Forex trading has gained popularity across the globe because of its flexibility and low threshold.
Almost anybody can start Forex trading without needing to have massive funds to invest with. However, each country does have different financial infrastructures, which could lead to some confusion on the operation side of Forex trading. That’s exactly why we put together this short guide so you can start forex in Malaysia.
Why Invest in Forex in Malaysia?
Forex trading became officially legal in Malaysia in 2012. The trading period is open from Monday at 5 am all the way through Saturday until 4 am local time. Compared to the stock market, Forex trading is a more disciplined way to generate profit. And compared to cryptocurrency, the legality in Forex trading certainly puts many at ease.
Establishing Your Trading Strategy
So, where should you start? The strategy.
Understand your trading style and create a written plan that will guide your action. Understand your risk tolerance, plan your investment funds, and make sure you have an exit strategy in place. Remember that Forex relies heavily on research. Therefore, spend some time educating yourself about the Forex market as well as the trends of the currencies you’re interested in.
Finding the Right Broker
To ensure your success when you invest in Forex in Malaysia, you must have the right tools and strong support, both of which come from finding a trustworthy broker.
When looking for a suitable broker, pay attention to the following items:
- Is the broker legitimate? Are they endorsed by highly credible parties, or can they present a record of success?
- Do they have a robust support team available whenever you need them?
- What currency pairs can you access via this broker?
- Does the broker provide any additional resources, such as a currency strength meter or an information center to help you make better, more informed decisions?
Remember, a broker is more than a mere trading platform. It is meant to be your most reliable forex trading partner.
Trial with a Cent Account
Once you’ve familiarized yourself with the forex market, open a cent account and start trading with real money. If you want to invest in forex in Malaysia, we recommend you focus on day trading, and a great way to develop a day trading strategy is by trialing with a cent account. Cent accounts invest in cents and therefore do not pose any real monetary risk to the trader. But working with real money will help the new trader craft the right mindset needed for larger volume trading.
Are you ready to start forex in Malaysia? Begin with establishing a strategy and finding a reputable broker, as these will be the core pieces in your forex trading operation. Then, get comfortable with investing using a trial account that doesn’t involve real money, and move forward to a cent account where the investment amount is too small to cause any real damage.
Eventually, you’ll need to own it and enter the real game. Don’t worry, you’ll be fine as long as you remain calm, conduct research, and reflect often. Good luck!