The Many Advantages Of Automated Forex Trading

Forex trading markets are starting to see many traders move towards automated trading. But what does it have that makes it so preferred? With the implementation of sharp entry, exit and capital management rules, traders can come up with an automated trading system where computers monitor and run trades. What makes automated trading a powerful strategy is the fact that it removes emotional elements from trades, allowing them to play out without any human interference. 

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What Is Automated Trading?

Automated Forex trading systems also known as algorithmic trading systems enable traders to specify a set of rules pertaining to entries and exits, which once established, are executed on a computer. The trader's job here is to only decide on a profitable entry and exit, the rest of the trade is handled by the system.

While many believe that automated trading systems handle every aspect of trades, that isn't quite the case. The most important part of winning a trade right through this means is to establish precise entries and exits, which requires intense researching on the trader's end! The complexity of the strategy employed is up to the traders' tastes, but the fact still remains that no matter how much of the trade is automated, a good amount of work still has to be put in.

Here are the advantages and disadvantages of automated trading every trader should be aware of:

Pros:

Emotional Control: 

The primary benefit many look to avail from algorithmic Forex trading is emotional control. Many a trade has been sabotaged by getting over-emotional! Bad trades and some lost money always manage to stir up negative emotions in trader, pushing them towards overtrading. On an automated trading system, trades will be executed automatically once the rules have been set. There won't be any room for cold feet! Additionally, trading will happen within set limits, hence keeping traders away from giving into the vile clutches of overtrading.

Staying Disciplined: 

Volatile trading markets and violent trading mindsets are a destructive combination, unfortunately, however, this is the duo most traders house. Forex trading is a field that requires incredible discipline. Traders end up crossing to the wrong side once they lose money. Fear kicks in and all traces of discipline vanish! Likewise, getting greedy is another trait seen in most novices. With an automated trading system, the chances of giving in to greed and fear rapidly drop, allowing traders to stay in control and keep unnecessary losses at bay.

Consistent Results: 

A big challenge many Forex traders face is keeping the profits consistent. One step forward, two steps back, is the typical trend seen in the trades made by most beginner and intermediate-level Forex traders. The profits made get overshadowed by losses! Consistency is hard to find with the currency markets being so volatile, that's a given, but many times it is the trader who makes mistakes that lead to a varying and imbalanced win-loss ratio. Algorithmic trading, however, will ensure traders see better wins and see them more consistently.   

Faster Order Entries: 

Manually making entries in an ever-changing market requires an immaculate level of focus. While traders themselves can work at swift rates, an automated system can do it better. Market conditions are always shifting, and an algorithmic system will catch these changes immediately. Every second matters while Forex Trading! What an automated trading system will do is generate everything from an order to the stop-loss once you enter a position. This will allow you to keep up with the raging-fast markets and walk back with healthy profits.

Multitasking: 

With an automated trading system, traders can trade different Forex trading strategies on multiple accounts simultaneously. Doing this manually would leave you at a risk. For a system, however, this problem is non-existent! Multiple trades are carried out at breakneck speeds, with minimal errors. With the algorithm scanning for opportunities in the background, you can be sure of the fact that every lucrative chance that shows, you will have access to. 

While incredibly advantageous, the learning curve isn't too gentle with automated Forex trading. You, as a Forex trader, have to make proper calls based on which the system will function! One mistake here and everything will start cascading. Don't make the mistake of thinking algorithmic trading to be like a background process with you diverting your focus elsewhere. You will have to keep an eye glued to monitor the system and make sure things are going as necessary.

Likewise, a technical fault in the software might lead to poor results, which means losses. Software is always prone to faults like these and to unforeseen server problems and connectivity issues. Relying too much on automated Forex Trading Strategies might not be a wise thing to do either. However, if you're able to maintain a good balance, you can see the best of both worlds!

Sign up with a reliable broker like WesternFX today and take your trades to new heights! With our veteran traders to guide you diligently, success will be swift and guaranteed. Start seeing real profits now, call us and let's get started! 

