How To Become And Remain A Profitable Forex Trader?

Profitability is one of the few constants on every Forex trader's mind. Being an incredibly lucrative field, foreign exchange does a great job of attracting the masses. But only when they've entered the markets do they realize the difficulties Forex trading has. 

Becoming profitable as a Forex trader is far easier than staying profitable consistently. Even if you spend weeks learning and making tons of profits, one bad trade will easily wipe out the amounts you've won! 

Forex Trading Strategies

Why Do Traders Lose Money?

Primarily, losses can be blamed on two things - the market and the traders themselves. Since a country's currency value is directly bound with its economic, social and political disruptions, getting precise value speculations is a tough task. Several times, sudden movements happen in the market, due to one of the three mentioned factors getting affected, and these movements completely throw traders off. Even with stop-losses and other loss-management strategies, slippages happen and losing money is the only natural outcome! 

Aside from market factors, most losses hold traders responsible. Mistakes like holding on to a bad trade or trading without stops leads to losses of immeasurable amounts! Even experienced traders end up losing every now and then. 

Proper planning itself can save you a ton of money while Forex trading. Novices, driven by the desire to make big money, rush into trades without a proper plan! Everything from the entry to the stop-loss placement has to be planned precisely, and apt Forex Trading Strategies should be implemented.

The Importance Of Being Realistic

Expectations might seem like a trivial, underlying element of your trade, but they play a huge role in defining your movements. Your expectations are the goals you will be driving towards. And if they are unrealistic, you will be navigating towards nothingness! While Forex trading, it is important that you know what to expect from your trades, because the efforts put in will all be according to this. 

Prioritize Forex Education

Lack of education can get very costly down the line. In today's digital age, lots of free resources are available online. Everything from Forex trading strategies to indicator implementation can be learnt through videos, blogs and podcasts! Aside from this, investing in a good Forex demo account will also pay off. Demo trading will give you a realistic trading experience, allowing you to learn how currency exchanges are carried out.

Get yourself a good demo platform from one of the finest Forex Brokers - WesternFX! Reach out to us today, and avail our world-class brokerage. We will help you learn everything from strategizing to risk management, and ensure you see stellar success in your exchanges. Call us today and let's get started!

7 Easy Forex Trading Tips To Make Consistent Profits

Profits are a difficult find in Forex. Thousands of traders take their shot, but only a handful see the light of success. Forex trading is a field that can become very strenuous and demanding. Everything from the indicator to the strategy has to be perfect! When your approach is haphazard, you end up giving more room to market risks that will effortlessly topple your winnings. As a beginner, the path ahead might be studded with difficulties, but with a little guidance, you will definitely make it to the top.

Forex Trading

Here are 7 incredible Forex trading tips to better your approach: 

1) Learn One Approach Thoroughly: 

There are a number of Forex Trading Strategies you can follow, pick one and master it. Once you have good control over one approach, you can slowly progress towards different strategies and keep diversifying. 

2) Don't Get Emotional: 

Emotions will hinder you as you trade. Fear, confidence and greed often interfere and siphon in negativity. When you're afraid of losing, you trade irrationally! The same happens when you're overconfident. This is why emotional serenity is a must when you trade. 

3) Avail Accurate Signals: 

Forex trading signals will be of immense use when trading currencies. But the trick here is to avail signals from a reliable provider. Many signal providers will be inaccurate and might only be fleecing you. With accurate signals however, you will be able to capitalize on trends hugely.

4) Demo Practice Amply: 

On a good Forex demo account, you will have much to learn. Before taking to live trades, get yourself a demo platform from a reliable broker and practice diligently. 

5) Stay Fixated On Your Goal: 

The market is never going to remain constant, but your focus has to. As a Forex trader, you will have to stay fixated on the target you want to achieve and will it so that you make it! Keep away the minor distractions and aim at the apex. 

6) Keep Away Overconfidence: 

You might at times win trades consecutively and get overconfident. And this is but an ingredient for failure. Staying down to earth is what will get you past the tougher trades. 

7) Complex Systems Won't Help: 

Don't believe in the common myth that complicated Forex trading strategies bring in success. You can make profits even with a simple approach, provided you implement it right. 

