Due to the growing popularity of forex trading, it’s impossible to stay on the sidelines. What does it take to become one of those confident traders? Is forex trading for you? Find out more about the nature of this industry and have a look at the list of top Indonesian forex traders in 2021.
What is Forex
Currencies are our everything, and the FX market is where you can trade them. A particular aspect of this market is that it operates electronically, meaning that trading operations are conducted via a network of computers by hundreds of thousands of traders across the globe. Being open 24 hours a day, five days a week, it became a great alternative to different sources of income – traders can keep their schedules flexible.
The price of a currency pair is strongly influenced by trade flows as well as political and economic events around the world, affecting the supply and demand curve of the forex market. This is where volatility comes from and offers new trading opportunities – increased volatility means that it’s easier to find buyers or sellers of a certain currency pair.
There are four major forex trading centers – New York (American session), Sydney (Pacific session), Tokyo (Asian session), and London (European session). There is a certain currency pair that leads the market due to its high volatility during each trading session. Let’s say trading EUR/USD is recommendable during the overlap of the American and European trading sessions. You can read more about the operating hours of each center here.
The Importance of Learning and What to Start With
What are your objectives and priorities? The thing is that this question can significantly sort a lot of things out. If you focus just on quick earning, then we have bad news for you – forget about trading. This is where you put maximum effort into learning and accept the fact that it’s an ongoing process. The way you start defines how big your chances of making this profession profitable are. The practical part is impossible without theoretical knowledge, so ignoring the latter will definitely lead you to losses.
A good beginning is half the battle.
As a novice trader, you should start by reading up on the aspects of the forex market, its trading sessions, working hours, the most active trading hours, risk management solutions, etc. Don’t have any doubts that you will find any information or recommendations you need - there are a lot of resources available on the Internet. Videos, courses, books, articles, forums will become your guides throughout your trading journey. JustMarkets team creates high-quality materials that work as a booster of traders’ competence. You can find some helpful tips by visiting our educational section.
It’s a good practice to combine theory with practice to find knowledge gaps. Consider opening a demo account which is a risk-free way of understanding the mechanisms of actual trading. Since there is no deposit required in a demo account, the funds you’ll trade won’t be real. The knowledge you get here is your earnings.
Once you feel that confidence and achieve good results but are not ready for serious investments, try opening a cent account. It’s a good one for improving money management skills since you’ll conduct your trading operations with real funds. As a more serious alternative, you can open a standard account where it’s enough to deposit $1 for opening a trade.
Choosing a Broker
Just imagine that you can concentrate solely on trading and don’t worry about anything else. Such a scenario is possible assuming you cooperate with a reliable forex broker. How to find the one considering that there are a lot of brokerage firms to choose from? What criteria should be prioritized?
- Reviews. Such independent platforms like Trustpilot share the details of traders’ experience from cooperation with a certain broker. Try to focus more on detailed reviews where real benefits are mentioned.
- Fee-free deposits and withdrawals. There are some brokers that charge fees for such services. There is always an option for you: you can pay more for conducting your trading operations or less for the same activities. Save your money for trades.
- Spreads. A spread (difference between sell and buy prices) is also understood as a commission you pay for broker’s services. Those that offer tight spreads really deserve your consideration.
- Leverage. How strong is the financial stability of your broker? As borrowed capital from a broker, leverage offers you broader trading opportunities.
- 24/7 support. No matter how experienced you are, there are always unexpected turns where you need assistance. The 24/7 availability of a support team makes traders more rational, calm, and determined. Yes, the forex market does work five days a week, but you still might have some gaps to work on during the weekend.
- Order execution time. Well, it’s simple here – the faster, the better.
Read more: How to Start Trading Forex in Indonesia
Top Indonesian Forex Traders
|Volume traded in 2021, Lots
|Total profit, USD
|AUD/USD, NZD/USD, AUD/JPY
|EUR/AUD, EUR/JPY, TRY/JPY
|AUD/CAD, EUR/JPY, GBP/JPY
|XAU/USD, EUR/USD, GBP/USD
|XAU/USD, XAU/EUR, XAG/USD
|Harsaya Budiyanto M.Farm
|UK100, US100, DJ30, US500
|EUR/USD, GBP/USD, USD/JPY, USD/CHF
|Tasnim Manullang M.Farm
|EUR/AUD, EUR/CAD, EUR/NZD, EURGBP
|Edward Wacana S.H.
|CAD/CHF, CAD/ JPY
|EU50, FR40, EUR/USD, GBP/USD
Read more: Is Forex Worth Investing in
Forex trading is all about the right priorities. You should understand the importance of systematic learning to find the right way. Not all recommendations are worth your attention and time, but with practice, you will launch the process of determining what is what. All you can do for now is just start and focus on the coherent approach. Who knows, maybe one day you will appear on that list of top forex traders in Indonesia.
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.
Try your hand at currency trading by opening a demo account on JustMarkets. It’s a quick and risk-free way to master trading in the most liquid financial market. A practice account will help you learn trading basics and develop a strategy before investing money. Start trading today to take care of your future tomorrow.