4 Advantages Of Using Entry Orders In Forex Trading

No matter how effective your trading plan, sometimes you will need that extra element in play to secure a trade. In this case, an entry order; an order placed while trading currencies, which automatically carries out a trade once a certain currency value has been reached. Being a 24-hour market, Forex trading sees many traders around the world participate. However, one trader can't stay up the whole time just for a few trades! This is why entry orders are kept, to carry out a trade outside your comfortable time-zones.

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Here are 4 reasons why you should implement entry orders in Forex: 

1) Automatic Execution:

All you have to do as a trader is to decide on a currency value and place your entry. The trade will get carried on automatically after that! This is incredibly advantageous for traders because they don't have to keep monitoring charts. Additionally, this keeps you from making irrational, last-minute changes that often cost many traders good money!

2) Save A Lot Of Time: 

Imagine living in Japan and wanting to place a trade which is over 20 hours away - it is doable once, but more than that is just plain straining. When you have an entry order in place, you don't have to worry about the trade thereon. This also clears up your schedule and gives you more time to focus on other trades or simply even on other day-to-day activities. Entry orders are perfect for part-time traders as well since they don't have the whole day to trade. 

3) Preserving Capital: 

Capital management is important in Forex Trading if you want to trade more than just once! Many Forex traders risk an unhealthy amount of money and sabotage their career. With entry orders, you can make sure you are profiting while also ensuring your capital is unaffected. When you place entries, it gives you more time to conduct multiple trades, and minimizing losses caused due to second thoughts or overtrading. 

4) Keeping Emotions away: 

One of the primary reasons you should practice using entries in your Forex trading strategies is solely to keep emotions away! Once you have placed an order, leave it be and let the trade carry out on its own. An entry order will help you keep emotions at bay since you won't be watching each and every second of the trade. 

If you want to master your approach with entries, get a Forex Demo In Indonesia today! Call WesternFX now, and avail from our array of extensive currency trading solutions. From Forex trading strategies to platforms, we will provide you with everything! Reach out to us now and get a quote. 

3 Of The Worst Forex Trading Scams To Watch Out For

Where there's money, there's competition; and where there's competition, there's unfairness. Traders today have to thrive in a competitive environment while Forex trading in Indonesia and brokers have it no different. In fact, the competition is scaled up far higher when it comes to brokerage firms because each agency has to make sure they get enough traders as clients. 

Even after getting a good few traders partnered up, some agencies choose to employ means such that the traders lose money while the brokers make profits. And the novices, not knowing well from bad, end up getting scammed and lose a lot of money. 

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Though Forex trading markets look all happy and pink on the outside, a lot of wrongs go down which cost traders a lot of money! 

Here are 3 scams you should watch out for to have a pleasant trading experience: 

1) Fake Claims Of Profits: 

Brokers have to act quickly if they want to bring in traders, and what better way to attract traders than with false claims of profits? Any trader will get starry-eyed when he hears the words that go something like "100% returns and profits guaranteed!” This is the first tactic many Forex brokers use to lure in customers. How to avoid it? Simple, just accept the fact that such claims are always baited. It is impossible to have a completely profitable trading career! Don't fall for such claims and keep your mind sharp. 

2) Coercing You To Invest More: 

How much you invest should always be decided by you. And this decision should come as a result of rigorous research and be backed by knowledge, not through the whispers of your broker. Forex brokers earn through spreads and commissions, and these rates go up as you invest more, so they will obviously want you to put in all your capital! If you really think more investments are needed, go for it, but make sure this move is backed by the necessary research and ensure your calls are educated and not influenced by the brokerage.

3) Signal Sellers: 

Forex trading signals help traders catch entry and exit points and draft a strong Forex Trading Strategies. To find the perfect point of entry and exit, traders make use of signals, and these are provided by signal sellers. Keep in mind that in these cases there is very little on the line for sellers, so they have all the room to scam you! 

Many traders complain about getting cheated by their brokers, and while some are lucky enough to get away unscathed, some lose a good portion of their capital. Don't make the same mistake novices do, sign up with a reputed and reliable Forex Trading In Indonesia like WesternFX! We have been regulated by the top financial bodies, and have a clear-cut policy with all our services aimed towards helping you grow as a trader. 