The market is filled with a number of Forex Brokers, get yourself the best one. See consistent success come your way with WesternFX by your side! Avail our stellar brokerage and watch yourself transform into a brilliant currency trader. From demo trading guidance to live-trade assistance, we will provide you with the best! Call us today to get started.

The Importance Of Forex Risk Management In 2019

Try as you may, you won’t be able to profit without risking first. The very nature of Forex trading is such that with the market volatilities being high as they are, big risks have to be taken at times to make big money. Hence, the need for adept risk management! 

In Forex, there are affordable risks, and expensive risks. The former are necessary and only yield losses you can manage, the latter however, will result in unmanageable repercussions. This is why risks have to be pre-calculated and taken with a lot of caution! But risk management when done right will help you secure a lot of profits while carefully dodging losses.

Demo Trading Account

Here are 4 simple but very effective risk management tips: 

1) Learn How To Place Stops:

Stop-losses are one of the best provisions in Forex Trading. Without stop orders, curbing losses would be close to impossible. However, simply placing a stop haphazardly isn’t going to do the job. If your stop is placed too early, your position will be removed from the trade before any movement! When placing a stop, make sure it isn’t dangerous to your trade and at the same time, the potential losses are significantly lowered. 

2) Asses Your Risk Affordability:

There are risks you can take and still live to trade another day, and there are the ones you can’t. These risks have to assessed on grounds of viability, profitability and survivability. If a risk isn’t viable, you don’t take it, if it isn’t profitable, you don’t take it and if you can’t survive taking that risk – you don’t take it! 

3) Cut Bad Trades: 

Bad trades are common while Forex trading and every trader loses money over these exchanges. The point to note is that you should cut losses and bad trades as they come. Some have the habit of holding on out of hopes that the bad trade will turn around and profits can be churned out. But if that doesn’t happen, you lose big. So don’t take that extra unnecessary risk – cut your losses as they come.

4) Have Real Expectations: 

You might wonder how expectations are related to risks. Well, you will risk big if you expect big profits, and you will risk bigger if you expect unrealistic profits – learn to segregate between these two scenarios. 

Get yourself a Demo Trading Account right away and start practicing your risk management skills! With the experts at WesternFX guiding you through the various levels of Forex, you will be able to master risk management swiftly and be on your way to making profitable trades in no time. Reach out to us today to get started! 

How Risking No More Than 1% Is Helping Forex Traders Profit

Forex trading is a domain where risks are ever-present, and you have to maneuver around them. Trading and risks go hand-in-hand; starting off, you'll find several traders trying to dodge risks by playing it too safe or find ways to trick the market - neither approach works out. The only way to make big profits in Forex trading is by taking big risks, and the only way to not lose money doing so is by following disciplined risk management strategies.
 

A risk management strategy isn't like the typical Forex trading strategies. The former is more intricate and takes into account various factors of your trade. Every now and then, chances have to be taken in order to climb up the ladder. As a Forex trader, you can either take the safe route and find contentment in small profits and breakevens or risk a good few times and walk home with hefty profits. This risk varies from trader to trader. 

If you're a novice with minimal capital, you should stick to making affordable risks. Traders with a lot of capital and experience are often seen making bold moves since they can afford big losses.
 

The 1% Risk Rule:
 

Know How Forex Trading Risk Management Helps in Making Profits

Risk management is as psychological as it is physical. Trading has a lot to do with the mind, and if you can instill some strict habits in your mind, you'll be able to see consistent profits. This is what the 1% rule aims to do; it keeps you from risking any more than necessary and sees to it that you lose no more than 1%. If you have $10,000 in your trading account, losing 1% of its - $100, would not be too huge a loss. What this rule aims to do, is change your mindset of trading into a more cautious one. 

With only 1% risked or lost, you will not lose your trading vigor and won't be affected too heavily by the lost money! And at the same time, your 1% risk still carries significant value in trades, has ample chances of bringing in profits and keeps your movements viable.
 

For long-term Forex trading in India, the percentage risk rule will work great. You will come across various sources stating 3% to be the ideal limit, this ultimately boils down to your risk threshold. Should you be able to afford a 3% risk and loss, you should go for it!
 

