Developing Your Own Forex Trading Strategy For South African Markets

The heart and soul of every currency trade is the Forex trading strategy used. These plans aren't made overnight; the process of strategizing is no simple deal! Foreign exchange is a field of immense volatility and flexibility. As a currency trader, you can choose from a variety of currencies to invest and timeframes to work on. Depending on the currency and the timeframe, you can devise a strategy that pairs perfectly with the two elements.

How To Devise The Perfect Trading Strategy For Forex In South Africa

Sounds very difficult? Narrow down all your factors to these three questions:

1) When will you enter the trade?

2) What are your investments?

3) When will you close the trade?

With enough technical analysis, you can figure out the different trends that arise in currency markets. Similarly, reading and following chart patterns will allow you to capture the most profitable of movements and these will serve as the best entry points.

When it comes to investments, dexterity is substantial. You have to manage your capital wisely to prevent an account burnout. Forex Trading is volatile enough to clear out thousands of dollars with a single bad trade! Predetermine the amount you are willing to risk/lose, the money you plan on investing, and the potential winnings.

Planning an exit is critical. Aside from using stop-losses, you have to know the proper point of exiting a trade, such that there is the only negligible loss. Novice traders suffer in this aspect, as their loss-management is seldom up to the mark.

Technical And Fundamental Analysis:

Crucial factors in devising an efficient strategy, technical and fundamental analysis will help you get a strong grip over Forex trading in South Africa.

Technical analysis is the studying of past patterns and speculating future patterns, to determine the pattern current markets will form. By employing indicators and other analytical tools, traders find out the perfect trends to catch in a trade and plot out strong Forex Trading Strategies.

Similarly, the fundamental analysis comprises of analyzing the social, economic and political factors that cause currency fluctuations. Forex trading markets are heavily influenced by economic movements, and a good study over these factors helps tremendously in strategizing.

To develop the perfect plan for Forex Trading In South Africa, you need the assistance of an expert like WesternFX! Aided by our professionals, you can learn the A-Z about South African trade markets, and start devising the best strategy with us. Get yourself world-class brokerage today, and start your climb to the top - call us now!

Forex Trading Basics - How To Best Use The MetaTrader 4 Platform

Foreign exchange has been said by many to be a demanding field, requiring heavy research and constant practice. With online trading coming into fashion, traders no longer have to go to markets to participate in exchanges! A laptop with internet and a good online trading platform is all they need to set up winning trades. To thrive in the volatile Forex markets, traders need the best of Forex trading strategies and platforms; these platforms provide traders with the necessary charting tools and facilities to commence and conclude a trade in the most profitable manner.  

There are several Forex Trading Platforms like FXPro, TradingView, eSignal, MetaTrader 4, etc. Of the many platforms in the market, MetaTrader 4 is preferred by several. Equipped with MT4 you can analyze price movements, place trades and manage them, and automate your exchanges using EAs! Here are 10 tips for using MT4 trading platform for currency trades:

1) Adding An Expert Advisor (EA): Expert Advisors are robots that trade automatically. These are incredibly helpful when you want to participate in trades but are preoccupied. Its strategy-driven approach can be of perfect assistance to the several traders who allow emotions to intervene in their trades! Follow these steps to add an expert adviser to your MT4 tool:

• Copy the EX4 files.
• Select Files from the top menu and click on Open Data Folder.
• In the ensuing explorer window click on MQL4 and then select Experts, after this, paste the copied files.
• Restart MT4 to see the changes implemented.

2) Creating A Chart Template: Traders employing technical analysis need multiple indicators. With templates, predefined indicators can be added to a chart. This saves time as you don't have to create indicators each time a new chart is opened. Here are the required steps to create a chart template:

• Open a new chart.
• Employ any indicators you wish to.
• Right click on the chart to see a drop-down menu.
• Click on Template, and then Save Template.
• Name it as desired and click Save.
• To load these on the charts, go to Template again and select Load Template.

3) Saving A Profile: You can save your complete trading profile once the platform layout is set. When working with multiple charts, saving a profile helps immensely. The following 6 steps will help save your profile:

• Select the charts you wish to employ.
• Go to the File option on the top-left corner.
• Select Profile.
• Select Save As.
• Name your profile.
• To load this profile on your platform, go to Profile and left click on Load Profile.

