The Formula Behind Achieving Consistent Success In Forex

Succeeding as a Forex trader is a huge challenge, and succeeding on a consistent note is even more challenging! In the competitive Forex markets, risks and losses always leave traders wary of their moves. Many aspiring traders keep from participating in trades due to the fear of losing big money.

Several others start searching for the secret behind becoming successful, while the truth is that there is no secret formula in Forex. To see consistent results as a currency trader, you need only be disciplined, adept and resilient through trades!

forex trading strategies

Here are 5 simple tips you can follow to see consistent success in Forex:

1) Devise A Thorough Approach: 

The Forex Trading Strategies employed should be top-notch if you want to secure big wins. Today, there is a lot of competition in Forex and the markets are scarily volatile. Only with adept strategies can you expect to see profits come your way. When strategizing, ensure that you think of all aspects right from currencies to risks!

2) Don't Risk Too Much Capital:

As tempting as risking seems, going overboard will only bring in losses. Risks can be lucrative and detrimental depending on how they are approached. If you take affordable risks, you will be able to manage the losses should things go south, and also pocket big money if things work out in your favor!  

3) Observe Market Movements Keenly: 

The Forex markets are influenced by a number of factors like the economic conditions and political movements. As a sharp Forex trader, these factors have to be observed and the markets have to be studied keenly. Only with ample knowledge will you be able to place profitable trades. 

4) Don't Trade On Hunches: 

Your trading hunches might tell you to take rash trades, but doing so will only risk your position. Always study a trade completely and take educated decisions. Impulsive trading has cost many traders in the past and continues to wreak havoc!  

5) Demo Practice Amply: 

Get yourself a Forex demo account and start demo practicing. When you master demo trading, you will be able to trade in the live markets smoothly. 

Open a Forex Demo in Indonesia today and get practicing! With demo trading practice, finding success in real-time trades won't take you long. Reach out to WesternFX today and avail our demo trading guidance! We will equip you with the perfect demo platform and an arsenal of stellar strategies to test out. Assisted by our experts, you will take to the top in no time. Call us today to get started!

3 Factors To Keep In Mind While Drafting Strategies In Forex

Forex trading, one of the most profitable trading domains today is best approached keeping the big picture in mind. While the profit prospects lie abounding, it is essential that traders enter the currency markets knowing what's in store and how Forex trading happens. It goes without saying that the basis for everything is the currency invested. From major to minor, to exotic pairs - there are a number of currencies you can work with and each has attributes of its own depending on the market conditions at that point of time.

 
Once the currency-related research has been done and ample knowledge gained, strategizing is the next step. A lot of flexibility is available when strategizing; you can work with long-term strategies or short-term means depending on your requirements and choices. Strategies of all sorts have a healthy success rate, provided you implement them right. 

forex trading strategies

Irrespective of the Forex trading strategies implemented, there are certain areas to keep in mind while drafting them: 

 
1) Interest Rates:

 
To trade Forex successfully, interest rates are something you can't take out of the picture. Inflation often causes a country's government to rework the interest rates in an attempt to get foreign investors interested, and in doing so, better the country's economic conditions. Hence, depending on the currency pairs and how the markets are moving, traders will either pay or win interest. Usually in a country with a healthy economy, investors will rush to buy currencies.

 
2) Fundamental Factors:

 
Fundamental data will help you identify the strength behind a currency pair, and in doing so, let you strategize aptly. Forex Trading Strategies are vital to trades, however, fundamental analysis is what lets you analyze markets and identify the viable currency pairs. Without knowing the effectiveness of a particular pair in the markets, investing is pointless! So always keep these factors in mind while drafting strategies. 

 
3) Technical Factors:

 
Technical analysis is the speculation of market trends based on a particular currency's historic movements. With a set of indicators in place, you will be able to visualize historical trade data and with that information, make sharp trades.   

 
Always test your strategies before you take them to the live trade markets! Call WesternFX and try our Forex Demo in Indonesia. On our world-class demo trading platforms, you'll be able to simulate live trades like never before. Be it testing strategies or practicing your techniques, our guidance and demo provisions will give you the necessary leverage. Reach out to us today to get started!

Why The Patient Trader Always Wins At Forex Trading?

A tiger can chase a gazelle all it wants, but the latter is going to bolt past without breaking a sweat. The same scenario applies to Forex traders. You can chase profits all you want, but it isn't speed that wins Forex, it is patience. If the same tiger hid in waiting and pounced when the gazelle was distracted, it would definitely not have to remain hungry. 

At the end of the day, be it out in the wild or in the Forex markets, patience is what triumphs. Several impatient traders have lost big bucks on trades placed hastily, and several more have seen massive profits solely by waiting for the right moment!

Forex demo account

Here are 4 reasons why you should exercise patience:

1) The Currency Markets Can't Be Controlled: 

If the volatile Forex trading markets could be controlled, everyone would be a millionaire. The impatient Forex trader always tries to control the markets, whereas the patient one waits for the market to move in his/her favor. Going against the tide is impossible, so you wait patiently for the tide to move according to your interests. 

