4 Costly Mistakes Forex Beginners Tend To Make

When you're new to the field of Forex trading, making mistakes is a given. Nothing new can be learnt without making a few mistakes, and it so happens that mistakes offer an unforgettable learning experience! In Forex markets, however, making mistakes costs real money, and it gets very expensive on some days. While making mistakes is indeed essential, there are some you will have to avoid at all costs, to keep away heavy costs! 

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Here are 4 mistakes novices make in Forex that can hamper their trading experience:

1) Not Playing The Long Game: 

Always think of the long run impacts when you trade. Driven by the need to make money and see big profits, Forex traders devise their approach in ways that are far from long-term. With their short-term approach, profits may come, but they will go with a lot more of your account with them, come a bad day! 

2) Having Unrealistic Expectations: 

Forex markets don't have a button you can spam to get riches. There is no magic portal to making money as a Forex trader. You will have to work on a Forex demo account, hone your skills and mainly - keep realistic expectations from your trades! Sometimes you win and sometimes you don't - that's just how Forex Trading In South Africa is. 

3) Getting Greedy: 

"Just one more trade" - this thought has ruined more trades than you can imagine. Giving in to greed will lead to a very painful downfall. You will burn your funds in the blink of an eye when you trade out of greed. Be humble in your approach and let the smaller profits give big happiness. Money is but a relative pleasure in Forex trading - it comes and goes without notice; its best if the losses are minimal and profits and maximized! 

4) Poor Capital Management: 

The final mistake many traders make, mostly out of the lack of knowledge, is due to bad capital management. Your trading account should always have enough money, either for hedging a bad trade or for being able to make good ones! 

With a good Forex Demo Account, you can slowly learn the basics, implement strategies and improve as a trader. Establish a clear goal before Forex trading in South Africa, and achieving it will become all the easier! Sign up with WesternFX today, and avail from the plethora of Forex solutions we offer. Tailor-made to suit your needs, we will ensure you get the perfect start, devoid of hassles, and see to it that you go on to rock your trades! 

3 Bad Forex Trading Practices You Should Stop Doing

The 24-hour market with a huge number of profits for the taking, Forex trading, sees a number of traders walk in everyday. Though the number of traders is astronomical, the number of successful ones isn't so astounding! This is mainly because most of the Forex players tend to commit themselves to certain ill-practices that cost them dearly. Giving in to greed or getting overconfident often leads to many Forex traders losing much more than they make! 

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Here are 3 bad habits you should look to eliminate if you want to see consistent trading success: 

1) Overtrading: 

The desire to make money exists in everyone; it is how to drive this desire that matters most. While the wise Forex trader finds contentment in a few profits, the greedy chap doesn't stop. Exercising self-control is important while Forex trading in South Africa because trades have an innate destructive potential. Either out of the need to win back lost money, or to keep the profit streak going - several traders keep trading without any stop! 

Needless to say, this always ends up with them going down further in the losses already made. 

2) Changing Strategies Irregularly: 

"My Forex Trading Strategies isn't bringing in money fast enough, I should change It." is what many think when trades take time to grow. Changing strategies midway is no solution to this. Long-term trades take time to mature and you will definitely not see quick results on these exchanges. Heading into a month-long trade and expecting profits on the first weekend is unwise! 

Stick to your strategy till the very end, and change only if bad trends are making their way in. 

3) Overleveraging: 

Leverage is a double-edged sword in Forex trading markets, which cuts you more often than it helps you! Leverage essentially allows you to hold positions of higher value than your capital would allow. So when you have a 20:1 leverage on a $1000 account, you get to hold up to $20,000 of trading value. Likewise, winning said trade will reward you with the whole $20,000! 

Where the danger comes, is when you lose; losing this trade would mean losing $20,000, which is definitely a daunting number on the negative spectrum. 

To succeed at Forex Trading In South Africa, you will have to control your desire for money and take things slow. As your skills proliferate and you attain a deeper understanding of the markets, you can go on to invest big and win bigger! Sign up with the ever-reliable WesternFX today and up your trading game. Avail from our arsenal of FX solutions and master the art of trading in no time! 

