Creating A Killer Forex Trading Plan in 2018

How long will it take for you to get consumed if you entered the Amazon jungle without any preparation? Not too long. The same concept reflects in Forex trading! If you enter the field without a good Forex trading strategy, the market will chew you up. The foreign exchange market is known across the globe for its immense liquidity (roughly over $5 trillion). This sets the trap for traders who run blindly towards the money with no plan whatsoever. 

A trading strategy is the backbone of your trade. Profits, losses, breakevens, these are governed by how strong, weak or dormant your plan is. Here are 4 tips to create an amazing Forex trading strategy:

Forex Trading Strategies 2018

1) Establish Your Goals Clearly: Without knowing the destination, you can't commence your journey. The first step in your trading plan should be your goal - "How much money do I want to make? The loss amount I want to avoid. What are the possible risks I will be taking?" Ask yourself questions like these which will define the objective of your strategy and establish defined boundaries. Know where you are going, how you are going and why you want to go.

2) Keep an Eye Out for Risks: Forex trading and risks are two sides of the same coin. The obvious rule of Forex is, to make profits you have to take risks. However, defining how much risk to take is what will draw the line between profit and loss. Establish a risk threshold you want to obey, and risk no more than 1-2% of your trading capital.

3) Research Intensely: A good trading plan will only help you start the car; research is what will drive it to the destination.  Prior to entering your trade, research about every aspect affecting the trade - from stock charts to external factors that affect the market, keep everything on your mind. This information will help you maneuver your trades!

4) Analyze and Inspect: The perfect dessert for a trading meal is analyzing your trades and inspecting each outcome. You will grow in trading only when you learn the variety of decisions that can be made, and what each one results in. With every trade done, write down the various elements you came across, whether you faltered or succeeded at it, and how you can better your trades!

Steady analysis and consistent planning will shape your trading career from wet clay into a stellar sculpture. From avoiding losses to gaining consistent profits, the benefits of a good Forex trading strategy are endless. WesternFX specializes in devising impeccable trading strategies; clients from over 18 countries have recognized us for it! With our timely tips and consistent guidance, your Forex trading career will flourish!

4 Factors to Choose a Best Forex Trader in the Market

Your Forex broker plays a role huger than yours when it comes to trading. From providing you with a platform to guiding you through trades - the responsibility is paramount! The reason traders are advised to think through patiently before choosing a broker is that in today's markets differentiating between a genuine one and a scammer has become near-impossible. Forex trading promises a great deal of profits and a satisfying trading experience, don't let one broker collapse it.

Here's what you should consider before picking your online broker:

4 Factors to Choose a Best Forex Trader in the Market

1) Regulation and Security: What brands a broker and defines his status isn't the reputation, it's the regulation. During your tenure, you will be entrusting your online broker with a lot of money, quite possibly every investment! Don't risk it. Ensure your agency is regulated by an established financial institution and has received good reviews from its clients.

2) Commissions and Spreads: Transactional costs are inevitable. Your brokerage agency makes money primarily through spreads. This rate isn't universal. Each firm charges as they deem right. An established firm will usually charge a hefty amount because the services they provide will be top-notch. However, the wise choice would be to strike the perfect balance between transactional costs and the security provided.

3) Trading Platforms and Demo Accounts: A broker's job is to facilitate trading; which is done by employing a trading platform. This is only part of the entire functionality. A trading platform enables the trader to analyze chart patterns, speculate on various outcomes and make an educated call. A good agency will provide you with demo accounts to test the flexibility of the platform and at the same time accustom yourself with the trading environment. Always make sure your broker has a demo account provision (if you're new), without this learning trading will be a tough climb.

4) Customer Service: As mentioned earlier, Forex trading is your broker's job just as much as it is yours. Especially when you're starting off, you'll have one too many doubts to self-clarify! Partner up with an adept online broker who is as patient as he is capable of dealing with your trading shortcomings. Another thing to keep in mind is the support they provide after the deal; most brokers in an aim to secure the payment treat you well and make sure your demands are met, once done, they vanish! Ensure after-sales support is just as strong as the one initially.

Being picky when you're selecting your broker is in no way a bad trait; in fact, this decision will govern your trading career! Get yourself the best Forex broker in Indonesia - hire WesternFX! Our superior expertise and an arsenal of impeccable personnel will ensure your hold on the market stays firm. Contact us today to know more.