4 Golden Questions About Forex Trading

Many traders start off with retail trading or stock trading, and once they move to Forex trading, they're left with a burning curiosity. Delving into Forex without knowing some basics might prove to be costly. The currency markets are one of the most volatile trade markets in the world, and you will without a doubt need to be knowledgeable if you want to profit as a currency trader. With the internet taking over, many people have started online trading and many more are moving towards the Forex markets.

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Here are 4 Forex trading questions most inquisitive traders have: 

1) What Makes Forex Trading Different? 

Forex trading is the most liquid market in the world, and also one of the most risky trading domains. It is decentralized and there's no universal governing body. There are financial authorities like the NFA and CFTC that protect traders and trades, but there is no hierarchy. Trades are made on the basis of mutual trust! Similarly, there are no financial limits to hinder you. If you want to invest a million dollars on EUR/USD, you're free to do so. 

2) What Is A Pip?

Pip stands for percentage in point, and it is used to denote the smallest price value increment in Forex. A simple comparison would be - a packet of chips is priced at $2.50, in pips it will be denoted as 2.5000.  

3) Are Currencies Physically Bought?

Forex is a speculative trading market. You will have to employ a trading platform and put capital in your trading account, to begin with. Hereon, everything happens online. There is no physical purchase or transfer of currencies. With online trading in the game now, you can trade from anywhere in the world, and anytime - since Forex trading markets are open 24 hours! With a trading account and enough capital, you can get started easily. To make things easier, choose from the list of top Forex Brokers in South Africa to aid you in your quest! 

4) What Are The Most-Traded Currencies?

The major pairs are the ones most traded, and all of them have the USD as one currency:

1) EUR/USD

2) USD/JPY

3) GBP/USD

4) USD/CHF

These currency pairs make up for 85% of the overall liquidity seen in Forex markets. 

This should get any novice up and running in no time! All that's left is getting a demo platform, learning the essentials and moving to profitable trades. Sign up with one of the best Forex Trading brokers - WesternFX, and take to the skies! Assisted by our veteran traders, you'll be able to catch profitable trends swiftly and ride them to victory. Call us today to know more! 

How To Win Trades With Leverage In Forex

Anyone who has heard of Forex trading knows how profitable the field can get. Foreign exchange markets hold a value in trillions of dollars and this lures in several. However, what makes Forex trading truly alluring is the fact that traders can leverage their trades. 

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What Is Leverage?

Put simply, leverage is the money borrowed from your Forex broker, in order to have access to positions of higher value. When you work with leverage, you can increase the profit potential of your trades by a huge amount. Additionally, leverage allows you to trade without having to own a lot of money. The borrowed money amps up your existing capital and let you sees huge profits. 

With amounts as low as $100, you can trade positions valued at several thousand dollars. This means traders with low capital need not keep themselves from participating! Imagine the profit potential that can be reached with a hefty investment - sky's the limit. Leveraged trading is called trading on a margin. And this is varyingly beneficial depending on the type of trader you are!

Forex Markets' Liquidity:

Being incredibly liquid, Forex Trading markets give you an environment where there is never a shortage of opportunities. A 24-hour market ensures that no matter the time-zone you live in, you can participate in trades regardless. This also gives traders all the freedom they want to place exchanges. Be it short-term trades or longer ones, as a Forex player, you get to make the calls. 

A Double-Edged Sword:

While leverage is an incredible boon, it can turn into a bane just as quick. Overleveraging has led to huge losses on many occasions. Just as it increments your existing capital amount, it can empty it all the same. When you leverage a trade with borrowed money, that sum is essentially owed back to the broker. Hence, upon losing said leveraged trade, you will lose your capital, the borrowed money and be left incurring huge losses!

How To Minimize Losses In Forex: 

1) Leverage With Care: 

While a 200:1 margin might sound mouth-watering, you have to think of the worst-case first; will you be able to digest a loss incurred on such a huge trade? Leverage is a very advantageous element and can help you make big wins from many a trade. But always leverage with care, and only in necessary amounts.

