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Tips to Start Trading Forex for Beginners

Tips to Start Trading Forex for Beginners

Tips

Have you ever think about looking for money through foreign exchange (forex)? Trading forex is one of traditional investments. One of popular forex is USD. There is many kind of trading forex. On this article, Check In Jakarta will discuss about forex traditional investment. These are five tips for beginners who want to try their luck in trading forex as we quote from Finansialku.

1. Learn It First
Trading forex is high risk! Because there is a lot of things that you can’t control. For those wanting to start, it is better for you to learn it first from the expert who knows much about trading forex. If you trade well, then it is possible the fortune will comes to you.

2. Check the Exchange Rate and Other Rates
Before you start trading forex, you need to know about the rate. One of those is exchange rate or buying and selling rate. Many people can’t distinguish among buying and selling rate yet. If you go to bank or money changer, you will find a sign or something like below:

Currency        Buying                               Selling
USD              14.521 (19/11/2018)           14.667 (19/11/2018)

You should read that from bank or money changer side. As example, buying rate means bank rate when they want to buying your USD at Rp 14.521/dollar. Otherwise selling rate means the bank rate when they want to sell their USD harga jual, which means the bank will sell at Rp 14.667 per dollar (then, you can buy USD at Rp 14.667 per dollar).

3. Buy at The Trusted Ones
You might ever heard some forex fraud or forgery case. If you are a beginner, you better be extra careful. One of the easiest ways is buying forex at the bank or certified money changer.

4. Knowing the Rule
Do you know that bank does not want to accept or will cut your dollar value if they are in bad condition, such as folded or dull? The value of physically disabled forex will so. You should keep it safe very well. The best way is keep it at the bank or safe deposit box (SDB)!

5. Knowing Well the Best Time to Trading Forex
Forex value is so depend on the situation of Indonesia’s macro economy and related countries. You should understand about economic news, so you will knowing well when the best time to trading forex.