise in risk management strategies, which allow ballances in your trading account to withstand the risk. which is high in currency trading.