2) Place Proper Stop Orders: 

Stop orders can help curb the losses a bad trade might bring in. Always place a precise stop to ensure your trades don't go out of hand! 

Get yourself the best of both leverage and leveraging guidance of Forex Trading Strategies experts at WesternFX! Assisted by our veterans, you will learn how to control this powerful aspect of Forex and use it to your advantage in no time. Call us today to know more!

The Best Forex Trading Approach For Beginners To Follow

Statistics showcase that more than 75% of the Forex traders fail early and don't see profits. These numbers have created an intimidating aura around the currency markets and have instilled the belief in many that Forex trading is based on luck! However, that's not true. In an aim to profit regardless of the many myths and wrong beliefs, several traders try to find a fool-proof technique to make money in Forex. There just isn't one. This impractical chase is nothing more than a big waste of time, keeping you from perfecting your approach and becoming successful at foreign exchange.

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While there are no easy shortcuts, there are several difficult paths you can go down on. The closest you can get to a fool-proof technique is just researching sharply and practicing. In Forex, trying to control the game will only lead to you losing money. Instead, consider Forex Trading markets to be a river and go with the flow! 

The start is what will be the most difficult. Beginners, intermediate traders and professionals - all participate in the same markets. The grounds are even but the scenario isn't. A professional trader has far more knowledge and experience than the others, which gives him a lot of leverage! However, as a beginner, all this need not be your concern. Your first priority should be to study all you can and practice what you learn.  

Once you know the basics, get yourself a good Forex Demo trading account from a reputed broker. Demo platforms are virtual spaces where you can practice trading, test out strategies and understand the working of the platform itself. All this will help you when you brave the torrents of a real-time trade. 

Check Forex demo trading off the list once you have a good grip over the working of a trade and trading platforms. Now you will have to perfect the art of analyzing markets. Two elementary approaches to learn are technical and fundamental analysis. The former employs tools and other platforms to study a currency's historic behavior, while the latter requires analysis of a country's economic, social and political factors. With these two approaches lighting the way, you will be off to a great start!   

   

There you have two of the top requirements - research and practice. Now all that's left to gain is an experience. Keep trading and you will keep improving. Some trades will end up badly and will teach you a lesson; some will bring home big profits and leave you satisfied. Ultimately, studying and practicing only takes you half the way, the other half has to be travelled yourself.

Get yourself the best Forex Brokers In South Africa for your currency trading adventures. Avail WesternFX's brokerage today, and take to the skies! Our experts will guide you through every step of the way, and ensure you come out on top. Call us now to know more.  

The Possibilities Weekend Day Trading Carries In Forex

Online Forex trading has grown to become one of the most beneficial advents of recent times. You can have a profitable career working from home as an online Forex trader. With the markets open 24x7 and several benefits like leverage and trading flexibility, a full-time career could work out incredibly in your favor!

Most traders trade around the clock and through the week, it all boils down to their interests, strategies and expectations from the markets. While the 5 weekdays do see a lot of bustle, the weekends can be lucrative too if approached right. 

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Why Trade On A Weekend?

What makes weekend trading an advantageous Forex trading strategy is that it allows you to analyze the markets in-depth. Traders may have jobs or college during the day and are hence unable to study the markets properly. With weekdays being the hub of business, you might find difficulty performing market analysis, something which is essential to trades. 

Weekend Forex trading doesn't explicitly imply trading only on the weekend. Many traders take these two days to study the markets and prepare for the week ahead. With the time at hand, you can improve your approach and equip yourself with a strategy that will hit all the right spots! 

What Are Some Good Weekend Trading Strategies?

Swing and position trading are two of the most effective Forex Trading Strategies under weekend trading. They are also incredibly profitable when compared to other approaches, and relaxed in their implementation since they are long-term. Unlike day trading or scalping, these two strategies are placed with a bigger picture in mind and a longer timeframe in consideration. 