2) Not Trading Is Wiser Than Always Trading: 

Traders who make big money often do so by avoiding many trades! It sounds ironic, but that's how success is seen. In the Forex trading markets, there will be several loss-inducing trades disguised as lucrative exchanges, and it takes experience to avoid such trades. When you are a patient trader, telling a good trade apart from a bad one will happen instinctively. 

3) More Time Should Be Invested In Analyzing: 

Being patient and waiting for the right trade gives you a lot of time to analyze the markets. As a Forex trader, your job goes beyond simply making exchanges. A lot of time has to be spent on analyzing past mistakes, improving on your Forex Trading Strategies and ensuring that you are ready for the emerging trends. 

4) Patience Keeps Overtrading At Bay: 

Taking one trade after the other can often lead to overtrading. However, with patience you will realize that trading shouldn't be done with emotions but with a sharp mind. 

Be the trading tiger you're meant to be and mint stellar profits. Start off by practicing on a world-class Forex Demo Account! Join hands with WesternFX today, and give your trading career the much-needed push. With our experts diligently guiding you through trades easy and hard, you will find your way to unparalleled profits. Call us now and get started with a Forex demo in Indonesia!

A Quick Overview Of Day Trading In Forex!

The low starting requirements Forex trading has is one of the biggest factors behind the traction it sees. Traders can get started with exchanging currencies with minimal capital! Being a 24 hour market, Forex trading even offers traders a huge window of opportunity. No matter the time-zone you trade from, you will have ample market movements to capitalize on. 

Forex Trading Strategies

To add to the already existing benefits, Forex trading is one of the most liquid trading markets! This means that at any given instance, you stand a high chance of finding counterparties for your trades. Valued at $5 trillion dollars, the foreign exchange market is a place where buyers and sellers thrive in huge numbers! 

As lucrative as Forex Trading Strategies is, there's a catch. Each trade is accompanied by a huge chance of losses. This is why the employment of strong Forex trading strategies is necessary. Depending on factors like the timeframe, currencies and market tendencies, a number of approaches can be followed. And one of the most popular strategies in Forex is day trading. Day trading is an approach that doesn't get too taxing in terms of capital, but becomes a challenging ordeal when it comes to implementation. 

Day Trading In Forex

Put simply, day trading is an approach where traders have a limited time period to commence and close their trades. Within the span of a day, day traders have to analyze markets and place their trades. Many believe this to be a slightly relaxed approach because day traders often only place one or two trades a day. Don't let this fool you; done right, this strategy can bring in stellar profits!

Why Risk Management Is Important In Day Trading

When day trading with such limited time, risk management is very important. One bad move could send you spiraling down towards losses! Professionals say that no more than 3-4% of your capital should be risked. The key here is to trade minimally, but to get that one trade right. And this requires a lot of analysis and risk management. Though trading on a minimal timeframe, there are risks abounding. 

What It Takes To Succeed As A Day Trader

Different people have different approaches to success, but there are certain basics to be followed. To be a victorious day trader, stop-losses should be employed in trades, risk capital will have to be allocated and leveraging should be done with care. This helps ensure that the few trades made will be more profitable than loss-incurring! 

At the end of the day, no strategy can be mastered immediately. This is where WesternFX comes into play! One of the best Forex Broker in Indonesia in the game, we will provide you with top-notch trading guidance! From planning out detailed Forex trading strategies to managing risks, you will learn Forex with us in no time. Call us now to get started!

4 Common Trading Mistakes Forex Novices Make

Mistakes are a necessary learning experience in Forex trading, until you start losing money in your trades. For an experienced trader with lots of amassed profits, losing a few thousand dollars here and there won't be a big deal. However, if you're a beginner or an intermediate Forex trader, your investments should be made carefully. 

Starting off, several novices end up making mistakes that cost them so huge that they aren't able to further participate! Some mistakes can be used to propel yourself further, but some you are better off avoiding.

Forex Trading Strategies

Here are 4 costly Forex trading mistakes you should keep from making: 

1) Trading Without A Good Plan: 

Forex trading strategies are the crux of every trade, without a well-planned approach, winning a trade is close to impossible. One of the deadliest mistakes to make while trading currencies is to enter a trade without knowing where or how to carry it. As an adept Forex trader, it is crucial that you know how to maneuver your trade, and this is only done with a good strategy.  

2) Getting Too Confident: 

Overconfidence is one of the biggest enemies a Forex trader can have. A few consecutive profits are enough to change one's mindset and make him/her feel that every other trade will end in a win. But the truth is that overconfidence only drives you towards further losses. When you are too enthusiastic, ambition becomes greed and you will start making rash trades! 

3) Taking Risks Without Need: 

When risks are taken appropriately, you can increase the profit potential of each trade by several times. However, risking blindly is no different than digging a hole and jumping in it! Always calculate your risks, keep dedicated risk capital in place and only when you're sure of an outcome, make a move. 