4 Of The Best Forex Trading Platforms In 2019

Without a Forex trading platform, trading is impossible. There are a variety of brokers today offering different trading platforms. Each one is unique in its own way, and classifying one as the best is difficult due to trader preference! Despite of this diversity, some boxes have to be ticked to classify a platform as a good one. This includes efficiency, system support, mobile-compatibility, and other tools like indicators and charting devices that help conduct a trade successfully while Forex trading in South Africa. 

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Today we can choose from a variety of Forex trading platforms, and here are the top 4 for you to pick from: 

1) MetaTrader 4: 

MT4 is universally accepted as one of the best Forex Trading Platforms in the game today. With mobile, desktop and automation support, MT4 comes equipped with all the means to conduct a trade. You can effortlessly place your trades on this platform and ensure your trades have the necessary stop orders too! 

To top things off, the MT4 platform has impeccable levels of data protection to make sure your accounts are in safe hands. 

2) MetaTrader 5: 

While many believe MT5 to be an enhanced version of MT4, the truth says otherwise. MetaTrader 4 was designed solely to equip traders with Forex trading means, an essentially a Forex-only tool. 

The MT5 however, serves as a trading platform that comes with improved fundamental, technical and financial trading functionalities, while also providing means to trade other exchange-oriented assets like equities and commodities. 

3) cTrader:

 The winner of the best trading platform award in 2018, the cTrader comes pre-installed with stellar indicators and charting tools. This tool also lets you devise your own strategy and approach! Integrated with the cloud, on cTrader you can watch as many trades as you want and invest in the best ones. 

4) fxTrade: 

Known worldwide for its swift execution, the fxTrade platform was designed to cut down trading costs while improving the functionality. Another incredible advantage of fxTrade is that it covers an extensive range of markets right from currencies to bonds. 

Loaded with easy one-touch trading means, stops and a number of technical, fundamental Forex trading tools, this platform is undoubtedly one of the best. 

To dominate the grounds of Forex Trading In South Africa, you will have to get yourself a good trading platform to work with. 

A platform alone, however, won't do much. With the help of a reputed broker like WesternFX, you can master the art of trading currencies and work on the best trading platform. Call us today to get started! 

6 Myths That Haunt The Forex Trading Markets

Rumors and myths always find a way into the Forex trading community. As a new trader, you will often wake to a barrage of misconceptions that are meant to confuse you and drive you off-track. Following rumors blindly will only lead you further and further away from a good trade. A market this voluminous is bound to have some misconceptions going around, bouncing on the walls into traders' ears! Being a Forex trader, you can't let yourself get caught off-guard by such myths and fall to fake beliefs. 

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Here are 6 Forex misconceptions you should be aware of and stay a good mile away from: 

1) Analysis Helps Predict The Future: 

While speculating is one thing, making precise predictions is a whole new ball game. While Forex trading in South Africa, you will see many traders talk about predicting the future through in-depth analysis and making profitable trades continuously. Don't buy this argument. If predicting things were so easy, every Forex trader would be bathing in riches! 

The reason analysis is so stressed on, is to allow traders to assess the various possible outcomes for a trade and make a decided call. With proper use of indicators and aided by a good trading strategy, you can narrow your trades down to a handful of outcomes and make a move accordingly.  

2) Complex Strategies Yield Better: 

You can make a good winning with the simplest of strategies, so long as you implement it right. People tend to believe that complex strategies do better in trades, because of the misconception that a detailed approach helps you bag more wins. Things don't work based on complexity while Forex Trading In South Africa! Normal day trading strategies have the same impact as a complex swing trading approach might. 

What matters is the actual implementation. Even with a simple approach, if you can't place a trade right, success will be far beyond grasp.

