Today, many people who pursue a career as a forex trader. Most of them make it as a side job while others pursue this profession and make it as a primary source of income. Well, apart from the main or second job so, what is the duty of a forex trader? Maybe any of you who will wrestle this career?
Career in the field of forex trading starting from preparing the funds to be invested. Not only that, beginners usually learn in advance either by himself or through the course. You can learn on their own by opening a free demo account for 30 days. Thus, you can learn and practice. Then, following a forex trader jobs in general:
Creating a trading plan
Trading plan is a critical element for success. A forex expert of my acquaintance suggested “Plan your trade, and trade your plan”. We must make a plan about when to carry out such trading? Methods or strategies are used? How much money? Create a detailed plan and clear then keep sticking when will you start trading.
Analyzing fundamental & technical
Furthermore, forex traders need to analyze the forex market conditions. There are two types of forex trading analysis of the fundamental and technical. Fundamental analysis is a method of analysis that is related to economic factors, e.g. GBP, monetary policy, etc..
Meanwhile, the focus on the technical analysis of currency directly. This strategy requires the trader to see a graph or chart to determine market trends. Important element in forex technical analysis or analisa teknikal forex is the candlestick, moving averages, and support and resistance.
Managing the risks
Risk management is an important thing that every forex trader should be applied in order to maximize profits and minimize losses. Determining the stop loss is one of the tricks to manage risk in forex trading.