What is forex trading? It’s freedom – due to the round-the-clock market operation in different parts of the world, hundreds of thousands of traders choose what’s best for them: time frame, asset, strategy, objectives, amount of a deposit, etc. There might be a lot of questions in the beginning of your trading journey, and this article aims to emphasize the essential aspects of this profession.
Why Should You Consider Forex Trading in Indonesia
There are actually more reasons why forex leaves other markets behind.
- Forex market operates 24 hours a day from Sunday to Friday (WIB). It allows traders to make their schedules flexible and draw income anytime and anywhere. Trading starts with the Pacific session (Sydney) and ends with the American session (New York). There is a high market volatility observed during the overlaps of trading sessions, which signals a great opportunity to sell or buy an asset. You can check the forex market hours and trading sessions here.
- Being a beginner-friendly industry, forex market professionals have a lot of educational resources and recommendations to offer. Moreover, there are many brokers that provide 24/7 customer service ready to resolve any emerging issues, and JustMarkets is proud to be one of them. Whether you are a professional trader or a newbie, this is where you’ll never be left alone.
- Currency is the most liquid asset among others. It implies the following – the process of buying and selling a currency is relatively easy (in case of any uneхpected market turns, it’s never a problem to leave a trade quickly.)
- Trading conditions differ from broker to broker, and if we talk about broker’s commissions, they are pretty affordable. For example, JustMarkets offers spreads from 0.0 pips, where a spread is that difference between a broker’s sell and buy rates.
- It’s possible to trade with high leverage (up to 1:3000). Leverage allows you to conduct trading operations with borrowed money from a broker. That’s not a good option for beginners, but professionals really find such an opportunity helpful and gainful.
Read more: Is Forex Worth Investing In
What is the Best Time to Trade Forex in Indonesia
Standard business hours is not a scenario of the forex market, that’s for sure. Starting from 5 a.m. WIB on Sunday until 3 a.m. WIB on Friday, hundreds of thousands of traders around the world choose the appropriate time slot to earn, achieve, learn, make decisions, and mistakes.
Yet, the time you choose for trading operations strongly influences their profitability. You should know that there are four major trading sessions in the forex market.
| Area | Opening (WIB) | Closing (WIB) |
|---|---|---|
| Sydney (Pacific trading session) | 04:00 a.m. | 01:00 p.m. |
| Tokyo (Asian trading session) | 06:00 a.m. | 03:00 p.m. |
| London (European trading session) | 02:00 p.m. | 11:00 a.m. |
| New York (American trading session) | 07:00 p.m. | 04:00 a.m. |
There is high volatility observed during the overlap of two trading sessions, and that can lead traders to more gainful results. If we talk about Indonesia, it is recommended to trade from 7 p.m. until 11 p.m – that’s when London and New York exchanges are open. The US dollar is paired with many other currencies, so the above-mentioned time frame is highly volatile for the pairs that include USD. You can also consider the overlap of other trading sessions since it all comes down to the time that works best for you.
Read more: The Importance of Discipline and Patience in Forex Trading
How to Open a Forex Account in Indonesia
Just a few steps, and there you are – a real trader with strong-minded objectives.
- Register with a broker;
- Fill in a short online form using your personal email address;
- Download an MT4 or MT5 trading platform;
- Start trading.
How Much Money do you Need to Start Trading
It’s possible to start trading with as little as $1. However, you should remember that the amount of your earnings strongly correlates with the amount of capital you’ve invested (your deposit). If you’re not ready for standard account conditions but feel confident enough to leave a demo account just for testing how strategies work, then you can try a cent account. This one will definitely improve your money management skills even if the amount of your deposit is 10 cents – smaller risks, real funds.
Your knowledge and experience should dictate what amount to deposit, what trading account type to choose, what strategy to use, and what currency pair to trade.
Your Forex Broker
Finding a trusted broker is crucial. There are a lot of brokerage firms offering their services in Indonesia, so choose the one that meets your values. If you gain confidence in your broker, that will help you concentrate more on trading itself – developing strategies, conducting market analysis, choosing the time slot, etc. What criteria should you pay attention to to make your trading process seamless?
Reviews. That’s how you know the true face of a certain broker. Every trader who is willing to share details of his/her cooperation with a broker has a great opportunity to do so and thus help others in the decision-making process. You can check customer reviews on such independent platforms as Trustpilot.
Fee-free deposits and withdrawals. Yes, there are brokers that, according to their policies, charge a fee for these services. JustMarkets offers an opportunity to save your money by saying "yes" to profitable trading conditions.
Spreads. Consider cooperating with brokers that offer tight spreads (a difference between sell and buy prices).
Leverage. The amount of leverage your broker is ready to provide defines the financial strength of that broker.
24/7 support. Knowing that there is someone always ready to assist in case you need help makes you more determined and balanced. Despite the fact that the forex market operates five days a week, there are brokers that understand the importance of providing support services 24/7.
Read more: Best Forex Trading Books for Beginners
Final Words
Devote enough time to learning and keep it systematic. Trading is all about rationality since there is a lot of information coming from different sources, so it’s important to sort it out and understand which one is determining according to your trading scenario.
The success of your journey also depends on your broker. Make sure it’s the one that cooperates with the best liquidity providers, so traders receive accurate market data. Just a little bit of research goes a long way and significantly increases the odds of profitable trading in the competitive environment.
About JustMarkets
JustMarkets is the world’s trusted broker that offers 180 popular trading instruments. By having a trading account on JustMarkets, you benefit from advantageous conditions, including high leverage, low spreads (from 0.0 pips), as well as commission-free deposits and withdrawals. And if you have any questions, there is a helpful support team working round the clock to ensure you have the most convenient trading experience.
Try your hand at currency trading by opening a demo account on JustMarkets. It’s a quick and risk-free way to master trading in the most liquid financial market. A practice account will help you learn trading basics and develop a strategy before investing money. Start trading today to take care of your future tomorrow.
FAQ
What Time Does the Forex Market Open in Indonesia?
The forex market operates 24/5 in different parts of the world. To make it more specific, the time frame is the following – it starts working at 5 a.m. WIB on Sunday and closes at 3 a.m. WIB on Friday.
Which Broker is the Best in Indonesia?
The best broker is the one that offers comfortable trading conditions focusing on clients’ needs. Tight spreads, zero-fee deposits and withdrawals, high leverage, and reliable customer support ready to resolve any issues 24/7 – that’s what you should place emphasis on in the first place.
Can I start Trading With $10?
The amount of your deposit depends on the trading conditions of your broker. With JustMarkets, it’s possible to start trading even with $1 by opening a standard account.
Is Forex Trading a Good Idea?
Due to its flexible hours and availability, forex trading is a great source of income. However, that’s where success is determined by motivation, objectiveness, and discipline. Those who want to earn quickly and effortlessly shouldn’t consider forex trading at all.
by , 2021.09.08