How Modern Brokers Like Octa Can Help Traders In South Asia Avoid Mistakes And Manage Risks

Online trading platforms can offer more than investing. Modern brokers also help traders manage risks, increase returns and grow. And this trend is welcomed by Forex traders worldwide.

While brokers compete with each other, we, traders, should benefit from it. And one of the ways to do that—is learning. While competing for the customers, brokers give out tons of free quality information. 

One of such brokers is Octa. They don't just show you the basics but also educate you to use some advanced trading techniques available on their platform.

Here are the top 3 common mistakes you can avoid by combining knowledge and the Octa platform's features.

A lack of analysis or a plan

New traders may see something on YouTube or TikTok and think they can replicate it without too much extra learning and analyzing. They may then jump head in with no plan and quickly lose all their money.

Many brokers offer illustrated user guides, forex trading manuals and trading tutorials. But Octa went further and now has a YouTube channel with webinars, analytical materials and live trading sessions you can follow and copy. And you can always reach out for help in the comments to more than 1 million traders subscribed to their channel.

When you have your trading strategy written out and thought through, you can test it with a free demo account. Use it to check all the new trading ideas before putting real money to work. 

Engaging in emotional trading

Different feelings can trigger this, but the outcome is often the same: selling low and buying high. Traders may hang on too long or get out too quickly, or they may not execute the trade at all.

Modern brokers also focus on equipping their traders with the tools for effective risk management. Modern brokers offer traders educational and planning tools and the ability to put stop-loss and take-profit orders on all their trades. A stop loss is a trading order you can use to close the trade if it underperforms. A take-profit order is a trading order to close a trade when it reaches a certain profit level. A stop loss order helps traders let go before it's too late, while a take-profit order can fix gains before the market changes direction. On top of that, you want a broker that provides clear and transparent conditions for the responsible use of leverage, thereby helping traders manage risks effectively.

Octa likes to think it falls into the category of smart-trading solutions. It supports three trading platforms: MT4, MT5 and OctaTrader. These platforms offer a combination of time-tested features and modern tools for tech-savvy traders. Through its platforms, the company says that traders are connected to opportunities in currencies, commodities, indices all in one place. 

To learn more about Octa's modern broker offerings, click here. 

Taking on too much risk

Any trader worth their salt knows all too well the concept known as "risk of ruin". This is the likelihood that an individual will lose so much money through an investment or trade that there is no chance they can recover those losses or continue to trade. 

But this is not always solely the traders' fault. Sometimes, it happens when they aren't fully aware of the terms and conditions written in fine print. Transparency is yet another key component of a good broker. After all, they know the key to success is long-term relationships built on trust and mutual respect. It’s why modern brokers like Octa provide full transparency about their terms and conditions, whether it's the amount of fees or any other additional charges. Octa claims to have zero trading fees and no hidden charges, enabling traders to make informed decisions without combing through the terms and conditions page. And that is across the board.

The modern broker has it all: quick access to global markets, educational resources and a transparent approach to trading. Octa says it checks off all those boxes. See if you agree. Click here to learn more about Octa. 

Ready to get started with forex trading and making profits with proper risk-management strategies? Click here to learn more about Octa. 

Featured photo by Behnam Norouzi on Unsplash

This post contains sponsored content. This content is for informational purposes only and is not intended to be investing advice.