Any citizen of Thailand looking to enter the world of forex market should intake formal and informal information enveloping the foreign exchange market. Following the tips, make your journey to the forex trading packed with security and fulfilling.
Get a solid internet connection: The era of over the counter transaction is bygone. Now, everything happens through an internet connection. Selling, buying, order booking and transfer of messages make for more than any other task. A slow internet would directly mean loss of money besides time. Also, while trading in forex, a fraction of time would mean altercation in the world. That would amount to change in fortunes for a person. Hence, before landing onto a forex broker, make sure you get gan access to the best data connection in the market. It would enhance the process, and you won't miss an update regarding the market happenings.
Broker is the steamer:- If a beginner wants to sail through in the sea of forex trading, then picking up a right ship would be more than necessary for a trader. It is deemed essential to check the background of a broker and see all reviews. Several cases testify that fraud brokers exhibit their might through a flashy website and run away after drawing money. But people can avert them by checking their regulating authorities. Cheaters are regulated by none.
The Thailand Bank (BB) facilitates transactions to only licensed dealers. Thus, any other broker that does not fall under their category is a scammer. Besides, the Bank of Thailand is there to accentuate confidence in retail investors. Apart from that, TSEC is another regulatory body that keenly undertakes any mischievous activities and languishes them simultaneously. So, stay away from any offshore broker that comes with only talks and no substance.
Create an account: After picking up the right broker, the buck stops next at the account creation. An online broker may exhibit a few options based on the demand and requirement of a trader. Features and fundamentals may differ. Also, the limit of leverage, margin, and charges on deposits and withdrawal may vary broker to broker and distinct accounts. So, inquiring brokers for meeting the needs is an important step a novice trader should initiate. Fill the required details and take a step further for trading.
Try out demo account: After registration with the broker, it is now time to check all features packed by accounts using a demo account. Often, one can operate these demos for close to thirty days, which is a reasonable time for getting accustomed to all tools used in trading. Oinvest has that facility for traders of Thailand.
Connect with bank: Having ensured everything, it is now time for connecting the bank to the broker account for receiving and withdrawal of funds. Simple steps of formality would assign the transactions.
Deposit funds: Connection with a bank is a step further for trading. However, based on provisions by a broker, people can also use other methods like debit and credit card, e-wallets etc.
Choose the asset or currency pairs:- Choosing a currency can be a hefty task. All measures like the geopolitical and social structure of a nation must be preferred and closely looked before zeroing in on a currency pair
Start trading: When everything falls into place, it is the time to begin trading. But there's a method to every madness. Below are a few guidelines a beginner must adhere by:-
Forex is possibly the largest financial market ever. So, volumes are higher than one can anticipate. Hence, keeping in mind some essential things can keep a trader floating in profits.
Never overtrade: There are times when the forex market fluctuates more than the normal. Traders surface opportunities to put their bucks in it and try to go beyond their limits. It may reap the rewards to a learned person, but a beginner would sink in the wave without even realising. There's a different plan in place to get past the tides. And somethings come through experiences. Hence, traders of Thailand should put up a bar initially and control their eagerness.
Observe the market:- Trading comes later, it is the observation that can be helpful for traders from Thailand. Watching the same thing over and over again helps to get mastery over the domain. The rule applies to the foreign exchange market as well. There is a pattern in the forex market if a trader decodes that successfully, then seldomly out of exceptions there would be any losses. Profits will dwarf any misfortune by miles.
Have patience Nothing is honky-dory or comes served on a platter. One has to wait for forex currency pairs to hatch in a better deal. However, even holding them for a longer time would amount to good interests, just like a bank does. Waiting is always better than getting into losses. Every currency has its time.
Avoid excessive risk-taking:- Money begets money, but to what an extent? That is the question a novice Thai trader needs to ask from himself/herself while going in the high-risk zone of forex trading. It is a thin ropeway over a steep valley. A wrong step would splitter all the hard-work and money earned. Hence, no matter how alluring or attractive the offer looks, keep at a safe distance after taking not more than two per cent of perils, one must stop.
PS for a beginner: Gravitating toward huge risk in return for big money is nothing but an attempt to lose everything once earned.
Strategise:- Everything purchase and sell should be logical and must invite brainstorming. It will push profits on the edge for the trader.
Put up stop-loss limits:- The step will curtail the possibility of losing money. Once a forex a currency pair goes against the expected lines, the deal would be dismissed and the trader from Thailand would save money from drowning.