Since you have the weekend for research and some leverage to up your trade positions, implementing these Forex trading strategies can prove incredibly lucrative. Perform some detailed analysis over the weekend and scour the markets for any profitable opportunities coming your way! With the right trade information in hand, reaping profits will be no challenge. 

Even day traders can benefit amply by working weekends to analyze the markets. Since your trades only have the window of a day, spending weekends analyzing the potential prospects will give you a tremendous head-start. 

Weekend Forex trading is profitable, just like every other approach, so long as it's implemented right. With analysis being as important as it is, traders still fail to find the time! Use the weekend right and get your strategies sharpened - profits will definitely be in your grasp.

Find a tailor-made weekend trading strategy for your venture at Forex Trading In South Africa today, call WesternFX now! Assisted by our seasoned veterans, you will be able to make stellar profits swiftly. Join hands with us today, and take to the skies.  

A Guide To Maximizing Forex Trading Profits In 2019

Unlike what many think, Forex trading isn't an investment scheme where you invest $100 and take $120 out. It is quite the opposite. In the beginning, you will end up with less money than what you put in. That's the nature of Forex markets. Only with time and experience can you hope to mint big money! Foreign exchange is far from gambling; luck plays but a trivial role here, and it is a skill that takes the driver's seat. All things said and done, no one would trade currencies if all they saw was losses as they started.

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Succeeding as a Forex trader takes time, but even as a novice, there are ways you can improve the profits you make:

1) Pair Up With A Reliable Broker: 

Brokerage is more than a window to making trades. Thriving in the stifle Forex markets requires assistance from seasoned experts. Only someone who knows the way around can guide you, else you'd feel no different than being lost in a desert. Back your trades with a reliable Forex Brokers in South Africa. Scour the markets for a broker that is regulated and has positive reviews from fellow traders. Partnering up with an inexperienced agent will only cause more harm! 

2) Keep Adapting To Moving Markets: 

No two days in order will see similar market trends in Forex. Each day brings different opportunities. If you're sharp enough, you'll be able to make money on both sunny and rainy days. The trick is to always be prepared for erratic market shifts. Forex won't play by your rules, you play by Forex's. 

3) Don't Diversify Right Off The Bat: 

It is indeed tempting to want to work with multiple currencies and keep tasting new stuff. However, as a Forex trading beginner or an intermediate trader, it is not advisable to diversify widely. The beginnings should always be aimed more towards learning a little but learning it perfectly, rather than learning a lot but not doing justice to anything. As you begin, try to master one currency at a time and take things slow!

4) Keep Leverages Minimal: 

Nothing less than a lure, leverages are a temptation Forex traders have to overcome if they want to survive. Leveraging when done right can multiply your profits by several times and help you bag massive wins. The problem is, more often than less, leveraging doesn't go as planned. Always leverage in a limit, and grow your account organically. 

The markets are sprawling with Forex Trading today, and racing ahead of the competition isn't an easy task. Backed by an adept broker however, success will be swift to come by! Take to the top of the charts today, avail WesternFX's stellar brokerage! Assisted by our professionals, you will be able to maximize your potential and see consistent profits come by. Call us now to know more!

Why Forex Traders Should Employ Trading Signals In 2019

Forex trading signals are a blessing to every novice and busy trader. They provide Forex players with crucial trading information pertaining to factors like the most profitable entry/exit points and take profits/cut losses. Based on this, traders are able to take sharper calls and improve their chances of profiting. Trading signals aren't a sure-shot means; they are inaccurate on many occasions. Novices often think merely availing signals will bring profits, but they won't! It comes down to implementing your strategy right and doing thorough market research. 

Forex Trading Strategies

Types Of Signals:

1) Manual Trading Signals: 

Manual trading signals are generated by experts and not done automatically. Many traders prefer availing manual trading signals because they have a more human element to them. When a trader himself is the one generating the Forex trading signals, aspects like market shifts and economic movements will be kept in mind. 