4) Overtrading: 

The 24 hour Forex Trading In Indonesia market makes it very tempting to never stop trading, however, overtrading can lead to losses so huge, you will burn out your complete trading capital over one bad trade. Even if you have ample stops in place and a ton of trading money, keep from wasting it by overtrading. 

Open a Forex Demo Account today, and start honing your skills! Forex trading victories can't be seen overnight, a lot of practice has to go in. But with WesternFX by your side, you will be able to master the art of currency trading swiftly. Reach out to us, get a tailor-made approach ready, and start trading currencies! Call us now to know more!

5 Deadly Mistakes Forex Traders Make

Some fields are lenient and allow you to learn by making mistakes, but Forex trading is one of the few domains where each error made will cost you a huge sum. Foreign exchange, a trading domain with a value in trillions, sees thousands of traders try their hand at currency trading. While the crowd entering Forex is huge, the amount of people who succeed is barely half of that! Along with being profitable, Forex is also an incredibly risky field. The markets here are unpredictable and winning trades on such erratic grounds is no easy ordeal.

Forex Trading

Here are 5 risky mistakes Forex traders make that you should keep from committing: 

1) Trading Without A Solid Plan: 

The trading plan you employ is the heart and soul of the trade. It gives you direction and a clear goal to work towards. Many traders start without the backing of a few good Forex trading strategies. Before you make trades, take ample amounts of time to plan out your trades thoroughly.

2) Risking More Than Affordable: 

Risks can sometimes become unnecessary and unaffordable. As a Forex trader, you have to learn to segregate between healthy and unhealthy risks. When you take a planned risk with the necessary cautions, you will reap well. However, cross the line and there's a price to pay!

3) Lack Of Stop-Loss Orders:

Once you have made up your mind to take risks, placing stops is necessary. Stop orders are mechanisms which when kept in place, will automatically remove your position from a losing trade. Stop-loss orders are extremely helpful when participating in risky trades. Often times it becomes difficult to monitor the charts continuously, during such instances, placing a stop order will prove incredibly useful. The stop-loss will ensure that you don't incur huge losses!

4) Holding On To Bad Trades: 

Not all trades can be won, that's just the nature of Forex Trading. On many an occasion, you will have performed well but the market volatility will leave your trade in shambles! When such bad trades strike, cutting them off then and there is the smartest thing to do. 

5) Not Researching Enough: 

Research is fundamental to trades. Forex is a speculative domain, and to speculate accurately, you have to research market trends and be able to predict its movements. Novices often make the mistake of entering Forex trading without researching enough.

Start trading on a Forex Demo Account today, and learn from the best in the game - WesternFX! Reach out to us and get yourself the best demo trading account. Backed by our experts who will guide you diligently, you will see trading success come by in no time. Call us today to get started! 

3 Major Disadvantages Of Trading Forex On A Small Account

Many people tend to believe that defense is the best offense, and nowhere is this belief more evident than in Forex's markets. Traders often believe that limiting their trades monetarily will also inadvertently help minimize losses. But that's not quite the case. Forex trading, being the volatile market that it is, will bring losses to trades no matter how small! 

 

Additionally, the fact is that not all risks are loss-evoking. Some risks when taken right can bring in stellar profits. This is why risk management shouldn't be confused with minimizing trade potential.
 

Here are 3 disadvantages of trading Forex on a small account:
 

Disadvantages of Small Forex Trading Account

1) Minimal Profits: Small accounts mean small profits, and as a Forex trader, you have to go beyond the point of minimal returns and breakevens. The reason several Forex trading professionals start off with hefty investments is because small trades just don't cut it when it comes to profits. There's an underlying threshold that limits small accounts from crossing a certain level of profits. While this might not bother you early on, down the line, you'll need bigger returns.
 

2) Lack of Money For Reinvestment: Reinvesting is something every Forex trader has to do in the long run. Even if you have a tremendous amount of trading capital, you have to come to terms with the fact that a lot of it will be lost to risky trades, hence the need for reinvesting a portion of the profits earned. Trading small will keep you from reinvesting, because you'll make minimal profits.
 

3) Standard Trade Rates: Be it small trades or big ones, you'll have to pay the same brokerage fee. And since you'll be making smaller wins on your account, paying the broker will seem expensive! These are unavoidable expenses, and you will have to go big or go home after a certain point.
 

The best way around your phobia of large trades is to get a good Forex demo account and practice on it till you're comfortable with bigger numbers. Once you have ample demo practice, facing big trades and taking big risks will be easier. All you need to succeed on currency markets' risky grounds is the backing of good Forex trading strategies and a reliable broker.
 

Reach out to WesternFX today and avail our world-class brokerage! On our Forex demo account, you'll be able to learn to your heart's content, before moving to live trades where we will guide you every step of the way. Backed by our experts, finding success in trades big and small will happen in no time. Call us today to know more!