Avail our demo services and you can see for yourself! Call us now to know more about Forex Broker.  

Finding The Perfect Lot Size For You In Forex Trading

A lot in Forex refers to the size of the trade you can place. This is directly proportional to the capital you have invested and it has a huge impact on the risk you make. It is essential that you find the best lot size for yourself because working with an account that has a risk threshold beyond your accommodation will not work out well in the long run while Forex trading in Indonesia. 

Some traders like trading with a small lot which has a negligible amount of risk; whereas others choose to be a little more adventurous and start off with a big account. Though it does ultimately come down to preference, double-thinking before picking is the best move. 

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Micro Lots:

These lots are the starting point and the minimal account size. Micro lots are made up of 1000 units of the currency you wish to work with. If you choose to trade in US dollars, a micro lot would carry $1000. When starting off, these are the best accounts. Since beginners aren't in a position to take too many risks and incur heavy losses, micro lots serve perfectly due to their minimal size, which adds up to minimal risks!

Mini Lots: 

A stable point between micro and standard, the mini trading lot has a value of $10,000 with each pip having a value of $1. It isn't really advisable for beginners to start at this point, because to trade mini lots you will have to come with ample capital in your trading account, and are essentially putting all of it at risk. Professionals suggest starting off with micro lots and a few thousand dollars because they don't have as much a capital requirement as their standard counterparts or the risks of the same. 

Standard Lots: 

These lots are 100k unit’s worth. Meaning a pip is valued at $100, and the complete account size is at $100,000. Sounds fancy, but is incredibly risky. Trading with standard lots in it requires you to have a minimum of $25,000, and this isn't an option most traders take, as the majority works with micro and mini lots. 

Thinking of starting Forex Trading In Indonesia? Sign up with WesternFX now, and get yourself the best account! Be it micro, mini or standard, our professionals will counsel you and guide you through the selection process, to make sure you are working with an account you are comfortable with and can make winning trades on. 

Assisted by our experts, you will learn to draft Forex Trading Strategies and see profits in no time! Call us today and get started! 

4 Predominant Reasons Why Several Forex Traders Lose

You will hear often that the number of Forex traders who have a healthy win-loss ratio is minimal. Most of the players, who enter Forex trading, go back with losses. While the staggering numbers aren't meant to intimidate you, the truth always is bitter. Only 10-15% of traders manage to get through the arduous trades and see a healthy amount won in their name. Some trades are lost solely due to market volatility, but some hold the trader responsible!

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Here are 4 reasons why most trades end up badly in Forex: 

1) Poor Trading Times: 

Picking a suitable trading timeframe is important to winning trades, and only a handful of traders realize this. Your Forex trading strategy has to go hand-in-hand with the timeframe you choose to work on and the currency pair picked. When these elements aren't in accordance, succeeding at Forex trading in Indonesia is impossible!

2) Lack Of A Strong Strategy: 

When equipped with the right Forex Trading Strategies, you can go on to conquer the mightiest of trades. Every trade needs the right backing, which is always in the form of a good trading plan. The absence of this is what leads to losses many times. 

3) Excessive Risking: 

Risking more than necessary, or more than what one can afford also often leads to poor trade outcomes. Quite possibly one of the most expensive mistakes, risking beyond 2-3% of your capital can be a very dangerous move. Stick to minimal risks when you start off Forex trading. Going overboard aiming for profits will only work counter-productively. 

4) Emotional Trading: 

Letting emotions take the wheel while you sit in the backseat isn't a wise thing to do when Forex trading in Indonesia. Be it fear, greed or simply too much of enthusiasm, keep them away from trades. Being governed by emotions, leads to a lack of realism and sense in your trades, which ultimately end up in a pile of massive losses. 

Many traders enter the markets of Forex Trading In Indonesia, but only a handful goes home with profits. Due to a number of reasons like these, they find themselves neck-deep in losses! 

