Open position (OP) is the first step in forex trading. Traders may be able to open positions with just a few clicks on a laptop or just pressing a cell phone keyboard button. However, instead of making a profit, such reckless actions will actually make the trader lose money. Therefore, novice traders must know how to open forex positions correctly as more experienced traders do. Here's how to determine a good open position.
Open Buy
Sometimes traders still ask when to open buy, if you buy, the price is afraid of going down. If the wrong open buy can actually make traders stressed. When a trader wants to open a position for the first time, for example when open buy, sometimes the trader has to decide to open with a very long analysis. Even though it is enough to follow the direction of the current trend according to the signal conditions in the trader's system.
Open Sell
The point is that traders must understand the signals that traders use in the trading system, the more traders understand the system that traders learn, the traders will know when to open sell. For example, when the market is in a down trend and coincidentally the signal on the system crosses or overtakes, the trader can immediately take a sell action right away. At the same time prices sometimes fluctuate, and make erratic movements. Stick to one goal, which is to follow the rules of the trader's system. Do sell when there is a cross or over, and don't do anything when there is no signal.
Watch the Trend
Before a trader makes a transaction, look at the trend and analyze the trend first and do not open a position when the trader does not know the direction of the trend. Believe today's movement will make you sick if the trader does not know the prediction of the movement. If the trader already understands the trend, then the trader can make sure that the predictions that the trader uses are really convincing and can be accounted for.
Prepare Money Management
This is the life of a trader's account after a trader knows the movement of the trend with a predictive vision. Without money management, transactions will be uncertain. Organized transactions are made by preparing proper management. So without money management, trading traders will be in vain. Money management itself is sometimes ignored by some traders who actually use large transactions.
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SNR (Support and Resistance) is fairly popular in the world of forex trading. This is one of the most frequently used techniques in technical analysis. Without it, traders will experience difficulties and even lose in carrying out trading activities. The support point is the point which is believed to be the lowest point of an asset in a certain period. While the resistance point is the point that is believed to be the highest point of an asset in a certain period. In simple terms, support and resistance are likened to the two most discussed attributes in analysis where support is a level that has the potential to withstand price declines. Meanwhile, resistance is a level area that has the potential to hold back price increases. These levels are used to determine whether the price will continue or reverse. Basically, SNR aims to find out the right area when taking a buy or sell position and determine the target price movement. The support area is generally an area used as a reference f
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