4 Traits That Define A Successful Forex Trader

Try as hard you will, brunt force isn't the way to win trade in Forex! Foreign exchange markets demand careful strategizing and a disciplined approach. The rash behavior beginners exhibit doesn't last long, which serves as the reason behind most novices losing their money early on. When you compare an established trader from one that's just starting off, the difference in mindsets will be extremely evident. 

And what'll be more evident is the fact that a successful Forex trader's mindset is what gets him/her to success! There are certain traits that make a trader successful; while employing strong Forex trading strategies is one thing, having a strong mindset is what truly wins the game.

Forex demo account

Here are 4 traits that carry a Forex trader towards success:

1) Discipline: 

There will be unprofitable trends disguised as profitable ones, and it is essential that traders have the discipline to avoid taking trades blindly! In the foreign exchange market, you will often find yourself driven by greed, fear or overconfidence. These negative emotions will lead to overtrading in no time. When you're afraid of losing money, or driven by the need to make more money fast, you tend to overtrade. 

2) Patience: 

A golden trait all successful Forex traders have, patience alone will take you a long way in Forex. Knowledgeable traders are able to tell when the time is right for a profitable exit. Several beginners tend to get hasty and trade without considering the underlying market factors. However, employing patience in trades will prove incredibly helpful. It will help you make decisions based on market situations and avoid a number of hazardous losses. 

3) Resilience: 

To face a bad trade and stand your ground is no easy task! While Forex Trading in South Africa, you will have a lot of your money on the line. The markets can get scarily volatile while currency trading, which is why traders will have to stand their ground against losses, lose a bit, so that they can win better at the end of the day!   

4) Goal-Driven: 

Successful traders are able to see success and remain successful because they are driven by a goal. They know clearly what they want to achieve and are able to draft their approach around it. So always have strong Forex trading strategies guiding your trades and strong goals guiding you! 

Start your career right - on WesternFX's Forex Demo Account! Backed by our expert guidance, you will be able to master Forex trading swiftly. From live-trade brokerage to personal trade training, we will provide you with both technical and non-technical assistance to ensure you learn how to trade currencies best. Reach out to us today to get started!

Forex Trading Spreads - What You Need To Know

Forex spreads hold ample control over how you trade and have a significant weight of their own. To learn the science behind spreads, you need to understand the general architecture of a currency trade. Most Forex trades happen through brokers.

Keep in mind that these aren't exactly middlemen, but facilitators. You have to pay them in spreads - which is the difference between the bid price and the ask price. Some brokers charge both spreads and per-trade commissions, so make sure you're getting brokerage worth the money put in.

How Bid-Ask Spreads Function:

As a Forex trader, you will be paying a specific price while purchasing a currency called the bid price. Similarly, when you sell a currency pair, you will do so for the ask price. The difference between these two rates will add up as the spread which is paid to your Forex broker.

To understand better, assume that you're buying a brand new phone. Once you've paid for it and start using it, you realize that it isn't worth the money and its market value is falling. So you go back to the shop to sell it, but the dealer isn't going to buy it for the same rate, he will pay you less for it. This is called the depreciation cost. In the Forex trading markets, spread work in a similar manner to this example. 

What Do Market Makers Do?

Forex trading isn't like stock exchange that usually happens in a physical space. Currency exchange happens over-the-counter and in a decentralized environment, meaning you can trade from anywhere in the world, and your trades are conducted by specialists known as market makers. Their job is to facilitate trades, find buyers for sellers and vice versa; these market makers charge spreads, and some even charge additional commissions. They only facilitate, you will have to do the other ground work, from devising Forex Trading Strategies to analyzing markets. 

While this market maker's job seems like easy money, it isn't; there's a lot of risk involved. If the specialist accepts a buy order and the currency's value goes up before selling it, he/she has to still remain committed to the trade and find sellers. 

Even when the bid-ask difference is minimal, market makers make ample profits. But since there's an element of risk involved, they hold on to a small portion of every trade which is called the spread. For example, when trading a currency pair A/B, if A is 1.1235 times B in value, it is natural to believe that A will rise against B, which will lead to you buying the A/B pair for asking price. 

This ask price won't be precisely 1.1235, it might be a tad bit more at say, 1.1240, which you will have to pay for the trade. Similarly the sellers won't receive 1.1235, a small difference will be caught and they will get 1.1230. This difference of 0.0010 is the spread.

Learn more about currency exchange - get a stellar Forex Demo in South Africa today! Call WesternFX and work with our arsenal of knowledgeable traders to take to the top. Avail our brokerage now to see the magic happen!

4 Simple Forex Trading Tips To Succeed And Make Profits

Success is a very difficult term to define between the walls of the Forex trading markets. As a Forex trader, each person has their own perspective of success. For some it's monetary, for some it's the number of good trades made; the one thing all these traders have in common is the method employed to achieve success in their exchanges. 

