How to Play Forex to be Successful

cungkring.com: If you are new to the forex world, you may still be confused about how to get a profit that is said to be huge. Basically, there are many tips on how to play forex to be successful. Every successful trader can have his own tactics and secrets.later, even after you have accumulated experience, you can create your own version of tips for playing forex to be successful. However, for beginners it may be difficult to formulate. Well, this article will share tips on how to play forex for success that even beginners can do.

Know how to use the trading platform properly

The first tip on how to play forex to be successful is that you have to know how to use the trading platform properly. A trading platform is software that shows price movements in the market, as well as a place for traders to carry out market analysis and carry out buying and selling transactions (buy-sell).

The forex trading platform is provided by brokers, and new traders can log in after registering. Types and names of various platforms. The most popular are Metatrader4 (MT4), but there are also Metatrader5 (MT5), cTrader, SIRIX, and many more.

Many people underestimate the trading platform, even though beginners are generally confused when they first see it.The platform is equipped with a variety of features aimed at fa cilitating forex transactions, especially in technical analysis. 

Hence, often trading success or failure is influenced by the platform. If you don't understand the features of the platform, then not only will you not be able to use them optimally, but you can easily be fooled by fake brokers.therefore, the first step in forex playing tips for success is understanding how to use the platform.

Build Sensitivity to the Market

Tips on how to play forex for success, the next one is that you have to build sensitivity to the market.There is only one way to get profit in forex: do Sell before the price moves further down from the current position, or do Buy before the price moves higher than the current position. 

However, in order to benefit from this movement, there are many things that traders need to understand, including technical, fundamental and spread elements (the difference between the Bid and Ask prices).

Technical and Fundamental elements are related to forex analysis, which all traders have to master. However, this spread is one of those points that is often overlooked because it is considered small.in fact, spreads can widen and narrow, according to market movements. If you open a trading position when the spread on the market is wide, it will be difficult to profit. 

In fact, novice traders can think, “How come every time you open a Buy, the price goes down. Open Sell, prices fall? " without realizing that it was caused by the spread.So, tips on playing forex for success second: pay attention to these three elements in the forex market, without exception.

Forex trading must be Planned and Consistent

One of the characteristics of playing forex in the beginner style: making transactions based on instinct, then closing the transaction too quickly when only a little profit, but lingering and reluctant to close the transaction when experiencing a loss until finally the capital funds run out.did you do it? You know, one of the tips for playing forex to be successful is to avoid all three.

For that, first you need to create a Trading System that contains certain rules for making transactions, then obey them consistently.for example, it is determined that a Buy transaction will only be opened if the price moves above the Moving Average indicator, while a Sell will only be opened if the price moves below the Moving Average indicator. Then, set a 1: 2 Risk / Reward Ratio, with the application, for example, if you have lost 20 pips, the transaction is closed, or if the profit is 40 pips, the transaction is closed.

Train Trader Psychology

From the example in point three, you may be surprised, "How come the loss transaction was closed?"

You know, the ability to accept losses is one of the mentality of a trader. Why? Because the market is very uncertain and the losses are natural for anyone to experience.as long as the profit you get after a certain period exceeds the loss, then you are still successful, right !? So, if you only lose a little, you don't need to be depressed. Learn the mistakes that occur as tips for playing forex for success. Make it an evaluation material so that the next transaction gets a profit of 40 pips to cover the 20 pips loss.

Manage Trading Capital Well

After practicing numbers 3 and 4, you might say, "After losing once, the trading capital has run out, where can you trade again?"

Well, if so, then you have made a fatal mistake in managing trading capital. You are losing money not because of the market's fault, but because of your own fault.successful traders never risk all their trading capital in a single transaction. They will always divide into several transactions at one time, and never use all the capital at once. 

One popular capital management rule is the 2% rule.that is, if you have a capital of 1000 Dollars, then you are not allowed to open a trade position of more than 20 Dollars.that way, losses can be reduced, and you will always have the opportunity to trade again, as long as you have a reliable trading system with an accuracy of at least 60% Win Rate.

Those are the five tips on how to play forex for success, which hopefully can help you reap profits in the forex world. Keep trying and good luck!