4) Accessing And Printing Trade Statements: Trends are the key to winning at Forex Trading In South Africa. When you monitor historic trends and observe the recurring patterns, you stand a better chance of making hefty profits. On MT4, you can print out trade statements to see your trade history, here's how:

• Click on Account History.
• Select a time period from the drop-down menu.
• Upon right-clicking in Account History, you will see a drop-down.
• Select Save as Report, or Save as Detailed Report.
• To save click Save, or Print if you want a physical copy.

5) One Click Trades: Traders undertaking a swift approach will find great relief in the one-click trading feature offered on the MT4 Forex Trading Platform. By default, the two-step process is followed. Here, the trade order window is brought up first. Following this, the right order type is selected and confirmed. These are two steps all-in-all, and to submit your order, both have to be followed. Using the one-click option, your order gets submitted when you single-click either the bid or the buy buttons.

Advantages Of Using MetaTrader 4:

1) Smooth User-Experience: From novices to professionals, everyone can use this platform without experiencing any complexity. With its mobile application, you can trade no matter where you are.

2) Charting Options: A wide variety of charting features are at your disposal when you use MetaTrader 4! You can load presets, customize chart appearance and design the interface the way you want to see it. This helps you remove the unnecessary elements and focus on important ones.

3) Expert Advisor Provision: You can automate your trades with EAs, and MetaTrader allows you to customize your advisor to trade on the timeframes and follow an approach you find most profitable.

4) Light-Weight Nature: Unlike several other Forex Trading Platforms, MetaTrader 4 is very light on the computer. With its limited resources, it still delivers unlimited performance, while not disrupting the functioning of your computer.

Forex Trading In South Africa is trending today, and you can capitalize on this amply! Equip yourself with a powerful trading platform like MT4 and your trading experience will be simply stellar. Call WesternFX today, and avail our world-class brokerage! From providing trade platforms to implementing Forex Trading Strategies, we will assist you thoroughly and make sure you emerge on top, victorious!

Top 4 Forex Trading Platforms in South Africa Explained in Detail

Research-driven, and heavily reliant on strong analysis, Forex trading requires high levels of accuracy to succeed in. Be it the strategy implemented or the platform used, to win at the currency exchange, traders have to demonstrate precision! This is what makes trading platforms an indispensable element in Forex. These platforms connect traders with the markets, and equip them with the necessary information to combat each deal!
 

Chart analysis, studying past price movements, and speculating future market actions is a huge part of Forex trading. Since this field is one that works on the basis of trends, it is crucial to know each currency's current, past and future status, before moving into the markets. Trading platforms are software that allows players to monitor and place trades.

Various Types of Forex Trading Platforms You Could Try in South Africa

However, the most prominent advantage of these is the features they provide, that help in conduct trades in a more immaculate manner. From real-time quotes to an array of charting tools, with a solid trading platform, you can equip yourself with the most precise of information and data to ace all your trades.
 

There will be several trading platforms at your disposal, but these 4 top all charts:
 

1) MetaTrader 4: Undoubtedly one of the most used Forex trading platforms; MetaTrader 4 is incredibly efficient, as is powerful. MT4 provides users with one of the best user experiences to be found on various platforms. Available in various languages, MT4 doesn't limit itself to one tongue! 

What truly makes this platform so widely-used is its Expert Advisor provision. Not all traders have the time to spend on each trade. Some choose to automate the process, while only spending time to set the parameters. The EAs take care of the trade, from monitoring to placing one. 

With MT4 not using up too much of your computer's resource, you can be sure that it is an overall performer!
 

2) eSignal: Beginners are bound to feel overwhelmed by the various elements a platform will offer, not to mention the general chaotic nature of Forex they have to bear. Applauded by several for being the fastest trading platform, eSignal is suitable for beginners, intermediates, and professionals alike! From providing live-stream quotes to real-time data, eSignal serves as the perfect trading companion. All these stellar features aside, there is one that makes this Forex trading platform stand out - it allows traders to back-test strategies before implementing them! 

With its wide array of scanning and speculation tools, traders can see the effectiveness of the strategies they make, before using them on live markets.
 

3) Forex Trader Desktop: Used by thousands globally, for its flexible and swift nature, Forex Trader Desktop offers a plethora of immensely helpful features. Using the Strategy Wizard, you are provided automatic trading signals and customized trades. Add this up with the provision of advanced technical analysis tools, and you are all set to embark on an incredibly lucrative trading career! Starting off, the one thing beginners need is support. 

