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! 

Why Becoming An Online Trader In 2019 Is An Incredibly Wise Move

2019 is turning out to be a great year for trading, be it stocks, currencies or options. For many, transitioning into the trading lifestyle has been a milestone to mark in their lives! A lucrative field, online trading offers comfort, returns and stability. On the outset, many tend to believe trading to be a risky endeavor, which at times it is. However, backed by a strong approach, there's little that can stop you.

You can get started with online trading with a laptop and a good broker to guide, and here are 5 reasons you should: 

1) Work From The Comfort Of Home: 

The biggest and most alluring perk of online trading is that you get to work from home! Unlike arduous jobs that will demand you to travel far and wide, online trading will make sure you are comfortable where you stand, or sit. 

With a laptop, internet connection and a proper trading platform, you can get up and running. 

2) Starting Off Is Cheap: 

Rumors might have made you believe that to commence with, you need thousands of dollars. You don't! With sums as small as a few hundred bucks, you can trade easily and bank the rest on leverage. 

There aren't any extra costs for travelling or commissions either; so the money you make is yours alone!

3) You Are The Boss: 

Working under others isn't really preferred by everyone. For those who want to be their own bosses, online trading is undoubtedly the best. 

Here you make all the calls, be it deciding when to work, on which grounds, and how to! 

4) Trade From Anywhere: 

You can work and enjoy a vacation at the same time! Even on a lush beach in Mauritius, all you need is an internet-equipped laptop and a platform to work on, and you're all set to rock online trading in South Africa!

5) No Meddling Middlemen: 

Like stated earlier, you won't have to pay anything except the usual fees, because there are no middlemen! With the nominal exceptions of spreads and platform charges, you can take home everything you make.

Online Trading In South Africa is today, one of the most rewarding ventures to pursue. Be it saving for a retirement plan, or for making an extra buck - trading can be the perfect career option for you! Sign up with WesternFX today and get started with trading commodities from home. Working on our stellar platform and employing our cutting-edge strategies will ensure you bag all the wins! 

Forex Trading 101 - The Basics Behind Brokerage And How It Works

Forex brokerage is a world in itself within the currency trading market. On the outset it always seems as though only the trading fields are competitive; however, brokers face just as much competition in today's markets. Truth be told, the competition is intense to the point where some brokers end up scamming novices to make quick money. This is why it is important to know how to differentiate a genuine broker from a scammer!

How Brokers Make Money

Spreads are known to be the prime source of a broker's income. The difference between the buy and sell bid is what they earn, or so everyone thinks. Several brokers trade against their own clients; these types of individuals are known as market makers. Initially, traders are made to think that they are trading against other Forex players, while it is actually their broker on the other side! Novice traders fall into this trap and end up losing a good sum of money before quitting.

Straight-Through Processing

STP brokers follow a vastly better model when compared to market makers. These traders make money off of the spreads, and here you are trading against other traders rather than the Forex Brokers themselves. This is a win-win for you because the broker will not be against you in this scenario! Liquidity providers give the market rates and with a small added markup, STP brokers charge their spreads.

True ECN Brokers:

The vastly used brokerage model is the true ECN. Much like STP, traders here deal against other traders, with the only difference being that instead of earning through spreads, brokers earn through commissions charged on each trade individually. There is no separate spread demanded! Their transparent and minimal/zero-spread nature makes them the best choice for traders new and experienced.

A Forex broker should want you to improve on your trades and help you grow. Several in the industry today scam brokers with false claims of profits and lead them into losing trades on purpose. This had made finding a good broker a challenge for traders worldwide. Being an extremely volatile field, Forex can topple your trades and effortlessly throw you into losses; without a reliable broker to work with, currency trading is nightmarish!

Don't settle for the average, and don't fall for false claims - sign up with the world-class Forex broker, WesternFX, and master the art online trading in South Africa. With us there are no hidden costs, no claims and promises; we strive to serve you the best of brokerage possible, equip you with adept platforms and back you up with proven strategies. Open a Forex Demo Account with us and try for yourself!

A Beginner's Guide To Getting Comfortable With Online Trading

Do you know that today you can trade from home with just a laptop with an internet connection? This is the beauty of online trading. You can start your career trading any commodity from anywhere in the world! Let this not confuse you with the fact that the risks are constant, irrespective of whether you trade physically or online. And beginners always have starting troubles! Understanding how the markets work takes time; considering there are several markets today, it means there's all the more knowledge needed!

This generation gets to avail a number of technological benefits the previous ones didn't have. In the field of trading, there are signals; trade bots and a plethora of strategies that you get to apply in your trades today! With the basics learnt, anybody can start trading today.

For beginners, the first information is pertaining to the various markets that exist, and here are 3 of the most prominent:

1) Stock Markets:

As a stock, share or equity trader, you will be holding, buying or selling stocks of securities.

2) Foreign Exchange:

Forex Trading is the simple art of exchanging one currency for another, and profiting from the difference in value.

3) Options:

Without owning the underlying asset, you trade contracts for buying or selling said asset at a predetermined price.

The First-Most Important Element - A Trading Strategy:

The trading plan you implement will govern the outcome of all your trades, and also set the standard for your trading career. Strategizing is an art, no matter which market you take into consideration; and it is no easy task. From picking security to studying its past behavior, speculating the future behavior up until selecting the most strategically profitable entry and exit points - you will have to work on multiple elements to craft a good trading plan.

What Not To Do As A Beginner:

Following the rules is always a boring task. While not many like playing by the book, in the field of online trading it is absolutely essential to do so. Starting off, you will be venturing into the wilderness of trade markets, and discipline will be immensely important. Here are 3 things you should avoid:

1) Jumping Strategies:

The most tempting and easy move to make when your trade plan doesn't work immediately is to jump and change to a new plan. Give time to your strategy; nothing happens overnight! Only if a losing trend is spotted should you change.

2) Avoiding Stop-Losses:

Without proper stop orders in place, losses will blow your account up. Always place them, not randomly, but precisely; doing otherwise will cause you to miss out on profitable positions.

3) Lack Of A Solid Plan:

The biggest mistake beginners make while online trading in South Africa is not trading with a plan. As much as adventure thrills, it can prove costly all the same. Always keep a good strategy in place, and cover all the elements of trade.

Your career in Online Trading In South Africa can blossom tremendously when done right! Get the best of brokerage to assist you and take your trades to the next level. Call WesternFX today, and master the art of online trading. With our experts guiding you, you will transition from a beginner to a pro in no time!

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!