There are various types of accounts which are offered by brokers and it can be pretty confusing for a beginner. For a beginner, the best tip for trading forex is to start off with small sums and low leverage, and slowly adding up to your account as it generates profit. Currency trading can be complicated and very chaotic making it difficult to master all the different kinds of financial activity that goes on around the world.
So it is important to restrict your trading activity to a currency pair which you understand and are familiar with. The first step is to be aware of your risk tolerance and capital allocation for Forex trading to ensure that it’s not lacking or excessive. If you have a decent understanding of leverage and trading overall, a standard account is a good starting place. You can either start trading the currency of your country or stick with the most widely traded pairs.
You can expand this as your skills increase but for beginners, I would highly recommend sticking with a pair.
Once you know exactly what you want from trading, you can work on defining a time frame and a plan for your forex career.
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