With manual trading signals, the information obtained will keep you prepared to face economic disruptions that go against your plans. 

2) Automated Trading Signals: 

Automated Forex Trading signals, just like their name suggests, are generated automatically by a trading robot. This robot takes into account a lot of past historic data and based on that, suggests the moves to make. The information generated here is accurate to the last dot! Additionally, since these are automated, the signals are fast and give you a huge window of advantage. 

Advantages Of Forex Trading Signals:

1) With Forex trading signals in your pocket, you won't have to expend time on strategizing. Experienced traders prefer implementing and working with their own approach, but for beginners, trade signals will do most of the work!

2) Signals save traders a lot of money. Planning out a strategy, demoing it and availing expert guidance might end up costing a good sum. With a trading signal, however, you can cut down on several expenses. 

3) Automated signals are often incredibly sharp and can help bag massive profits, while manual signals will give you a more human-like experience with erratic market developments in mind. 

When backed by an experienced Forex Broker In South Africa, success is assured! Partner up with WesternFX today, and ace your exchanges. We provide traders with the best of strategies and assistance and make sure they come out on top. Try a demo today and see for yourself!

4 Ways To Follow A Positive Forex Trading Mindset And See Better Results

Negativity often leads to several deserving traders' downfall. Not having a positive approach can be dangerous while Forex trading. Some traders get addicted, while some get completely shattered by losses. A balance has to be achieved between both states of loss and profit, to make sure neither outcome grows on you to the point where you make drastically unhealthy decisions. When you're powered by a dedicated and disciplined mindset, success will come by swiftly and you can take to the skies in no time! 

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Here are 4 tips on improving your trading mindset:

1) Don't Bite More Than You Can Chew: 

As a Forex trader, giving in to greed is natural, but you have to control your desire to profit big! Think of the long term, you can place a hundred safe trades and make more money than place one risky trade to lose it all. Always bottle your expectations and make sure your reach doesn't exceed your grasp. 

2) Commit Only To Risks You Can Afford Taking: 

Risks will have to be taken at one point of time or the other, they can't be avoided! Only with risks can you see good profits; however, risks can sometimes lead you astray and cause your trades to fail. This is why you have to ensure the risks you take are calculated and affordable. 

3) Take Enough Breaks: 

One big mistake Forex Trading beginners make is not giving themselves enough breaks. Trading day in and day out causes a lot of mental stress and by the time you realize it, it's too late! Be it a profitable run or one filled with losses, take some time off and spend it with your family, or doing something that gives you mental freshness. 

4) Keep Addiction At Bay: 

Having more money is always a pleasing thought, but addiction in Forex can cost you a lot down the line. As a Forex trader, you will be surrounded by a mountain of opportunities, it is up to you to exercise control over your desires and draw the line.  

Currency exchange will often times test your resolve and see how firm your grip over yourself, and the market is. Partner up with one of the leading Forex Brokers In South Africa - WesternFX, and watch your trades bring in massive wins! We house seasoned veterans who will stick with you through trades and provide you with valuable guidance to make you a successful Forex trader at the end of the day. Call us now to get started!   

Overtrading - Every Trader's Arch-Nemesis And How To Defeat It

Be it Forex trading or shares, traders everywhere have one big problem - overtrading. The simple, but extremely detrimental act of trading more than one can afford. Like all unhealthy addictions, it starts off with the thought "Just a bit more, what could possibly happen?" and before you realize, you're sinking in losses and owe thousands of leverage money to your broker. 

Many traders have faced the fury of the markets and lost thousands over one bad trade they could have avoided making. Foreign exchange is a very dangerous market for traders who lack self-control; one mental push can send you tumbling down the hill studded with sharp losses. 

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If you can relate to the feeling of wanting to trade more, you need to be wary! Losses come in Forex just like the profits - in massive amounts. And to keep away from them, you will have to keep from overtrading. Here's what you should do: 

1) Trade With Stop-Losses In Place:

An easy way to keep losses from finding their way in through the extra trades you place is to trade with a Forex Trading Strategies that prioritizes stops. These mighty useful elements are designed to withdraw your position once you have incurred a certain loss and thereby keep you from incurring any more!