Forex trading is one of the riskiest financial markets in the world, with a risk ratio that goes unparalleled. Though it has a trading value of over $5 trillion, and sees millions of traders try their hand, the risks aren't so easily avoided.

forex trading strategies

 

 

Here are 4 simple tips to see success on a consistent note and thrive in the markets of Forex: 

1) Establish Firm Goals: 

Goals help you know where you're going, and in the erratic Forex trading markets, having direction is of paramount importance. Establish a goal and work towards it; this will keep you streamlined towards success and ensure that you don't get sidetracked at any point of your Forex trading career. 

2) Devise Solid Forex Trading Strategies: 

Trading isn't random or dependent on luck - you have to strategize thoroughly if you're going to win trades in Forex. There are a number of approaches you can employ to trade currencies. From scalping to position trading, Forex Trading Strategies are available in all shapes and sizes. To pick the right one is up to you! 

3) Find A Knowledgeable Broker To Work With: 

Though there are a number of Forex brokers in the markets, reliable ones are getting scarce by the day. Partnering up with an unreliable broker can cost you a lot! So do your homework while picking a broker and make sure you're working with one who's as committed to your success as you are.

4) Demo Practice Before You Go Live-Trade: 

Get yourself a good demo trading platform to test out your strategies and practice your approach. Heading into a live trade without practice has cost many traders thousands of dollars - don't make the same mistake! 

Avail the best Forex Demo in South Africa, and master your grip over currency trading. Reach out to our experts at WesternFX today! We will equip you with top-tier strategies, platforms and ensure you see unparalleled success in your trades. Assisted by our veteran traders, finding victories will happen swiftly. Call us now to know more!

How To Save More And Lose Less While Forex Trading?

As a beginner, Forex trading is undoubtedly one of the most adventurous journeys you will undertake. A decentralized market with trillions in value, foreign exchange brings in thousands of aspiring traders into exchanges every day. While the profit aspect of Forex is indeed a sight to behold, there's an underlying catch. If you aren't adept enough while trading, you will burn out your entire trading account in mere minutes! 

The erratic Forex trading markets are profitable, but not lenient; since they are deep-rooted with a country's economy, even the smallest of changes leads to huge repercussions, which when not aware of, can lead to losses. Money management is a skill every trader has to acquire if they want to thrive in the currency markets.

Here are 5 incredibly effective money management steps for you to follow:

1) Research The Markets Thoroughly: 

Market research is one of the most elementary requirements to succeeding at Forex trading. Given that Forex is always volatile, you will have to research market trends to figure out profitable movements to capitalize. When you have market clarity, managing your investments will happen smoothly.  

2) Have A Realistic Approach: 

Losing money in Forex Trading often happens when you have unrealistic expectations from trades. When your goals aren't achievable, you will be investing money on outcomes that will never happen! Keep real and clear goals, and you will be able to seamlessly move towards victory. 

3) Don't Invest Instinctively: 

At times while trading, your instincts might tell you to make unwise investments, don't give in! Forex trading is a field where research and analysis are vital. Only when you have thoroughly studied the markets and have a firm grasp of the movements will you be able to draft sharp Forex trading strategies, invest on the right trade and make consistent profits. 

4) Learn From Your Peers: 

There are several professional traders you can follow. Always look up to the successful traders in the market and go down their path! 

5) Employ Sharp Atops: 

Stop-loss orders will keep your trades from crashing down abruptly. You will be forcefully exited from a trade whenever a predetermined amount of loss is incurred. This ensures that your trades don't fall into losses when you aren't noticing the charts! 

The assistance of an experienced broker and the backing of proven Forex Trading Strategies will help you see victories come by in no time! Partner up with WesternFX today, and ace your exchanges. Our experts will provide you with an arsenal of stellar approaches and top-tier Forex platforms to work with. Call us today to get started!

How To Make The Right Trading Decisions In Forex?

The decisions you make as a trader have to be firm. In a domain as erratic as Forex trading, it is easy to lose track of oneself. Forex trading will stir many emotions within you, most of which will work against you. Fear, overconfidence and enthusiasm will often manifest on the wrong side of the line and lead you towards overtrading. This is why as a Forex trader, you have to take firm decisions and stand by them. Many a player has allowed aloofness to get the better of him!

Forex Trading Strategies

Here are 4 simple tips to help you make better trading decisions:

1) Learn From Your Losses: 

The losses you make are all lessons in disguise. In Forex trading, you lose either due to the markets being mercilessly volatile or due to your own mistakes. While the former can't be controlled, you can always work on the losses incurred as a result of your mistakes. Most Forex traders only cry over spilt milk instead of dealing with the repercussions. Don't make the same mistake; once you lose money, let bygones be bygones and focus on learning from the loss. 

2) Don't Be Hasty: 

Hastiness leads to unpreparedness, which will completely hinder you from making viable decisions. Patience is one of the most important traits Forex traders need to have. When dealing with big money on risky markets, getting impatient will lead to your swift downfall. Be it making trivial changes to your Forex Trading Strategies or major financial decisions, be sure to take your time and remain guided by knowledge rather than instinct.  

