From approximately 2 years of Covid, 19 hit The world paralyzes all sectors, large industries are shaky small industries are out of business employers to reduce the impact of employees at home, traders are empty of buyers, artists cannot perform, shops are closed, hotels are empty, entertainment places have no visitors Finally we all loss of a job.
Then what should be done? Expecting government assistance? In addition to not being able to cover all the needs, the big question is until when? For that, We must innovate to maximize what is available and the solution is to use an internet connection to get money, many things can be done with the internet, not a few who are successful, for example, you tubers, gamers, celebrities and traders among them, in essence, those who want to learn to stay focused are also consistent, have reaped the rewards by living well.
Choosing a Broker.
Several things must be considered in choosing a broker, of course, each country has a broker regulator, for AZA it's FSA (Saint Vincent & Grenadine). Then choose a broker who is actively promoting (NO Deposit bonus, 120% deposit bonus, Cashback, a Loyalty program that is carried out continuously (monthly, 2 weeks, weekly), Daily, some even take hours) and many more promo methods commonly offered by brokers. Also choose a broker that offers a lot of trading systems with low spreads, no commissions, swap-free, etc. These are things that must be taken into consideration. to choose a broker where we trade in addition to of course the many available deposit methods (Bitcoin, Cards, Ethereum, Perfect Money) and others.
After getting the preferred broker, then register to open a live and demo account ... complete the data on the form provided, submit personal data and proof of address for validation, after the usual verified account we get full access to the dashboard area for example to open an additional account, take part in contests, deposit, withdraw and others.
Beginners are advised not to deposit funds first. Use a demo account to practice, look for trading tutorials on the internet, enter the telegram group, just to share experiences and find info about trading, be diligent in participating in trading seminars so that we get knowledge from the right sources, but that's all there is no meaning if we do not trade often, why? because by doing these activities there will be a lot of experience than with that experience opens the way to success. doesn't more experience make us experts?
After all that has been passed, are there times when we are in a confusing situation to make a decision, open buy or open sale? Because previously the market was difficult to analyze, the take profit we made was never touched even though the price moved in the direction we expected but reversed before arriving. ironically the stop loss that we make is overtaken by the price, then the price is not long then reversed in the direction we thought, so the situation is that the transaction we make is always in a losing position. Then the margin call for the balance is up again and again.
It feels like this situation is a stage that all traders must pass. On one occasion the profit multiplies to hundreds or even thousands of %, but on another occasion, you lose a lot until the balance runs out, of course, stress ...! That at first but over time we will get used to it and in the end, we easily reverse the situation (losses are always less than profits) By itself, the balance continues to increase.
In my opinion, several rules must be adhered to in trading.
Recognize price movements.
If you look at the platform, the price moves to form patterns and these patterns are always repeated, and these patterns are always present in all price trends (uptrend, downtrend and sideways). Some are grouped into Candle Patterns and Chart Patterns, some describe moving prices to form support and resistance where when in that area the price is usually reversal, although often the price breakout or breakdown this situation is usually what makes traders lose a lot, hoping that the price reversal because it is in the area of support or resistance, it turns out to be a breakout or breakdown, unfortunately, we continue to add transactions (martingale action) while the price continues its trend then what happens, in the end, the portfolio is zero or even minus.
After recognizing the price trend, then analyzing where will the price go? Of course, patience is needed here because we have to wait for the price momentum to be in the support area to open buy or wait for the price to be in the resistance area for open sale at the same time we also set stop loss and take profit with a ratio of 1: 2 means that if we specify a stop loss of 50 pips from the open price, we also determine a take profit of 100 pips from the open price.
Managing emotions and finances.
This is as important as what has been said before, throwing away the feeling of wanting to increase your balance quickly because this desire will remove control, because the desire for profit many open positions blindly without taking into account the resilience of capital, remember trading just like any other business needs careful calculations. do it step by step, for example, Open positions little by little first, for example, 0.01 lot, then increase as the balance increases. It is recommended that there is a daily profit target as well as daily loss tolerance meaning that if the nominal has been achieved both profit and loss, trading activities are stopped for continue to the next day. Of course, this is also good for the body so that it is refreshed after getting rest.
Keep Learning, Stay Focused and Consistent.
According to data, most traders experience losses, the information is that 74% of traders lose their capital, why? Because they are always in a hurry, don't want to wait for momentum, they don't have a clear trading system which means always changing strategies when losing even though trading is enough with one strategy in the simplest way but it is carried out continuously (Consistently) then we only focus on the beneficial parts of the strategy and also focus on the disadvantages of the strategy, of course, this is what must be avoided, believe me, in trading there is no way 100% true, this is the business analysis that is talking about, of course, the biggest possibility.
At the end of this article, I will conclude or give little trading tips, especially for reviewing how we know prices move because there is demand and supply and in the end always reach balance, of course, this is a big picture to be used as a handle for us as traders that wherever we open a position. regardless of whether it was predicted or not, eventually, the price will return or at least pass the direction in which we opened the position. so often our transactions from a loss then turn to profit or vice versa from profit to loss because it does not immediately close the transaction, for that I think scalping is not a problem but it is better to maintain a more profitable position, for example, we set a 4-hour timeframe to leave the position open 8 hours to 12 hours And all of them to stick to the trading rules that have been explained previously. So when the profit is sufficient, we close it as well as when the loss has reached tolerance we will cut the loss, what is the sign? support and resistance signs for open & take profit transactions as well as breakout and breakdown signs for cut loss…good luck regards to profit.