While Forex trading professionals can handle sticky situations, novices are less equipped to do so. Forex Trader provides live support to its traders, making sure no hassle leaves them inert!
 

4) Currenex: With over 100 currency pairs offered, this Forex trading platform is one of the best picks for hardcore, large-volume traders. As a Currenex user, you can access immense liquidity levels. Owing to its anonymous nature, traders can access several liquidity sources. This dynamic platform equips traders with the means to analyze markets chronologically, and update their Forex trading strategies accordingly. 

There is complete transactional anonymity and confidentiality, allowing traders to participate freely and hold large positions freely.
 

Still having trouble deciding? Here are 4 factors to look for before selecting a trading platform:
 

1) Responsiveness: Working in the fast-moving environment of Forex trading in South Africa, your decisions will have to be based on accurate calculations, and also have to be made swiftly. Too much delay will cause the opportunity to pass!
 

2) Reliability: A common trait for any product or service, the data generated by your trading platform has to be reliable and precise.
 

3) Easy-to-use Interface: Even if you are a professional, working on a congested platform, with unnecessary features that only take up space, can be troublesome. User-friendliness is one of the crucial factors to look for!
 

4) Quality of Tools: Charting tools provided should be immaculate in the information provided, swift in delivery, and reliable.
 

5) Security of User Data: On a Forex trading platform, you will be entering a lot of personal information, and possibly working with huge amounts of money. The safety of your information and capital should never be compromised!
 

When you find a Forex trading platform that checks all these 5 criteria, you are set to dominate the markets! Forex trading in South Africa grows competitive by the minute, without proper aid, winning will be close to impossible. Call WesternFX today, and avail our world-class brokerage! With our experienced brokers by your side and an impeccable platform to work on, you will ace every deal you make!

Top Myths of Forex Trading in South Africa You Should Know

As a Forex trader, you will come across several beliefs that are hard to prove and disprove. Starting off, all these myths will create an environment of confusion, and for a newbie, several can be misleading! Some things are better learnt with experience, but in Forex that can be costly. Once you set off on the wrong foot, regaining control won't come easy. After steering away from the plethora of wrong beliefs, you will be able to embark on an indulging journey to achieve currency trading success!

Here are the 4 Forex trading myths broken down:

Top Myths of Forex Trading in South Africa

1) Money Comes 24x7 in Forex: Agreed that foreign exchange functions 24 hours a day, several traders house this belief that money can be made on all timeframes. Market volatility plays a substantial role in deciding whether profits are made or losses; and currency markets; even though they function round the clock, see fluctuating volatility. Each currency has different behaviors across different time-zones, and during peak hours, they are most profitable.
 

2) Forex = Money: On the outset, everybody thinks that a currency trader mints in millions. This is undoubtedly the biggest Forex trading myth. The truth is quite contrary; Forex traders lose a lot of money, trying to make money! Currency exchange is one of the most risky fields in trading; the leveraged nature accompanying Forex makes it an incredibly risky endeavor for traders, with a potential for losing more than just their investment capital.
 

3) Complicated Strategies Guarantee Success: This saying can be come across in several fields, not just trading. While a Forex trading strategy is of paramount importance, there is no necessity for it to be complex. Smart work beats hard work; likewise, a strategy, though simple, can get you a good winning when applied properly, while an elaborate trade plan might not yield just as well!
 

4) Forex is Like Gambling: A preposterous Forex trading myth, which is surprisingly believed by many today! Gambling is more reliant on luck and chance, while Forex trading relies on strategies and proper planning. Luck might give an occasional boost, but solely depending on it to turn a trade around will never work. Foreign exchange is a domain that requires constant analysis and precise implementation of the same.
 

Several such myths leave traders pondering and confused while Forex trading in South Africa. With time and experience, clarity can be obtained, and you can sail through to victory! Call WesternFX today, and get yourself a world-class FX broker to assist through all your trades. With our experienced brokers by your side, success is assured!

What is Day Trading & When to Day Trade for Better Profits?