3) Observe Professional Traders: 

One of the best ways to better your decision making skills is by observing professionals. Traders who have long years of experience know best! Keep in mind that you merely need to observe, mimicking them completely isn't a wise thing to do either. Just learn how a professional would approach a situation, and put yourself in their shoes. 

4) Have A Disciplined Mindset: 

Lastly, a disciplined mindset is what will guide you towards success. Discipline in Forex trading is only honed with time. After a good amount of losses and bad trades, you will start obtaining clarity on your own! And when you have a clear mind, the decisions you make will be sharp. 

Implement your decisions on a Forex Demo Account first; going live directly is a costly move. Reach out to one of the best Forex brokers today - WesternFX, and avail our stellar Forex trading solutions! With our backing through your many trades, success is assured. From Forex trading strategies to platforms, we have all you need to see victories in your exchanges! Call us today to know more.  

4 Important Questions To Ask Yourself To Succeed At Forex

Achieving trading success in the chaotic domain of Forex is easier said than done. With a huge number of hurdles ahead of them, traders often lose a huge amount of money right off the bat. The risky nature of the foreign exchange market gives off an aura of impossibility, and yet we see a lot of traders emerge successful through their ventures! This is because succeeding at Forex trading requires a lot of focus, discipline and patience. While the more technical aspects like strategizing and analyzing do carry equal importance, some factors outweigh them. 

Forex Trading

 Here are 4 things to consider if you want to see consistent success in Forex:

1) What Are Your Strengths?

Forex trading is a domain of tremendous flexibility. From timeframes to strategies, to currencies, there are a number of categories and you can't perfect everything overnight. So find out your strengths first; if you are good with shorter strategies, stick to day trading, scalping and so on, similarly, if long-term, patient trades are your strengths, go long. 

2) Where Do You Fall Short?

Identifying and analyzing failure is important while Forex Trading. Many novices fail to get back up once they are down because they don't analyze why they fell! In the Forex trading markets, you are bound to lose on one occasion or the other. Instead of crying over spilt milk, analyze your mistakes; see where you went wrong and how you can avoid it. This self-analysis will help you mitigate a number of silly errors and see a greater profit chance. 

3) How Can You Improve?

Improvement should always be your first priority as a Forex trader. Given that you are bound to make frequent mistakes in the currency trading market, you will have to keep bettering your techniques and hit back harder! This is where good Forex brokers come in handy, with their guidance, you will be able to improve on your techniques swiftly and hit the ground running. 

4) Is Risking Affordable?

This question you should ask yourself before each trade made. Taking risks is necessary, hence the need for gauging their necessity and viability. Going over the board with risks often leads to irreparable losses! 

If you are able to get a positive answer to these queries, open up a Forex Demo Account today and get started with currency exchange! Our experts at WesternFX will back you through each trade, provide excellent guidance and ensure you see victory. Work with some of the greatest Forex minds and power your trades with world-class Forex trading strategies - call us today!

3 Tips To Start Forex Trading On A Successful Note in 2019

Forex trading is a domain where finding a good start is often considered impossible. Given the massive amounts of volatility surrounding this field, it is no surprise that only 20-25% of Forex traders see success! The physical requirements to start off trading are easy - all you need is a laptop with internet, a trading platform and a good broker. 

However, once you're in the Forex trading markets, things take a drastic turn. The beginning is always the most difficult part while currency trading, solely because as a beginner you will have very little knowledge and the markets around you will be overwhelming with information.
 

Here are 3 trading tips for aspiring Forex traders to find success:
 

Tips to Beginners for a Successful Forex Trading

1) Watch The News: When you're a novice Forex trader, no one will tell you the importance of reading/watching the news. Every bit of information, small and large, is often conveyed via the news. Currency trends, political disruptions, economic events etc. - you will find the information on all these if you go through the news on the regular! And as a Forex trader, it is important to have this data on your fingertips. Most, if not all of your trading decisions, will rely on these factors. A country's economic state, for example, plays the most vital role in deciding its currency value. 

If a country isn't doing well economically, its currency will see a staggering fall! Watching the news will help you stay a step ahead.
 

2) Get Reliable Brokerage: Time and time again, the importance of a good broker is stressed on. Every trader needs the backing of a good broker, especially novices. When you first start off trading currencies, you don’t know much about trading. It is your broker who will guide you through trades, let you learn on a Forex demo account and help you devise winning Forex trading strategies! So make sure to avail knowledgeable and reliable brokerage.
 

3) Stick To Your Plan: Lastly, it is of paramount importance that you stick to your plan. Being a newbie will often leave you overwhelmed with negativity, causing you to see the grass on the other side as greener. This will lead to you jumping strategies and not staying disciplined! Profiting in Forex will take time, make sure to give enough. Stick to your Forex trading strategies and see them through; discipline always brings in success.
 

Start practicing today with a good Forex demo account, and once you're adept at it, move to the live markets. Several novices filled with a zest for trading enter the markets enthusiastic, but due to the lack of professional support, fail early. Avail WesternFX's world-class brokerage and you will see raging success come swiftly! Our experts will provide you with excellent Forex trading solutions and see to it that your trades are well-guided. Try a demo today and see for yourself, call us!