2) Keep A Trade/Profit Threshold And Follow It: 

If you have placed a few ten trades in a week, let them be the limit. Overtrading happens mainly because traders don't know when to stop. Set a mental profit and trade limit, beyond which you won't participate in trades. This will help greatly while Forex trading, even in the long run.

3) Let Go Of Losing Trades And Past Losses: 

What's done is done, money lost is lost - there is no use lamenting over it. Instead, buckle up and look forward to bettering your approach for the future trades you will be making! 

4) Maintain A Trading Journal: 

With a little retrospection, a huge number of Forex trading losses can be avoided. Keep a trading journal and note down what happens in your trades, this will help you analyze the trades and make improvements as necessary - ultimately making you a smarter, more controlled trader.  

Get yourself a good Forex Broker In South Africa, one who is invested in your success as much as you are. Get WesternFX! With the stellar Forex trading strategies we provide, you will be able to climb to the top swiftly and stay there. Forex trading comes with an arsenal of difficulties - technical, physical and mental, and we will be by your side throughout. Call us now and to with our experts!

4 Important Forex Trading Principles Every Trader Should Know

There are some core elements in each field that a participant has to be aware of before pursuing it. For foreign exchange, there are several subtle nuances that go unnoticed or ignored, which later become problematic as traders try to scale up. As a Forex trader in 2019, you will face unimaginable competition and have to thrive in markets that are scarily volatile. Only with knowledge and discipline can success be reached; currency markets see thousands of traders fail to make profits due to their lack of market knowledge.

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Here are 4 important aspects every Forex trader should be aware of before trading: 

1) Currency Information: 

Currencies aren't a stable element; their value keeps fluctuating depending on the market's behavior. Your job as a Forex trader is to first study the currency pair you wish to employ. Only when you have the necessary knowledge can you go on to gauge a currency pair's potential in real-time trades. Do the research and the work before devising a Forex trading strategy. 

2) Influencing Factors: 

Forex trading markets are influenced to a good extent by economic movements, political disruptions and social happenings. To land successful trades, it is important that you be aware of the factors that are governing currency values, and make a decision keeping in mind these elements and their ability to change the tides of Forex at any given point of time. Many Forex traders lose their money due to ignorance of their economic and political surroundings. Even with the backing of a strong strategy, winning trades will get difficult without knowing the underlying factors.   

3) Leveraging To Your Advantage: 

Leveraging too much while Forex Trading will lead to losses, and leveraging too less will keep you stuck at breakevens. You have to exercise steady control over how much you leverage since it's a double-edged sword that can make or break your trades. 

4) Market Risks: 

The final thing to know as a Forex trader is how the market functions and the risks it carries. Only when you are aware of the repercussions your moves birth can you go on to avoid them. 

If you ever feel shaky, you can always practice your technique on a good Forex demo account before taking things to the real-time market. Get one today, from one of the best Forex Brokers In South Africa - WesternFX! We will equip you with the best of platforms, for demoing and live-trading, and give you stellar guidance through your trading adventures. Call us now to know more!

A Student's Perspective On Winning Forex Trades In 2019

It might come as a surprise to many, but even students today have started Forex trading! This incredibly profitable venture requires a sharp mind and a knowledge-first approach, and who better at it than students? Forex trading is growing increasingly popular by the minute and just as valuable too. With a trading value of $5 trillion today, the markets are open to all but succeed at by only a handful. Consistent profits aren't realized by the thousands of traders that join, mostly because of excessive ambition and greed!

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However, students today are becoming wise enough to tread on the risky grounds of Forex and make a good winning for themselves regularly. 

Below you can read how one can get started off with Forex as a student and see consistent results: 

1) Always Be Aware Of Economic Happenings: 

As a Forex trader, you always have to know what's going on outside before placing a trade. Forex exchange is a field best known for bombarding trades with sudden market movements! Don't get caught in these erratic drifts; always study the market conditions before finalizing your trades.  