3) Forex Is For The Rich: 

Unlike what many people believe, you don't have to be rich in order to establish yourself as a Forex Trader. Truth be stated, you can start off with just $100 and still pocket ten times the amount! Foreign exchange is made to sound as a posh domain, but things only boil down to how you perform. You can grow your trading account to a 5-6 digit value with just a few hundreds, to begin with. 

Don't let the myths kill your ambition to become a Forex trader! Several rich individuals, who start off pompous, with thousand dollar investments, are often the ones who suffer a major fall. 

4) Trading Is A Shortcut To Money: 

Forex trading is definitely not a get-rich-quick scheme. Many people believe this to be true and enter the markets with no interest in trading at all! Agreed that you can make a good amount as a Forex trader, this doesn't come for free. 

To see success on these grounds, you will have to hone your skills and shift your focus from making money to thriving amongst the competition. If you enter trades believing money to be the only outcome, it is that very money you will lose! 

5) Long-Term Strategies Are Less Effective: 

The domain of Forex trading is incredibly beautiful in that strategies of all sorts are just as lucrative as the other. You have short-term plans like scalping, where trades barely last a few minutes, all the way up to position and swing trading, which can take months. 

Many a trader thinks that longer strategies are more profitable, but there is no such thing. Implemented right, you can make money from strategies small and big. 

6) Trading More Gives More Profits: 

Trading more only eventually leads to overtrading. Driven by this misconception, traders rush into trades blindly and don't know where to draw the line. Profits aren't obtained by simply trading! You can make a hefty winning from a single trade if you do things right, rather than aimlessly trading! 

With these myths debunked, you can now go on to dominate the fields of Forex trading in South Africa. The art of dodging the rumors and staying focused on the goal is also something you have to master in order to become an agile and sharp trader. 

Reach out to WesternFX today, and pair yourself up with the best of Forex Brokers! Our experts will provide you with the A-Z of currency trading necessities and see to it that you reign supreme through all your trades. Call us now to know more!

5 Subtle Qualities You Can Notice In Successful Forex Traders

With enough research, you will find that though a number of traders enter the Forex markets, only a few walk back with profits. This erratic win-lose pattern is a result of an insufficient approach and sometimes due to the sheer volatility of Forex trading. One thing you will notice is that irrespective of how the markets act, some traders have a healthy profit-loss ratio. With a disciplined approach and a good strategy, they manage to minimize losses and capitalize completely on all profitable opportunities! 

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Here are the 5 qualities you will find in these successful traders that you should adopt too: 

1) They Work With Undivided Focus: 

Dedication will radiate around successful traders in the most scintillating manner. Success is achieved as a result of continuous learning and working. These Forex players have reached the top by continuing to practice day in and day out, and not stopping the learning process.

2) They Research Thoroughly: 

Studying the markets is vital to improving as a Forex trader. That's how a trader reaches success! Forex trading is a field that can never be fully learnt. New concepts are developed each day, strategies evolve and techniques modify. With consistent studying, you can stay abreast of the latest developments and draft winning Forex Trading Strategies. 

3) They Shift According To Markets: 

Adapting to the situation is something you will have to do frequently, keeping in mind that Forex markets are tremendously volatile. A trade can get lopsided at any point in time, leaving you no choice but to make moves accordingly! Professionals adapt to a trade rather than letting trades catch them off-guard. 

4) They Don't Overtrade: 

A strict limit is placed, in mind and in trades, keeping traders away from overtrading. When you give in to emotions and start trading more than necessary, failure will be imminent. A professional trader knows where to draw the line, and adheres to it. 

5) They Have A Good Grip Over Tool Usage: 

As a Forex trader, you will have a variety of tools you can implement in your trades, to help catch trends and land lucrative deals. A good trader has the perfect grip over indicator usage and implementing the right charting and analytical tools. 

Your Forex Trading career might be going slow, but when fuelled with the right approach, you can turn things around and see swift profits. Call WesternFX today and pair yourself up with some of the best Forex experts worldwide. 

Our professionals will equip you with everything from a Forex demo account to a flexible trading platform. Reach out to us now and get started! 

