The rules regarding forex trading don’t differ in Indonesia as it does in other parts of the world. There are no restrictions regarding money that traders in Indonesia go through as with the money that you can deposit in your account. Forex trading, otherwise known as Foreign Exchange Trading, is one of the most popular forms of trading all over the world. Even when you live in Indonesia, you can still very much make an adequate amount of profit through forex trading. In this article, we’ll be talking about forex trading Indonesia and all the basics you need to know.
Find a stable internet connection
You ultimately can’t begin trading without a stable internet connection. It’s a must-have before moving forward as a forex trader in Indonesia. Having a stable internet connection will give you access to your broker of choice and it will give you access to the live forex exchange market itself. In addition, you need to be updated with the current forex market news to succeed in forex trading.
Find the right broker
The next step in forex trading would be finding the right broker. You can’t directly buy or sell in any currencies in Indonesia. Instead, you need to work through a forex broker. Various forex brokers offer great services that perfectly fit your needs. Certain brokers offer high leverage, minimum spreads, and a bare minimum of how much you can deposit. In addition, you need to ensure that the broker that you want to work with is regulated. While unregulated brokers are an adequate choice, for the security of your funds, it’s better to have a regulated broker. Forex broker in Indonesia must be regulated by BAPPEBTI (Badan Pengawas Perdagangan Berjangka Komoditi). Your broker can work as your personal virtual wallet. All of the money that you’ve earned in trading can sit there before you make your withdrawal.
Download your preferred platform
Whether it’s MetaTrader 4 or MetaTrader 5, a platform gives you the control to your trades. You’ll see in any platform all the functions that you need to execute or exit your trades. You’ll also be able to see your running trades in your preferred platform. However, make sure that the platform that you choose is compatible with your broker. There are a lot of flexible brokers who offer a lot of platforms to every trader, but there are also brokers who are limited to offering one platform.
Fund your account
Once everything is done, it’s the best time to fund your brokerage account. There are a lot of Indonesian brokers that support electronic bank transfer. They also support the use of digital wallets like Perfect money to fund your account.
Place your first trade
When the funding has been settled, it’s now time to make your first trade. There are a lot of brokers in Indonesia that covers a lot of the market, from the major currencies of the foreign exchange to the minors, from the indices, like silver and gold to the stocks. Picking on what do you want to trade on is incredibly basic. Of course, it’s still recommendable to study on trading strategies and basics before placing your first trade.
As stated earlier, the rules about trading are not that different in Indonesia. Getting into Forex is but the same as any other country that legalizes trading in Forex. However, every trader has a different approach to the game. If you want to try trading, you need to have the mindset that forex will not get you the riches that you have dreamed of. Treat trading as a profession, like a person that needs to go to medical school to become a doctor or a person that needs to go to a law school to become a lawyer. To become profitable, you must walk through the process and that process includes losing trades, getting yourself in a false breakout, or getting your account blown. Every failure is part of the process.
Luckily, we have the internet, you can easily search the trading strategies of every trader around the world and learn from them. Learn the concept of the strategy, and then apply it to your trades. After looking for a strategy that works, you can now watch your money work for you while you just lay back. Again, forex is a profession that needed to be taken seriously. You can lose a lot of money in a snap of a finger, but you can also gain a lot of money, depending on how you approach Forex trading.