2) Focus More On Consistency Than Profits: 

One of the main reasons why beginners lose more than they win is because they focus more on profits than on consistency. Having a consistent run of 10 successful trades is better than dipping after one good trade! Aiming for profits is good, but don't get consumed by it. Always have the bigger picture in mind. 

3) Start Off Small And Grow Gradually: 

Keep the beginnings as humble as they get. When you go all-in right off the bat, it becomes difficult to sustain in the long run. This is because one loss can easily sweep you off your feet and leave you to land in losses! Trade with minimal capital when you are beginning, and then increment it slowly as you gain more knowledge and experience. 

4) Work With One Strategy At A Time: 

Be it a difficult one or an easy one, sticking to the plan is as important as planning itself. Don't shuffle between trades! Study the markets carefully and find the proper indicators to go with your trades; once this is done pick a solid Forex Trading Strategies and stick to it. 

Make the jump now, partner up with the best Forex Broker In South Africa and dive into success! Our currency trading experts will guide you through the various nuances and ensure you are always afloat. Backed by our proven Forex trading strategies, you will be able to see profitable trades swiftly and make trading a lucrative hobby! Call us today to know more. 

4 Price Action Myths To Watch Out For In Forex

Price action is the movement of a particular security's value over a given period of time. This is the measure used for devising any and all technical analysis techniques. Being a very common factor when it comes to trading, many traders seem to confuse the reality with myths that revolve around the Forex markets. When you start Forex trading, it is crucial to be able to tell apart the myths from the realities. 

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Here are 4 price action misconceptions to watch out for while trading currencies: 

1) Price Actions Are More Efficient Than Indicators: 

People often tend to believe that either price action is the best measure in Forex trading, or that indicators are the ultimate goal of studying charts. The fact; however is that both are similar measures! An indicator will only show you the chart in a more easily digestible manner, such that the information you want to obtain from it, like possible trend emergence points, trend fall points etc. With these indicators, you can study charts more efficiently and make a good call; much like you can with price action! 

2) Price Action Doesn't Lag And Predicts Accurately: 

Many Forex traders mistake price action to be accurate all the time, and claim that it doesn't lag. Clearly, this isn't the case. Price action can't predict the future and neither can indicators, they only show the possible outcomes that could happen due to a particular market movement. As far as lag is concerned, both indicators and price actions experience it! Remember Forex trading isn't about predicting the future; so long as you can find the right way to go about once a trend is seen, you can make healthy profits. 

3) Price Action Is Very Simple: 

It definitely isn't. Forex traders tend to spread the rumor that price action is very easy to implement because it is simplistic visually and they are mistaken in that price action is always accurate! The reality, however, is that price action requires a lot of knowledge to work with. Several parameters exist in this that makes price action a very difficult element for beginners. 

4) Price Action Is Neater Than Using Indicators: 

It only comes down to preference. The factor of neatness is all about perspective; some traders want things to be as detailed as possible, hence they crowd their Forex trading charts with indicators. Similarly, some traders like things minimal and employ only a handful of tools. Brokers and many market professionals will try to confuse you into buying price action methods by fooling you with these crowded charts, don't fall for it! 

With our assistance backing you, you can trade fearlessly and realize stellar profits! Forex Trading can definitely be a bit confusing at times. With so many myths clouding the markets, novices are bound to have a tough time telling the truth from the lies! 

Don't worry fellow trader, at WesternFX, we've got you covered. Our experts will be by your side through each trade and provide you with all the guidance and help you need. Call us today to get started! 

Forex Trading Strategies Guaranteed To Bring In Results

Though Forex trading houses a number of strategies, there are some that see a relatively higher rate of success than the others. This doesn't mean that these Forex trading strategies are always profitable; depending on how the current market trends are; a particular approach might be very profitable on one day and not so much on the other. Powering your trades with a strong strategy is crucial to see consistent results. Many traders make the novice mistake of taking part in exchanges with a poorly-devised strategy and this doesn't play out in their favor! 

