Concluding with 2021, all forex tradings in Vietnam are illegal, but that’s far from the reality behind the charts. If you google forex trades in Vietnam, you’ll bump into a Hanoi tutorial video on Vietnamese forex trades.
Many successful investors trade from Vietnam. The way they dodge the State Securities Commission of Vietnam’s regulations (SSC) is simple: buying and selling currencies through international brokerages.
This text informs you on starting forex trading in Vietnam and what FX strategies to consider.
Forex Trading in Vietnam: How To Get Started
Forex trading in Vietnam follows the same procedure for all international brokers. For a successful and reliable trade, follow these guides:
- Secure a steady internet connection – Forex is all about the right timing; therefore, a connection with 0 latency and 100% uptime is imperative. Otherwise, it’s highly possible to miss your opportunity.
- Take a regulated broker – Vietnamese forex trading is still challenging as policies pile up, so finding a good broker is crucial. You can compare forex brokers via Brokersview to find the one for you.
- Sync your bank accounts – Before trading, you have to go through an ID verification process, and you might have to sync all your accounts for a more straightforward trade.
- Load your trading account – You’ll fund your investments through the bank account you’ve previously connected or a debit or credit card. This depends on your broker.
- Choose your platform – For Vietnamese trading, you must choose a trading platform that will suit your investment style and character because the way you trade affects the user interface.
- Dive into investing – Once you confirm the steps mentioned above, the forex market is all yours — best of luck!
Best Forex Trading Strategies in Vietnam
Successful forex trading requires lots of experience because of the timing. Therefore, you must learn some of the fundamental forex trading tactics experts suggest for developing your investment style.
Positional trading refers to a strategy where traders use analysis and long-term trends to profit from the currency trade. In this type of forex trading, investors need international relations. With positional trading, you can hold the investment for years and benefit from the fluctuation that follows it.
Therefore, the short-term fluctuations aren’t that relevant in positional trading. What you must closely learn is the currencies with unfitting worth. Simply put, you’re betting that the forex trade market will correct itself in the future.
In a nutshell, day traders are among the most skilled investors in the forex trade market. They are capable of controlling spreads and managing indicators without breaking a sweat. The tricky part in day trading is learning how to buy and sell an investment in a split second.
Therefore, day traders are meticulous in forex trades because they attentively concentrate on the goal. But that’s not enough. The most successful traders are also masters in trading tech. They need the technology because of the market’s sensitivity to timing. So, they often set up a bot under a command to pull the investment strategy on several trades in a second.
Trend traders are fluent in chart ranges and directional movement. If you use the trend strategy, brokers guarantee that you can maintain the investment for a month. Meanwhile, you can shift fractional positions in and out during this period to reap the benefits of fluctuation while managing the total trade to success.
When using this strategy, you must consider both the short-term news cycle and the long-term fundamentals. It’s also crucial to monitor how other traders perceive the currency.
Forex Trading Example in Vietnam
So, let’s put the theory into practice and see what the trading looks like in reality.
Let’s suppose that the Vietnamese dong trades at 0.00210/0.00230, and you want to buy 200,000 dongs. Once you do that, you’d like to hold off until the prices rise.
In the meantime, we check the currency pair that marks 4.12% on the margin rate meter. To hold off your 200,000 dongs, you need 45.32 in your account.
Sometime later, everything goes as planned. The dong price rises and changes the number trades at 0.00250/0.00270. That rise was a 2-point move, which means your definitive profit is (200,000 x 0.00250) – (200,000 x 0.00230), or 40 Vietnamese dongs, for that particular trade.
Vietnamese Forex Trading: Conclusion
The first rule of forex trading is learning more about timing because everything revolves around hitting the right time or holding until the right time.
There are specific techniques or tactics, like day trade, positional trade, or trend trading. The most fantastic strategy is the one that fits your profile. If you’re up for an adrenaline rush, choose the day trade, or if you like to wait and seize the market, positional trading might be a better option.