6 Proven Ways To Become A Better Forex Trader in 2019

When there are huge profits to be made trading currencies, who wouldn't want to become successful overnight? The vibrant domain of foreign exchange boasts a mammoth $5 trillion trading value, easily making it one of the most profitable trading genres in the world! Thousands of Forex traders try their hand at Forex trading, but not everybody gets to see the same level of success! Some don't see success at all. A competitive field, succeeding in Forex is a challenge, and only by being disciplined and dedicated can one expect to win.
 

Here are 6 proven steps to becoming an established Forex broker:
 

Proven Ways to Become a Pro Forex Trader in Indonesia

1) Work A Solid Trading Plan:
 

Several Forex traders look to improvise once inside the Forex markets when the right approach is to plan first and trade next. Starting off, you'll face low-risk trades, on these easy grounds, risking won't cost you much and you can be lackadaisical. However, when the stakes get higher, you will require the backing of a good trading plan.
 

Keep the following things in mind while drafting a Forex trading strategy:
 

•    The risk you can afford to take.
•    Your entry points in every trade.
•    Your exit should a trade go bad.
•    The profit potential you're expecting on each trade.
•    The most precise point to place a stop order.
 

2) Manage Your Investments Wisely:
 

You don't have infinite capital to work with, and if you did, the volatile markets of Forex would make it finite in one fell swoop! It is crucial that you invest smartly. Every trade placed carries within it a huge potential for losses. You should focus on hedging the bad trades, and placing stops to keep the bad ones from growing worse.
 

Succeeding as a Forex trader will on many an occasion, boil down to investing efficiently. Be it a mini account or a full-blown $100,000 account, without proper risk management, you stand to lose all your money on a handful of bad trades! Hence, always work with solid Forex trading strategies.
 

3) Place Precise Stop Orders:
 

The difference a stop-loss makes when placed right is very significant. Traders upon realizing the importance of a stop order, start placing it but do so haphazardly. When the stop-loss is placed prematurely, it will pull you out of the trade before you can see any movement at all! Stop-orders can make or break your trade depending on how you place them. 

Similarly, placing a stop too late will be highly ineffective, since the losses will have been incurred already. Do a good bit of research and analysis to find out market points that will disrupt your trades, place stops accordingly and have the backing of strong Forex trading strategies.  
 

4) Close Trades Early:
 

One of the biggest reasons behind several traders not seeing profits is because they hold on too long. Even if the profit is small, it should be closed and pocketed right away. When you keep from doing so, you're letting the profit slowly transform into losses! It is crucial to know when to draw the line. Out of some mad hope that small profits seen will convert into bigger ones, traders keep holding on to their risky positions. 

Needless to say, when this approach backfires, the losses seen are substantial. A loss once incurred will continue to grow till it becomes unmanageable, at which point there won't be a question of affordability!
 

5) Don't Invest Too High, Nor Too Low:
 

Much like a good coffee, the ingredients to a Forex trade have to be just right. Else, the result is going to be bitter. Your investments can't be too low; this is on a relative scale. You can see success with just $200 of capital, but when you're trading a high-value trade, $200 might not suffice! The money invested has to be proportional to the outcome expected from the trade. Investing small isn't risky; it's still a safe way to trade, just less profitable. Investing large on the other hand, that's a big risk. If one high-value trade is lost, a lot of money is left to drown. 

Keep your investments in line with your expectations from Forex, but also stay aware of the market realities. You don't want to do the mistake of overinvesting on a bad trend! 
 

6) Remain Disciplined: Many a Forex broker in Indonesia will try to convince you that there's a secret behind achieving Forex trading success, but there's isn't one. The ultimate contributing factor to a trader's success in currency exchange is discipline. When a trader has the ability to stay resilient through losses and controlled through victories, he/she is bound to succeed.
 

Your road to achieving trading glory is going to be filled with hurdles. Practice and research are going to fill up a majority of your time! So get yourself a good Forex demo account today and get started with Forex trading. Sign up with WesternFX - the top Forex broker in Indonesia, and learn from our experts! With our assistance, you will be able to master the art of trading currencies and reach the top in no time!

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. 

Forex Trading Strategies

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! 

How to Find a Best Online Forex Broker in Indonesia 2018

Gone are the days of traveling long and far in search of a broker. The advent of online trading has allowed traders to participate in trades from any place comfortable. With a laptop and an internet connection, you can trade even from a beach! However, without a good broker, trading is impossible! These agents are an indispensable part of Forex trading; from devising strategies to providing platforms, a broker is just as important as the trader, in currency exchange!
 

Keep the following aspects in mind before hiring an online Forex broker:
 

Tips to Fine Best Forex Broker in Indonesia

1) Licensing: No matter how highly-regarded a brokerage firm is, unless it is regulated, the element of risk is too high. There are regulatory agencies in most countries that monitor broker firms and ensure proper conduction of trades. It is common for Forex brokers to claim that they are regulated in an aim to get customers. When you trade under the umbrella of regulation, scams and fakes won't cause hindrance, and should you lose money unjustly, these organizations will remediate.
 