Sign up with the reliable WesternFX today, and keep your boat from sinking. Our dedicated experts will make sure you are on the safe side of things, and transition into a successful Forex trader in no time! Call us now to get started. 

4 Fundamental Traits Every Successful Day Trader Has

Day trading effectively goes beyond simply strategizing and waiting for the profits. There's much to work on, as a day trader, to have a successful run in the respective field. Even when backed by a stunning strategy, chances of success are bleak, should your trading attitude be crude and unrefined! In a domain like a day trading, where trades have to be made swiftly and a trader has to be on his toes, winning is challenging.

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With these 5 traits that all successful day traders have, you can transition into one in no time: 

1) Patience: 

The patience to see a trade through completely. This is a trait often underestimated by many! Hastiness in Forex trading leads to nothing but losses. When you're able to exercise patience, even a bad trade can be turned around. Some traders out of impatience start changing their Forex Trading Strategies midway before it has any time to come into play. 

2) Discipline: 

A successful trader has the necessary discipline to stick to a Forex trading strategy and keep away from overtrading. Giving into fear, greed and overconfidence is something many a novice does. Needless to say, none of these result well. When you have a good control over your emotions, overtrading will not be found anywhere around!

3) Flexibility: 

The flexibility to trade on varying grounds is another trait of novice’s lack. Forex trading in Indonesia is incredibly vast and will give you a number of trading opportunities to work with. Different timeframes, currencies, strategies - there is very little to restrict you! Being flexible and keeping your eggs in different baskets will help greatly in the long run. 

4) Emotional And Mental Fortitude:

The ability to take losses positively isn't something amateur traders can pick right of the bat but will have to at some point or the other! Bad trades come by often, and you will have to use the losses made as a learning experience rather than letting them bring you further down. When you are mentally and emotionally sound, profits start increasing naturally! 

Many bad trades will come by before you start seeing the more profitable ones. On your journey to succeed at Forex Trading In Indonesia, don't expect a bed of roses to await your arrival! Sign up with the global Forex leader WesternFX, and dominate the Forex trading game. Backed by our battle-hardened veterans, you will be able to ascend to the top swiftly and see raging success. Call us today to know more! 

4 Reasons Why You Should Always Demo Trade Before Going Live

Demo trading has become increasingly less-known as traders are going head-long into Forex trading markets today. The risks a live-trade carries are seldom known to novices, and by the time they have witnessed these risks, the capital has already been lost! Demo trading is of paramount importance to traders who have no idea how Forex works. These virtual platforms provide traders with the means to learn the basics instead of having to experience it in risky, real-time trades.

If you're still lost between wanting to demo and going directly into live trades, here are 4 reasons why the former is the better choice: 

1) Risk-Free Learning Experience: 

Demo platforms are provided so traders can avail a risk-free experience. Typically, real-time Forex trades can get very chaotic, with huge room for risks and losses; such an environment is bad for learning. On a Demo Trading Account, however, the entire environment is virtual and ensures you suffer no actual risk to your investments. 

2) Learn The Implementation Of Trading Tools: 

A number of indicators, signals and other charting tools are available to help traders catch the best of trends while Forex trading in Indonesia. These can't be experimented with in real-time; hence, demo platforms will come in handy to learn their implementation. 

3) Practice New Strategies: 

Even professionals use demo trading platforms! This is primarily to test out their strategies and ensure it is wholesome. Down the line, you will have to strategize on your own and draft an approach which is unique. A demo trading account will help you perfect this approach by letting you study the various outcomes it yields without having to face any repercussions.  

4)  Familiarize Yourself With Trading Techniques:

You have to find what kind of trader you are and trade accordingly! This comprises of everything from the type of strategies you prefer to your most favored timeframes. Identifying yourself will come best on a demo platform. Here you can take your time and experiment on various types of trading techniques before finalizing on the one you wish to implement in real-time. 

With a Forex Demo In Indonesia, you can get done with the basics in no time and move on to the real game! Sign up with WesternFX today and get yourself the best of demo trading facilities. Our experts will provide you with the much-needed knowledge and real-time trading assistance. Call us today to get started with Forex trading in Indonesia!