A Student's Perspective On Winning Forex Trades In 2019

It might come as a surprise to many, but even students today have started Forex trading! This incredibly profitable venture requires a sharp mind and a knowledge-first approach, and who better at it than students? Forex trading is growing increasingly popular by the minute and just as valuable too. With a trading value of $5 trillion today, the markets are open to all but succeed at by only a handful. Consistent profits aren't realized by the thousands of traders that join, mostly because of excessive ambition and greed!

Forex Demo 

However, students today are becoming wise enough to tread on the risky grounds of Forex and make a good winning for themselves regularly. 

Below you can read how one can get started off with Forex as a student and see consistent results: 

1) Always Be Aware Of Economic Happenings: 

As a Forex trader, you always have to know what's going on outside before placing a trade. Forex exchange is a field best known for bombarding trades with sudden market movements! Don't get caught in these erratic drifts; always study the market conditions before finalizing your trades.  

2) Focus More On Consistency Than Profits: 

One of the main reasons why beginners lose more than they win is because they focus more on profits than on consistency. Having a consistent run of 10 successful trades is better than dipping after one good trade! Aiming for profits is good, but don't get consumed by it. Always have the bigger picture in mind. 

3) Start Off Small And Grow Gradually: 

Keep the beginnings as humble as they get. When you go all-in right off the bat, it becomes difficult to sustain in the long run. This is because one loss can easily sweep you off your feet and leave you to land in losses! Trade with minimal capital when you are beginning, and then increment it slowly as you gain more knowledge and experience. 

4) Work With One Strategy At A Time: 

Be it a difficult one or an easy one, sticking to the plan is as important as planning itself. Don't shuffle between trades! Study the markets carefully and find the proper indicators to go with your trades; once this is done pick a solid Forex Trading Strategies and stick to it. 

Make the jump now, partner up with the best Forex Broker In South Africa and dive into success! Our currency trading experts will guide you through the various nuances and ensure you are always afloat. Backed by our proven Forex trading strategies, you will be able to see profitable trades swiftly and make trading a lucrative hobby! Call us today to know more. 

4 Price Action Myths To Watch Out For In Forex

Price action is the movement of a particular security's value over a given period of time. This is the measure used for devising any and all technical analysis techniques. Being a very common factor when it comes to trading, many traders seem to confuse the reality with myths that revolve around the Forex markets. When you start Forex trading, it is crucial to be able to tell apart the myths from the realities. 

forex Trading Strategies

Here are 4 price action misconceptions to watch out for while trading currencies: 

1) Price Actions Are More Efficient Than Indicators: 

People often tend to believe that either price action is the best measure in Forex trading, or that indicators are the ultimate goal of studying charts. The fact; however is that both are similar measures! An indicator will only show you the chart in a more easily digestible manner, such that the information you want to obtain from it, like possible trend emergence points, trend fall points etc. With these indicators, you can study charts more efficiently and make a good call; much like you can with price action! 

2) Price Action Doesn't Lag And Predicts Accurately: 

Many Forex traders mistake price action to be accurate all the time, and claim that it doesn't lag. Clearly, this isn't the case. Price action can't predict the future and neither can indicators, they only show the possible outcomes that could happen due to a particular market movement. As far as lag is concerned, both indicators and price actions experience it! Remember Forex trading isn't about predicting the future; so long as you can find the right way to go about once a trend is seen, you can make healthy profits. 

3) Price Action Is Very Simple: 

It definitely isn't. Forex traders tend to spread the rumor that price action is very easy to implement because it is simplistic visually and they are mistaken in that price action is always accurate! The reality, however, is that price action requires a lot of knowledge to work with. Several parameters exist in this that makes price action a very difficult element for beginners. 

4) Price Action Is Neater Than Using Indicators: 

It only comes down to preference. The factor of neatness is all about perspective; some traders want things to be as detailed as possible, hence they crowd their Forex trading charts with indicators. Similarly, some traders like things minimal and employ only a handful of tools. Brokers and many market professionals will try to confuse you into buying price action methods by fooling you with these crowded charts, don't fall for it! 

With our assistance backing you, you can trade fearlessly and realize stellar profits! Forex Trading can definitely be a bit confusing at times. With so many myths clouding the markets, novices are bound to have a tough time telling the truth from the lies! 

Don't worry fellow trader, at WesternFX, we've got you covered. Our experts will be by your side through each trade and provide you with all the guidance and help you need. Call us today to get started! 

Forex Trading Strategies Guaranteed To Bring In Results

Though Forex trading houses a number of strategies, there are some that see a relatively higher rate of success than the others. This doesn't mean that these Forex trading strategies are always profitable; depending on how the current market trends are; a particular approach might be very profitable on one day and not so much on the other. Powering your trades with a strong strategy is crucial to see consistent results. Many traders make the novice mistake of taking part in exchanges with a poorly-devised strategy and this doesn't play out in their favor! 

Forex Trading Strategies

Here are 4 Forex trading strategies to get you started on the right track: 

1) Scalping Strategy: 

Scalping is a very fast-paced Forex trading strategy that can be as profitable as it is fun. Implemented on the timeframe of a few seconds to minutes, this approach demands a lot of concentration from the trader but makes every second worth the effort. Don't mistake the strategy for being ineffective because the profits are small, when you combine the results of the many trades you make, you will have a huge compounded profit to your name!

