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!

How To Make Money With Forex Trading - The Secret Of Instant Profits!

An enormous number of Forex traders are out there today, aspiring to reach the top and make them a good earning. However, their pace isn't quick enough to see significant results. Many times, Forex traders put in ridiculous amounts of effort and see nothing more than some meager profits. This is why professionals say, "Work smart, not hard."
 

When it comes to profiting as a Forex trader, efforts play a minimal role. Yes, you have to be hard-working and keep at it till you have learnt enough to earn. However, blunt force is never the solution to anything. You will have to be smart in your learning and in your implementation. Forex trading is a vast market and extremely nuanced, only with a sharp approach will you be able to see the profits you dream of!
 

While most traders are told to demo trade in the start and keep striving to find a comfortable few Forex trading strategies, that style seldom works well. A Forex demo in South Africa is indeed necessary and a very helpful provision, but the simulated trade markets are nothing like the real-time ones! A trader will only truly learn when he/she trades on a live market.
 

How to Make Money with Forex Trading in South Africa

Keep in mind that your money will keep trickling down the longer you dilly-dally. This is why the suggested approach here, is to practice on the volatile and risky real-time markets, but with minimal amounts. This way, you will learn swiftly while also occasionally seeing some profits.
 

An Easier Way To Earn With Forex
 

There is no hard-and-fast rule that traders have to stick with manual approaches. You can let a trading robot, also known as an expert advisor (EA), do the job for yours! Once you establish the trading conditions, the robot will take care of the rest. Be aware of the fact that automated trading isn't always going to bring in positive results, and it definitely isn't a way to make 100% profits either. Your EA is only as strong as your established trading conditions!
 

Though criticized a lot in the trading community, no trader can deny the efficiency algorithmic Forex trading strategies carries. Remember that you still have to do your fair share of work. Researching the market for profitable timeframes, understanding currency movements, analyzing fundamentally and technically etc. - these tasks will have to be done from your end. Only then will the trading system bring in positive results.
 

Automated trading isn't perfect, but it's a great way to save time and place multiple trades. Want to know more about such approaches? Reach out to WesternFX today and learn from our trading veterans! We will provide you with an approach tailor-made to suit your needs, and ensure you see raging profits come your way. Call us today and ask for a free Forex demo in South Africa now!

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. 

Forex Demo 

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.

Forex Trading Strategies

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. 

Forex Trading Strategies

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.

Forex Demo

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. 

Forex Trading Strategies

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.

Forex Trading Strategies

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!