4 Beginner's Mistakes You Should Avoid As A Forex Trader

A start is all about mistakes; it's when you learn the right by doing the wrong! Forex traders follow the same routine. When you begin trading, chances are bleak that you will have ticked all the right boxes. The art of currency exchange is one that takes years to master. In a volatile field such, making mistakes is obvious and even healthy, that's how you get to learn. However, Forex trading mistake can sometimes get costly; costly enough to drain your account! While some errors can be afforded, some can't.

Here are 4 common mistakes several beginners make, that you should avoid: 

1) Getting Too Confident: 

Don't get ahead of yourself when you're starting off with Forex trading in South Africa. Confidence is an element that when poured more than required, can easily topple your trades! Always keep yourself in check. Agreed that a bit of confidence does help overcome fear and take those extra risky trades, going over-the-board however, will only lead you to drown. 

2) Trading Emotionally: 

Emotional trading leads several traders to failure. You tend to lose control when elements like overconfidence, fear and greed take over. Traders often overtrade to make up for the money lost in past trades, or due to the enthusiasm and confidence that they can win any trade! Avoid getting governed by emotions and see the reality of things. 

3) Lack Of Risk Management: 

Not keeping the necessary measures in places like stops and limits will add up to the point where you have to incur huge losses. Stop-losses are provided to take you out of losing trades and keep you from bearing losses in your exchanges. Placing them appropriately as a part of your Forex Trading Strategies will help mitigate several risks and keep you safe throughout your trade.

4) Haphazard Strategizing: 

An unplanned trade can cause much havoc to your trading account. A strategy's purpose is to ensure that right from the start to the finish, every aspect has been taken care of. Your Forex trading strategy has to be wholesome with all the necessary aspects considered. 

Your initial stages of Forex Trading In South Africa will be a massive learning experience. Whether or not it becomes expensive is up to you. Sign up with the ever-reliable WesternFX, and let our experts help you get the best start to your Forex trading career. Avail from a variety of stellar currency trading solutions, and join the ranks of professional traders today! 

What Is Forex Trading And What's The Importance Of Strategizing

Foreign exchange, commonly known today as Forex trading too many, is the art of exchanging one currency for another, and profiting from the value difference between both. Its decentralized nature makes it incredibly lucrative since traders around the world can participate in it. What makes Forex trading challenging, is the constantly fluctuating state the currency markets are in, making trading tremendously risky!

Today technology has allowed traders to participate from anywhere, be it by the beach or in their house! With online trading, you need not be physically present at a broker's office to do the exchange. With a laptop and a trading platform, you are all set to go. Since Forex markets are decentralized, they are open 24x7, giving you a huge window to trade on. 

Forex Trading - What Is Currency Exchange And How To Strategize

To succeed as a trader at Forex Trading In South Africa, you have to grasp the concept of liquidity. Several currency pairs exist today but not all are equally profitable. Liquid pairs are the ones that see no significant change in trading value and allow the trader to buy or sell them quickly. The trend predominantly is that major pairs are the most liquid, and hence the most frequently traded too. However, this is where the catch lies; even minor and exotic pairs can be great when traded during the right time with the right Forex trading strategy. 

What makes Forex trading such a lure for traders is the provision of leverage. As a Forex trader, you won't have to invest all of your capital into a trade. You can boost a portion of it by adding it up with borrowed leverage and holding positions of higher value hence. By leveraging your trades, you indirectly multiply the potential profits and losses it brings along. This is what makes leverage a double-edged sword. A bad trade, when aided by leverage, will lead to you incurring huge losses, which surpass the money you invested initially!

Conquering currency exchange might sound intimidating, but with the help of a reliable Forex Trading Strategies, nothing lies beyond your grasp. Get your hands on some of the best techniques and methods to top Forex trading in South Africa, with WesternFX as your aide! Our experts will provide you with the best-in-class tips and tricks to win trades effortlessly, and ensure you emerge on top. Call us today to know more!