Forex Trading Strategies

Here are 4 Forex trading strategies to get you started on the right track: 

1) Scalping Strategy: 

Scalping is a very fast-paced Forex trading strategy that can be as profitable as it is fun. Implemented on the timeframe of a few seconds to minutes, this approach demands a lot of concentration from the trader but makes every second worth the effort. Don't mistake the strategy for being ineffective because the profits are small, when you combine the results of the many trades you make, you will have a huge compounded profit to your name!

2) Trend Trading: 

Being a trend trader, your job will be to keep a keen eye out for trends and capitalize on them at light speeds. Forex Trading markets are filled with trends; with strong technical and fundamental knowledge, and the right indicators in place, catching profitable trends will be a cakewalk for you. 

3) Day Trading: 

Day trading is very similar to scalping, but a bit more flexible. Scalping is a Forex trading strategy for extremely small timeframes, but with day trading you have more breathing room between trades. It is one of the most powerful strategies for beginners and can bring in consistent profits if implemented properly! As a day trader, you will work on small-scale trades and your trading window closes with each day has gone; so you have the daytime hours only, but this will be more than enough to make a good winning.

4) Swing Trading: 

Price swings are very common while Forex trading in South Africa, given that the markets are so volatile and there are no constants when it comes to currency values. You will have to observe the charts and watch out for price swings from one point to the other, and capitalize on them. 

Want to know more such approaches and have a peek at the best Forex Trading Strategies In South Africa? Call WesternFX today and avail our world-class brokerage! We house trading veterans with years of experience and a tremendous amount of knowledge. Assisted by them through trades easy and hard, you will learn the art of Forex trading swiftly and start seeing consistent victories in your ventures. Reach out to us now to know more! 

Forex Habits That Make Traders Realize Success

How you carry yourself as a trader is just as important as the efficiency of the trading techniques you employ. Forex markets today see an enormous number of traders come in with skills as sharp as a razor, but their trading habits lead them to see staggering losses right off the bat. 

You might have the most adept mind and be equipped with game-winning Forex trading strategies, but when you approach trades with a greedy or an unrealistic mentality, they are bound to come crashing down! Similarly, certain systematic methods have to be followed regularly to make sure your trades are on the right track and so are you.

Forex Demo 

Here are 3 Forex trading habits you should try to follow to see better results: 

1) Reviewing Your Trades: 

Almost all professionals make it a habit to go through their approach before implementing it on real-time trades. When you allot some time to review trades, you can reanalyze things and have a sharper eye for mistakes. No matter how perfect your Forex Trading Strategies might seem, there might be a mistake somewhere, and a thorough review will be of great help! 

Trading aside, glancing through things and double-checking always helps no matter the field.

2) Maintaining A Trading Journal: 

Keeping a neat record of the trades you make and noting things down for future reference will definitely make you a better trader. Forex trading in South Africa can be unpredictable on many a day and things might not go as planned. However, trends have a tendency to repeat on these grounds, meaning a losing trend spotted once can occur again! 

So having a record of the wins, losses and breakevens you make will help you avoid making recurring mistakes and give room to more profits. 

3) Diversifying:

Many Forex traders just stick with trading major pairs and don't branch out enough. Diversifying your trades is a must; currency pairs no matter how lucrative, always see a drop. If you keep trading the same pair and stick to the same Forex trading strategy, chances are at some point you won't see any profits! 

Keep your eggs in different baskets; trade a variety of currencies! 

If you want to see consistent success while Forex Trading in South Africa, these are some of the must-have habits in your arsenal! The competitive markets today can get merciless, and only with discipline can you expect to see results. Learn how to hone your approach and turn trades in your favor, reach out to the experts at WesternFX! We will provide you with cutting-edge Forex trading solutions and ensure your exchanges bring in stellar results!