Increased global uncertainty does not generally benefit many industries or money-making programs, but forex trading is a pretty hefty exception to that rule! As the world enters a new stage of unpredictability thanks to a heady mixture of geopolitical tensions, worldwide climate disasters, and even the previously unthinkable possible dislodging of the world’s reserve currency (still up for debate), forex traders are taking advantage and are having a field day.
However, as with anything involving money, you must be extremely careful in performing any action. Following lousy advice or jumping into the deep end without prior research or knowledge will quickly turn the money in your bank account into tumbleweed before you’ve even had a chance to process how much you have messed things up! Choosing a platform that meets your needs and can give you all the tools required to execute trades in a way that will help you make money while maintaining a certain level of caution is perhaps the most essential action to take when it comes to Forex trading.
This post will look at a few of the top trading platforms in Asia and discuss how to keep yourself safe while trading currencies like a boss!
Fibogroups MetaTrader 4
The first option on our list is MetaTrader 4, unsurprisingly the fourth and most up-to-date incarnation of Fibogroup’s renowned trading platform. It is downloadable as a terminal only on Windows operating systems, but you can download it as an app on either Android or iOS, which is arguably where you will be doing most of your trades anyway. Moreover, MetaTrader 4 boasts an incredibly easy interface that should only involve a slight learning curve, even for the greenest traders, but allows you to boost complexity as your skills develop. It also includes handy technical analysis charts that enable you to make informed decisions based on patterns and strategies you might create.
FXTM
Unsurprisingly, for a platform that has such a concise name, FXTM is a great place to begin your trading journey. Moreover, it has solid customer support available 24/7 via live chat or email, making it slightly less scary to start trading with your own money. Nonetheless, compared to other options in this post, it offers a considerably more limited range of functions and tradable products. While it is possible to trade the most popular currency pairs, those with a little more experience will lament the absence of emerging market pairs that provide the opportunity to increase profits based on world events apart from the more common global activities. Nevertheless, FXTM still offers a decent platform that may be beneficial to those at the start of their journey.
XM
You might see a naming pattern emerging here that involves heavily acronymed names (forex companies tend to err on the side of short, succinct names that appeal to their customer base). Whatever the company calls itself, XM is another intriguing choice that might appeal to people in Western and Middle Asian countries. This is because it is the only option thus far to include a particular “Islamic” account. This will appeal to Islamic traders, who are often excluded from the world of financial trading for religious reasons. However, it’s not all peaches and cream, as the platform charges an inactivity fee, which can sting if you move onto a new shiny hobby and forget you had an account, and the prices aren’t among the cheapest around.
How To Stay Safe While Trading Forex
As mentioned at the start of the post, forex trading most certainly isn’t without its risks. Therefore, regardless of the platform you ultimately decide on, you will need to understand how you can stay safe and keep your bank balance in the black.
Perform Thorough Research Before Trading
If you want to avoid burning your fingers, you’ve got to dive deep into research before even thinking about making a trade. Why? The forex scene is as complicated and unpredictable as trying to solve a Rubik’s cube blindfolded. You need to get your hands dirty with market analysis, understand all about the currency pairs that have caught your eye, and stay updated with any news or events which could stir up the market, including the good, the bad, and the positively ugly. Make use of any tools at hand, such as economic calendars, reliable news outlets, and technical analyses; they are there for a reason. They’ll give you an X-ray vision of how this beast called the forex market functions so that you can make intelligent moves instead of just shooting arrows in the dark. The bottom line is that research isn’t optional regarding trading forex; it’s mandatory if you don’t want losses chasing after gains.
Be Cautious Of High Leverage
Leverage in forex trading is a game of high stakes – it can jack up your winnings but also magnify your losses. It may seem like an easy ticket to making big bucks since you can control more prominent positions with less money on hand. But watch out! If careless, things could go south quickly and wipe out your account. Don’t get carried away by high leverage unless you’ve got a rock-solid strategy and risk management plan under your belt. Make sure you know what’s written in fine print about leverage from your broker – no one wants those nasty margin calls or heavy-duty losses knocking on their door.
As an intelligent trader, prioritize risk management and think twice before leveraging in forex trading (or any other form of trade, for that matter). In other words, don’t gamble more than what’s safe to lose!
Set Stop-Loss Orders For Protection
A crucial strategy for managing risks is using stop-loss orders as a safety net. Basically, it’s an instruction to your broker to unload a currency pair when it hits a specific price point. The beauty of this? It allows you to cap potential losses and safeguard your investment capital. Here’s how it works: You set up the stop-loss order, which acts like an exit plan if the market doesn’t go in your favor, thus warding off devastating losses. But remember, there are no guarantees in life or trading! Stop-loss orders aren’t magic shields that prevent all types of loss; however, they do help lower the odds of major financial damage.
Trading forex can be a great way to increase consistency in an increasingly inconsistent world. Nonetheless, it’s vital to select a trading platform that matches your trading style and location preference and heed some of the warnings and advice mentioned in the latter part of the post. Nonetheless, if you have the intestinal fortitude to push your boundaries and take some risk to boost your bank balance, you should end up either creating a decent side hustle or even a job replacement income if you play your cards right!