Finding lucrative openings in smaller price movements, starting and executing trades within the same day and indulging in multiple trades within one day - these are some of the things a day trader does regularly. While trading in shorter timeframes sounds like a bad idea, the reality says otherwise. It is an immensely lucrative approach and can reward you tremendously when done right. Day trading involves intense trades, done at frequent intervals. This intensity of this Forex trading strategy might not work in the favor of every trader, but with a little assistance, anyone can get started!

Here are 5 Tips to Become an Amazing Day Trader: 

 

Day Trading Tips for Forex Traders in South Africa

1) Research is Everything: Without knowing what to do, progress will never come. Working in the field of trading means you have to stay updated every step of the way. Charts change every day, prices see hikes and drops, and the market is constantly fluctuating. Forex being the chaotic field will require consistent research for a trader to stay abreast of what goes on around him.
 

2) Invest Slowly, but Steadily: Slow and steady wins the race, isn't that how it goes? It does so in Forex! Novices have the misconception that investing more yields more. The market, however, isn't that forgiving. Foreign exchange grounds are incredibly volatile; entering a bad trade with high amounts and added leverage from Forex brokers, spells the recipe for disaster!
 

3) Have Risk Capital Ready: Don't make the mistake of day trading, without dedicating risk capital. When holding a position of $10,000, you should be ready to sacrifice 2-3% of it. Having risk investment not only fortifies you mentally but also ensures losses don't get the better of you.
 

4) Pick Proper Timeframes: When you enter a trade, and when you exit will decide whether you emerge successfully or not. Currencies aren't always profitable, even major pairs like USD-EUR see a significant drop from time-to-time. Plan your entries before you make them.
 

5) Trade Your Plan: Getting carried away is in every human's nature. There will be one too many occasions where your trading plan seems lacking, or when the grass is greener on the other side. Stick to your plan, even if others' seems better! Markets are severely volatile in Forex, and trades can turn awry in no time.
 

Gain mastery over day trading, and dominate the grounds of currency exchange. Call WesternFX today, and hire from our arsenal of FX professionals. From Forex trading strategies to brokerage, we will equip you with the best of all! Join with us and conquer Forex trading in South Africa today.

Forex Broker Scams - List of Things You Should Watch Out For

How tempting it is, to see an ad that says, "100% guaranteed winnings". Today Forex trading is a huge market, amply lucrative and accommodative. Traders enter in thousands with a burning desire to make good money and leave. The problem with FX markets today, is that they have become an opening for brokers to profit as well. From spreads to the brokerage payment, they have a healthy number of opportunities to profit. While some work honestly and aim at helping traders grow, others look to cheat players and rob them of all investments! The bigger problem, however, isn't a scammer, it is identifying one.
 

Identifying a good broker is like picking a needle from a haystack. Despite of regulatory bodies existing, several agents get away by fooling novice traders. 

Finding Forex Brokers Scam!

Here are 4 ways you can spot a fake broker:
 

1) False Claims: Exaggerating for attention is one thing while lying is completely different. Several agents in an aim to get more customers advertise false claims. "100% profits", "No loss guaranteed", so on. These are impossible in Forex trading. No matter how good the trader, or the broker - avoiding losses and bathing in eternal profits is a delusion!
 

2) Haphazard Details: A lot can be said by the way a broker makes a deal with traders. A good agency will explain their functioning in-depth. A scammer and a genuine broker both have the same priority - convincing you, the trader. However, the former will make up lies, and try to hurriedly get you to sign up, whereas the latter will ensure you are convinced wholly before entering.
 

3) Customer Reviews: No Forex trader can be fooled twice that easily. Once a player has signed up with a bad brokerage and paid the price, reviews will go on every platform! With social media booming today, judging the efficiency of a company has become very easy. Check for customer reviews for a broker before partnering up.
 

4) Regulation: Though not fully efficient anymore, partnering up with a regulated agency ensures the safety of your capital and information. Bodies like NFA and CFTC govern the trading actions in the markets and exist to protect traders. Check for regulation before committing to a brokerage firm!
 

Without a good broker, winning Forex trades is a dream! They play as important as part as you do, and will be amply necessary down the line. Be it stocks, currencies, or contracts, brokerage matters most. Sign up with the industrial best - WesternFX today, and witness the spurt your trading career sees! Call us today and hire the best Forex broker in South Africa.