2) Trading Platform: Capturing market trends and cultivating precision needs a platform's aid. A broker is responsible for providing traders with charting tools, market analysis tools, and a platform to conduct trades on. This can be a mobile app, or computer software, depending on the firm. Trading platforms define how accurate your speculations are and are an indispensable part of every trade! Ensure to get the most equipped software to have an edge over competitors.
 

3) Demo Accounts: Learning comes best when done practically. Forex is a very complex field and exchanging currencies without any practice can prove immensely hazardous! Demo accounts help traders learn various aspects of the trading market first-hand, without suffering any real-time risks. The Forex Demo accounts provide traders with virtual money and a risk-free environment where they can learn strategizing, money-management and observe the outcome of each move made!
 

4) Trader Support: One of the most important jobs a broker has to carry out is providing timely assistance to traders. Novice or experienced, all traders have doubts and need clarification every now and then. Hiring a knowledgeable Forex broker, who provides consistent support, is substantial. The guidance provided can either save you from losing trades or throw you further down!
 

Forex trading can be a fun ride or a nightmarish experience depending on the broker you pair up with. Regulated and established agents will provide you with a top-notch platform and ensure quality service. When it comes to picking a brokerage, don't compromise! Hire WesternFX, our team of trained professionals has years of experience and will deliver stellar brokerage! Get yourself an amazing Forex broker in Indonesia today, call us now!

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.

Three factors to consider when choosing a Forex broker

The online trading scene in Indonesia has taken significant strides in the past few years. Several enthusiasts have taken up Forex trading as a viable and reliable means of investment. Fueled by the booming economy and increasing market sentiment, the Forex market has made itself inviting for novice traders by shedding off volatility and posting a steady growth. 

The time is ripe for novice traders to ally with an online broker and commence their trading careers. However, before choosing a broker, traders should check for the following criteria and then go ahead and finalize the broker. 

Important Criteria

• Dependability: Dependability is a highly important factor. Traders spend their hard earned savings on the Forex account and engage in the activity with the hope of making better returns from the Forex market rather than from a low-risk medium like banks. Brokers should be mindful of this and help traders identify as many opportunities as possible and encourage them to make profits from the same.

• Services: The broker is the link between a trader and the Forex trading market. This makes their role quite vital in helping the trader realize his ambitions on the market. The services offered by a broker have to be doubly verified and analyzed before a trader signs up with them. This being said, traders should try a Forex demo of the platform before they sign up with the broker.

• Service Costs: All online brokers operate for profit. There are no not-for-profit brokers. While the industry forbids brokers from collecting commissions, they cover the cost of their operation by the spread. Hence, it is vital for traders to evaluate the spread size and ask for fixed spreads instead of flexible spreads.

Following the aforementioned criteria can help traders when choosing Forex brokers in Indonesia. This will help them ensure a smooth and successful trading career. Partnering with reputed online brokers as WesternFX is a good choice as they have built the reputation over the years and are known to have fulfilled all the criteria mentioned above.

What is Naked Forex Trading? Is it advisable?

When it comes to Forex trading, there are no restrictions on how one can trade and what rules should one follow on the live market. Each trader follows his or her own strategies and gains mastery over the same by spending time working out these strategies.

To succeed in executing the best Forex trading strategies, most traders rely on technical analysis books written for stock, futures, and option traders. They may even scour the internet for expert tips and use the same in order to improve their performance while Forex trading in Indonesia. However, using no strategies can also be a strategy. It is, in fact, the oldest strategy that has been used in online trading.

Naked Trading

Naked Forex trading is a style where traders shun all of the technical analysis tools and the indicators and only focus on the price chart. It is a simple way of engaging in trades where traders seek to keep the chaos and confusion caused by multiple indicators at bay and focus on what the charts actually show.

It is also known as price action trading as the traders predominantly focus on the candlestick chart patterns and other patterns. Whilst this form of speculation is not considered nontechnical, it barely uses technical analysis tools to trade and relies almost entirely on ‘price action’ theories to speculate on future currency price movements.

Benefits of Naked trading

• It is a very simple and rudimentary style of Forex trading
• It helps traders avoid the hassle of juggling through multiple charts and instead lets them focus on a single chart.
• Traders can avoid the chaos caused by the market noise and just focus on what is happening in real time.
• It helps traders keep away from all the confusion caused by multiple indicators
• Traders can learn how the market operates in greater detail by just following its price trends. This can help them mature as a trader and improve their performance

The aforementioned benefits show us why naked or price action trading is the best method for traders. But to pull off such a simple style of trading it takes enormous learning and practice. Novice traders who are looking to try this strategy can approach reputed Indonesian Forex brokers like WesternFX who can offer the guidance and rigorous training required for this strategy.