2) Trend Trading: 

Being a trend trader, your job will be to keep a keen eye out for trends and capitalize on them at light speeds. Forex Trading markets are filled with trends; with strong technical and fundamental knowledge, and the right indicators in place, catching profitable trends will be a cakewalk for you. 

3) Day Trading: 

Day trading is very similar to scalping, but a bit more flexible. Scalping is a Forex trading strategy for extremely small timeframes, but with day trading you have more breathing room between trades. It is one of the most powerful strategies for beginners and can bring in consistent profits if implemented properly! As a day trader, you will work on small-scale trades and your trading window closes with each day has gone; so you have the daytime hours only, but this will be more than enough to make a good winning.

4) Swing Trading: 

Price swings are very common while Forex trading in South Africa, given that the markets are so volatile and there are no constants when it comes to currency values. You will have to observe the charts and watch out for price swings from one point to the other, and capitalize on them. 

Want to know more such approaches and have a peek at the best Forex Trading Strategies In South Africa? Call WesternFX today and avail our world-class brokerage! We house trading veterans with years of experience and a tremendous amount of knowledge. Assisted by them through trades easy and hard, you will learn the art of Forex trading swiftly and start seeing consistent victories in your ventures. Reach out to us now to know more! 

Forex Habits That Make Traders Realize Success

How you carry yourself as a trader is just as important as the efficiency of the trading techniques you employ. Forex markets today see an enormous number of traders come in with skills as sharp as a razor, but their trading habits lead them to see staggering losses right off the bat. 

You might have the most adept mind and be equipped with game-winning Forex trading strategies, but when you approach trades with a greedy or an unrealistic mentality, they are bound to come crashing down! Similarly, certain systematic methods have to be followed regularly to make sure your trades are on the right track and so are you.

Forex Demo 

Here are 3 Forex trading habits you should try to follow to see better results: 

1) Reviewing Your Trades: 

Almost all professionals make it a habit to go through their approach before implementing it on real-time trades. When you allot some time to review trades, you can reanalyze things and have a sharper eye for mistakes. No matter how perfect your Forex Trading Strategies might seem, there might be a mistake somewhere, and a thorough review will be of great help! 

Trading aside, glancing through things and double-checking always helps no matter the field.

2) Maintaining A Trading Journal: 

Keeping a neat record of the trades you make and noting things down for future reference will definitely make you a better trader. Forex trading in South Africa can be unpredictable on many a day and things might not go as planned. However, trends have a tendency to repeat on these grounds, meaning a losing trend spotted once can occur again! 

So having a record of the wins, losses and breakevens you make will help you avoid making recurring mistakes and give room to more profits. 

3) Diversifying:

Many Forex traders just stick with trading major pairs and don't branch out enough. Diversifying your trades is a must; currency pairs no matter how lucrative, always see a drop. If you keep trading the same pair and stick to the same Forex trading strategy, chances are at some point you won't see any profits! 

Keep your eggs in different baskets; trade a variety of currencies! 

If you want to see consistent success while Forex Trading in South Africa, these are some of the must-have habits in your arsenal! The competitive markets today can get merciless, and only with discipline can you expect to see results. Learn how to hone your approach and turn trades in your favor, reach out to the experts at WesternFX! We will provide you with cutting-edge Forex trading solutions and ensure your exchanges bring in stellar results! 

4 Of The Most-Asked Forex Trading Questions

A field as complex as Forex trading is bound to spark curiosity amongst traders. With an extensive set of provisions from indicators to charting tools, to the vast array of strategies - Forex traders will be lost in the markets when they start off! Currency exchange is an analysis-intensive field, with several nuances pertaining to investment, planning and executing.

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Here are 4 of the most asked questions about currency exchange, and their answers: 

1) What Makes Forex Markets Different?

To be put simply, the architecture currency Trading Platform is built on is different when compared to other trading markets. Foreign exchange, in essence, is the exchange of one currency for the other, and traders profit from the value difference. In addition to this, the market volatility seen on the grounds of Forex is times more than other markets. Due to economic factors playing the major role in currency exchange, the smallest of shifts in trends can cause massive disruptions.  

2) Does Currency Exchange Make One Rich?

The answer to this is a yes, but with some twists and turns. Foreign exchange is indeed a rewarding field; with a trading value in millions, traders do have a lot to run towards. However, getting rich isn't an overnight happening in Forex. It takes years to master the art of trading and years more to become adept at it!

3) Do Bigger Forex Trading Strategies Yield Better?

Currency trading can be done on small timeframes and long ones, each with strategies of their own. Many traders are driven by the misconception that a complex Forex trading strategy somehow works better than shorter ones and brings in more profits! This isn't the case. A good trading strategy that encompasses all the elements right from currency choice to exit points, will win irrespective of anything else. 

4) Is Part-Time Forex Trading Worth It?

Undoubtedly Currency trading, when done right, is always worth it. And don't mistake part-time to be any less profitable either. Even with a day job in your hands, you can spend some spare time trading and make a good winning! 

Have more questions about Currency Trading? Don't hesitate to reach out to WesternFX and talk with one of our experts about it today! We will provide you with more than just information; our goal is to equip traders with the best of strategies and provide them with stellar platforms to trade on! Call us now to know more. 

4 False Forex Trading Beliefs Debunked For You

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

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

Forex Trading In South Africa

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

1) You Require Large Capital To Trade Currencies: 

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

2) Forex Trading Will Give Easy Money: 

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

3) You Need To Have A Degree In Economics: 

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

4) Forex Trading Is For The Rich: 

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

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

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