You Should Avoid these 4 Things While Forex Trading

Too much of something is good for nothing. This doesn't just apply to materialistic products. Too much of analysis, overtrading, and influence, are some of the problems that keep traders from winning in Forex trading. Starting off, players tend to get influenced by external factors easily and get derailed. Along with strategies and platforms, a strong resolve and a sound mind are necessary to win in currency trading. Foreign exchange is immensely risky as it is, the last thing a trader needs is a distraction!
 

Here are 4 elements to avoid while trading currencies:

Things to Avoid While Trading Forex

1) News and Media: These elements affect people in every field, every day! News has the power to influence people immensely. Day in and day out, Forex traders come across news from various sources regarding the currency markets that take a big seat on their minds! Media has the power to leave anyone absolutely mesmerized. Though it is undeniable that on several occasions the information broadcasted helps; but as a strong trader, you should rely more on your instinct and less on news and media!
 

2) Over-strategizing: Strategizing may be the required ingredient to win at Forex trading, but even that ought to be kept in a limit. In theory, it is possible to strategize every market movement, price hike/drop and possible outcome. However, devising a plan for each aspect of your trade will lead to you losing focus on the main objective - the trade itself! Keep your trade plan short, sweet and effective. Here is a tips to think like a Pro Forex traders.
 

3) Greediness: The most corrupt emotion, greed, can topple the fruits of your hard work in the blink of an eye! The desire for "just some more" is one that never ceases. Learn to be content with smaller wins, not because profits are bad; but because, the drive to make more money will never end, and will eventually lead to a massive downfall.
 

4) Staying Glued To The Screen: Staring at the charts, measuring drops and hikes will not bring in money out of thin air. Forex traders often tend to spend a lot of time analyzing charts, and in that duration, fail to catch profitable market movements. Study to a necessary extent, don't over-analyze! Watching market movements isn't going to bring in money, acting on it is.
 

These are some of the common Forex mistakes traders make. Remember, complex doesn't mean better. Sticking to simpler routines, strategies and smaller outcomes is better than over-committing with a huge strategy, hunting for larger profits. Winning at currency trades comes a lot easier with an adept broker like WesternFX by your side! We will equip you with the best of platforms and trading strategies to win your trades. Call us today to get a quote.

How To Have A Professional Forex Traders Mindset

Wits, strategies and tactics aside, a steady mindset is amply crucial for traders to succeed today. While capital and trade plans do play a huge role, entering trading without the proper approach will not end in profits! With stifle competition today, traders need to be technically and mentally adept. Professionals have scaled starry heights, not due to ground-breaking strategies or unconventional methods; it is solely due to their dedicated and diligent approach to the field.
 

Here are 3 impeccable tips to better your trading game:

Tips to Get Forex Trading Mindset

1) Undivided Focus: A steady mind is one of the most important requirements of online trading. When markets get so immensely volatile, it is easy to lose focus. There's one too many charts, an abundance of information and a plethora of strategies to shuffle constantly without suffering from mental fatigue! To achieve a state of equilibrium and manage the various aspects harmoniously, you need to maintain constant focus over the markets and be technically sound! Keeping in mind the unpredictability each trade carries, elements like risk management, stop order placements etc., will be immensely crucial; the mastery over which requires immaculate focus.
 

2) Emotional Grip: Several traders face losses due to their inability to control emotions! Be it greed, disappointment, or sheer enthusiasm - maintaining emotional control is incredibly important to survive trading. Often time’s traders start overtrading to make up for past losses. The disappointment of a lost trade drives several to commit to a bad position and hold it. Additionally, some players trade beyond control solely because they've made good profits! Greed and regret are two emotions to watch out for. Always maintain a control over yourself and never trade more than what's necessary!
 

3) Know Where to Draw the Line: On good days, you might see a streak of profits, but no matter how tempting, know where to stop. Self-control is the antidote to losses! Traders lose more due to overtrading than because of bad market conditions. Fields like Forex trading see tremendous losing trades due to overtrading on leverage! Starting off with small leverage, investing at a normal pace and withdrawing on time, are some of the many self-control measures you will have to follow to ensure a bad trade doesn't wipe your earnings!
 

Online trading came as a boon, allowing traders around the globe to participate in the market freely. However, without knowing the right way of approach, success will be far from attainment! Get yourself the assistance of a world-class broker and dominate your trades, call WesternFX. Our arsenal of experienced Forex brokers will guide you through every aspect, and ensure you come out on top!