The spread of the Coronavirus has stopped many activities. However, not all activities are affected by these restrictions, one of which is forex trading.
This is because you can trade forex anywhere, as long as you have a good internet connection. For beginners or part-time traders, now is the best time to maximize your trading efforts.
However, not all traders are comfortable with this situation, especially because various trading problems at home often make them fail to focus. Additionally, the trading problems also cause traders significant losses.
Check out some trading problems at home that often occur:
Too much interference
Some novice traders complain that they cannot focus while trading at home because of many distractions from family members. It is very vulnerable to occur in traders who live in the scope of large families or live with many people.
Trading requires calm both physically and mentally. Therefore, physical conditions and calm trading psychology will produce the right decision.
Then what’s the solution?
You must find a time and a place to be alone. Within 24 hours a day, set aside a few hours to focus on forex trading. Also, you should make sure that you do not have interference from other residents at that hour.
In other words, try to make your own time and workspace at home. Then, you should trade at that time with discipline and consistency.
Difficult to be disciplined and consistent
According to Forex Training Group, forex trading takes hard work, discipline, and the right personality to be profitable. Discipline and consistency sound easy to say but are very difficult to do. Some beginner traders often struggle to be disciplined and consistent. Usually, this arises due to the effects of bad time management.
Basically, forex trading is a free activity. Forex traders are the boss for himself because there is no working time bond like office employees in general. But in fact, trading can be a difficult job because you cannot be disciplined and consistent.
The best solution is to determine from the beginning of your trading time regularly. Then, you have to avoid delaying trading time and do it routinely, unless there is something very urgent.
Not having enough trading capital
It is undeniable that forex trading also requires capital. For professional traders, this might not be a problem. But for novice traders, trading capital can be a difficult problem.
Moreover, with the lockdown and Work From Home (WFH), the main income in the real world will decrease. Thus, the allocation of funds that should be for trading, it is used for other more important needs.
The best solution is that you should not use daily fund allocations even if you cannot meet the desired trading capital. You can take advantage of promos from brokers that offer no deposit bonuses to get relief.
If you can profit consistently and exceed the minimum withdrawal limit, the funds in the trading account can be withdrawn or traded again.
Supporting device problems
At present, you can do online trading through a personal computer (PC) or laptop and stable internet. However, traders often want to have more sophisticated tools for more optimal analysis.
However, what if you don’t already have these devices? What is the solution?
As a beginner trader, especially those who are still part-time, you should trade with basic tools that you can reach easily. In fact, you can also trade via Android devices only.
Currently, forex brokers have made innovations to accommodate the needs of traders via smartphones. Even to monitor forex news and analysis, you can also do it via the Android application.
Read more: Should I Start Trading at Home?