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! 

4 False Forex Trading Beliefs Debunked For You

The moment you enter the world of Forex trading, there is a huge bombardment of facts and information, and you can't tell the true from the false. As a Forex trader, you will be working on grounds that require you to be emotionally, technically and mentally adept. 

However, with a lot of false information circulating around, staying true to your approach will be a difficult task! This is why Forex traders are advised to partner up with a knowledgeable broker and be able to tell two from two. Believing in the false ideologies you hear will only take your further and further away from success. 

Forex Trading In South Africa

Here are 4 Forex trading myths you should watch out for:

1) You Require Large Capital To Trade Currencies: 

To take part in Forex trades, you definitely don't have to be rich. Many traders get started with as little as a few hundred dollars and end up becoming market giants down the line! What you do need, is a good Forex trading strategy and the right trading platform. 

2) Forex Trading Will Give Easy Money: 

This is a myth that acts like a lamp does to moths - many traders get drawn in by the money prospects! True in one aspect, Forex trading does give good money, but the road is nowhere close to easy. To become successful while Forex trading in South Africa, you will have to trade smart and be adept; nothing comes easy here!

3) You Need To Have A Degree In Economics: 

If you hear something like this, you can immediately debunk it! A degree in economics might help, and it might help incredibly, but it isn't a necessity to get started. Students in colleges and people in different professions take part in the foreign exchange. The only requisite is having the necessary economic knowledge. 

4) Forex Trading Is For The Rich: 

Forex trading can be pursued by anyone, so long as they have the discipline and the interest in it, there is nothing holding them back. Many people back out from their passion for trading due to this misconception haunting them!

Your career at Forex Trading In South Africa will shine when you are clear of these false beliefs and focused on the true targets! Sign up with WesternFX today and steer clear of these myths. 

We house an arsenal of experts who will equip you with the necessary market knowledge you need to hone your focus on the key targets. Assisted by our professionals, you will be able to nail down your trades and see swift profits! Call us today to know more. 

Forex Trading 101 - The Basics Behind Brokerage And How It Works

Forex brokerage is a world in itself within the currency trading market. On the outset it always seems as though only the trading fields are competitive; however, brokers face just as much competition in today's markets. Truth be told, the competition is intense to the point where some brokers end up scamming novices to make quick money. This is why it is important to know how to differentiate a genuine broker from a scammer!

How Brokers Make Money

Spreads are known to be the prime source of a broker's income. The difference between the buy and sell bid is what they earn, or so everyone thinks. Several brokers trade against their own clients; these types of individuals are known as market makers. Initially, traders are made to think that they are trading against other Forex players, while it is actually their broker on the other side! Novice traders fall into this trap and end up losing a good sum of money before quitting.

Straight-Through Processing

STP brokers follow a vastly better model when compared to market makers. These traders make money off of the spreads, and here you are trading against other traders rather than the Forex Brokers themselves. This is a win-win for you because the broker will not be against you in this scenario! Liquidity providers give the market rates and with a small added markup, STP brokers charge their spreads.

True ECN Brokers:

The vastly used brokerage model is the true ECN. Much like STP, traders here deal against other traders, with the only difference being that instead of earning through spreads, brokers earn through commissions charged on each trade individually. There is no separate spread demanded! Their transparent and minimal/zero-spread nature makes them the best choice for traders new and experienced.

A Forex broker should want you to improve on your trades and help you grow. Several in the industry today scam brokers with false claims of profits and lead them into losing trades on purpose. This had made finding a good broker a challenge for traders worldwide. Being an extremely volatile field, Forex can topple your trades and effortlessly throw you into losses; without a reliable broker to work with, currency trading is nightmarish!

Don't settle for the average, and don't fall for false claims - sign up with the world-class Forex broker, WesternFX, and master the art online trading in South Africa. With us there are no hidden costs, no claims and promises; we strive to serve you the best of brokerage possible, equip you with adept platforms and back you up with proven strategies. Open a Forex Demo Account with us and try for yourself!