The growing popularity of forex trading can’t be ignored. This is what gives you an opportunity to make money anytime and anywhere you want. As a novice trader, you might have a lot of questions about the philosophy of this market, but let us assure you that this is where you won’t be left without answers. Forex trading is considered to be one of the most beginner-friendly industries – let’s mark this article as a stepping stone to profitable trading.
Key Benefits of Forex Trading in Malaysia
When we talk about forex, we talk about the possibility of buying and selling foreign currencies for a split second. Let’s get down to the main benefits:
- On the basis of its decentralized nature, the forex market operates twenty-four hours a day, five days a week (from 5 a.m. MYT on Monday until 4 a.m. MYT on Saturday). Traders should keep in mind that there are four major forex trading sessions (the London session, the New York session, the Sydney session, and the Tokyo session) and plan their time accordingly. As you can see, it’s all about flexibility here.
- Some brokers offer commission-free deposits and withdrawals plus the opportunity to trade with spreads starting from 0.0 pips. That’s how you save money.
- Foreх stands for accessibility. There are hundreds of thousands of newbies opening trading accounts every day. Do they know everything about forex? Of course not, but the Internet is overloaded with educational resources and tips – articles, videos, courses, demo accounts, anything you need. Apart from that, brokers (but not all of them) provide 24/5 support, so if you have any issues to resolve or just need some recommendations – feel free to contact them.
- Being the most liquid commodity, currencies can be bought and sold in a timely manner without that drastic effect on their market price.
- If you don’t have enough capital, that’s not even a problem here. Brokers can lend you money, so you can purchase an asset you want. Let’s say your leverage is 300:1, so now it’s possible to control a trade of $300,000, having only $1000. Pretty favorable conditions, right?
How to Start Forex Trading in Malaysia
Trading is a convenient way of making money. You can find any supportive info that will help you develop expertise, but the thing we can’t help you with is your desire and readiness to work hard, to be a result-driven trader. Here is what you need to do:
- Learn about forex. Unfortunately, there are many beginners who ignore the importance of the preparation phase and dive into the practical part, hoping that it’s the best teacher. The practical part always goes hand in hand with the theoretical one, especially in forex. Whether you’re a professional trader or a beginner, learning is an integral part of your trading activities. Your daily routine should include reading analytics and news to be on top of things. You can also visit our website and check updates on both currencies and general recommendations.
- Open a brokerage account. As it has been already mentioned, theory without practice is nothing. It’s like trying to learn a foreign word without understanding its meaning in the context itself. Your, let’s say, a demo account is where you can actually trade in real time without any risks of losing money.
Trading strategy is a must. Running from one corner to another will lead, in the long run, to financial losses. Strategy is what directs you – that’s your answer to "how," "when," and "what." Your trading strategy strongly correlates with your experience, expectations, financial capacity, and, of course, personality.
- Analysis. What mistakes were made? What could be done better in the future? You should definitely go over your closed positions and find those "gaps."
- Monitor the news. Profitability is the result of dedicated work – read daily news, updates, forecasts, and don’t forget to double check anything you have doubts about.
- Emotional part. Yes, trading can be stressful, but this is all about your attitude. It might be challenging to control your emotions when it feels like you’re about to lose everything. First and foremost, think rationally. Only facts matter.
What is the Best Time to Trade Forex in Malaysia
Just because the forex market operates round the clock, it doesn’t necessarily mean that choosing any hour for trading is a good idea. When we talk about the best trading time, we mean the time when a certain currency pair is the most volatile. Fluctuation in prices is what makes an asset easy to sell or buy. So, when there is a "dead calm" observed in the forex market, traders shouldn’t waste their time hoping to gain profit – they’ll break even.
Let’s say you’re interested in trading GBP/USD (the British pound/the US dollar). These two currencies will gain the most volatility during the overlap of two markets – American and European, and it’s 8 p.m. – 11 p.m. MYT. You should remember that the markets are closed on the weekend. There are also other acceptable time periods for trading this currency pair. Increased volatility is also observed starting from 2 p.m., so in case 8 p.m. – 11 p.m. is not the best time range for you to trade, there is a good opportunity to start earlier.
Read more: The Best Time to Tade Forex in Malaysia
How To Open A Trading Account In Malaysia
It won’t take much time and effort to open a trading account. If you decide to choose JustMarkets as your broker, all you need to do is just to fill in a short online form and receive a confirmation email. Sign in using your email address and start trading (the minimum deposit is $1).
In case trading is something new to you, it’s better to consider practicing on a demo account. That’s a risk-free way of learning the market mechanisms inside out. Start trading today to take care of your future tomorrow.
Important note. Make sure your broker offers swap-free (Islamic) accounts since Sharia law prohibits trading with overnight fees.
As you’ve already understood, the hours of markets overlaps are the best for conducting trading operations. You should always remember that the trading session should represent your currencies, e.g., European and American sessions for EUR/USD. Of course, trading during the most volatile hours doesn’t necessarily mean that you’ll make money. Your trade should consist of such fundamental layers as analysis, strategy, discipline, and rationality.
JustMarkets is the world’s trusted broker that offers 180 popular trading instruments. By having a trading account on JustMarkets, you benefit from advantageous conditions, including high leverage, low spreads (from 0.0 pips), as well as commission-free deposits and withdrawals. And if you have any questions, there is a helpful support team working round the clock to ensure you have the most convenient trading experience.
What Time does the Forex Market Open in Malaysia?
The forex market operates from 5 a.m. MYT on Monday until 4 a.m. MYT on Saturday.
Which Broker is the Best in Malaysia?
The best forex broker is the one that offers comfortable trading conditions. JustMarkets offers leverage up to 1:3000, spreads from 0.0 pips, and commission-free deposits and withdrawals. You can try joining our forex family and make your own conclusions.
Can I Trade Forex With $10?
The amount of your deposit depends on the trading conditions of a broker you cooperate with. JustMarkets offers an opportunity to start trading with $1.
Is Trading Forex a Good Idea?
Forex trading is a great source of income, and there are a lot of traders ready to share their achievements and best practices with beginners.