Planning on Forex trading in India? You've come to the right place! WesternFX will be your risk partner through thick and thin! Our seasoned experts have years of experience trading currencies and will provide you with the necessary risk management guidance. Call us today and get started on our stellar trading account! 

Things to Ask Yourself Before Starting Social Forex Trading in India

Social trading has become quite popular over the last few years. With many traders entering the Forex trading markets looking to make a quick buck, only a handful of the crowd has the time to devise their own approach. This is why several traders have started employing the social trading approach. This method lets traders follow trading moves professionals devise. And by employing a copy trading platform, they're able to mimic the trade an expert makes! 

For traders who don't have enough time, or for the ones who wish to deeply understand how professionals trade, social trading is an amazing technique.
 

Here are 4 important things to know before you begin social trading:
 

Things to Ask Before Going Social Trading

1) Copy Trading Won't Let You Be Original: Forex traders enter the domain of trading in order to be free. Free from their bosses, free from the corporate struggle from 9-5 and free to employ their means of choice to trade. But if you employ social trading, you'll be relying too much on other traders and their strategies. Ultimately losing your authentic touch to each trade. Make sure you're aware of this fact before you begin trading socially.
 

2) Social Trading Isn't Free: Copy Forex trading isn't free. Following professional traders will cost you a good sum. Of course, you have a better chance at profiting and the expense might be worth it, but many traders seem to have this misconception that social trading is cheaper.
 

3) Patience Is A Must-Have Trait: As a copy trader, you will be working with the strategies professionals follow. This means that patience will be of utmost importance. Some Forex exchange strategies will see results quickly, but most won't. To make the most out of your social trading career, you will have to stay patient and wait for the results to show. Many traders fail early because of their hastiness and want quick results. Get a Forex demo trading platform and try it out first!
 

4) What Works For One Trader Might Not For You: By copying the tactics of another trader, you can't establish that you will see the same results. Several underlying factors will come into play here. The currencies used, the Forex trading strategy employed and the timeframe picked, for starters. Depending on these factors, the strategy used by an expert might work for him/her, and the same, when employed by you, might not bring in the results you expect.
 

Forex exchange can get incredibly exciting, but staying in the domain just for profits isn't as fun. If you do lack the time to trade, copy trading is a good start. And down the line when you trade full-time, you will need the assistance of a stellar broker! Call WesternFX and avail our world-class Forex trading solutions.

Top Tips Every Beginner Stock Trading Investors Should Aware Of

It is a motivating sight, seeing thousands of stock investors get financially stronger by pursuing a career as a share trader. Stock trading has long since been known as one of the most lucrative trading domains. High returns can be made with adept strategies at play, and there is seldom a shortage of opportunities to capitalize on. As a beginner, it is natural to feel overwhelmed by the stock market. The number of stocks to choose from is vast, each with its own set of defining values. 

In addition to this, there are a lot of underlying factors that affect the share market and stock values that traders have to educate themselves on.
 

Here are 4 tips for newbie stock traders to follow for better results:
 

Stock Trading Tips for Beginners in Indian

1) Have Realistic Expectations: Expecting unrealistically from the stock markets will do you no good. Stock trading isn't like the casinos; you won't always see big wins come by. The modern stock trader is ever so impatient and ready to jump without gauging the viability of a trade! If you are hasty, the first thing you will realize is losses. Stock trading is a field where patience plays a bigger role than anything else.
 

2) Explore Multiple Investment Opportunities: There are a variety of stocks and strategies to follow, if diversification on these grounds doesn't suffice, go even further! Try your hand out at Forex trading or CFD trading too. Remember, they are all investments. So long as you know your way around and have trading discipline, you can profit in all domains.
 

3) Know The Basics: The basics make up for most of your typical trade. Without knowing the simpler elements of the stock market, thriving will become close to impossible. Before you delve deep into share trading, ensure that you can handle trades as they come. Many traders take a staggering fall because of their lack of knowledge on the elementary stuff!
 

4) Invest Judiciously: You will come across a number of stocks to invest in. However, not all of them will be viable. A lot of research has to be done to measure the efficiency of a particular stock and invest in it accordingly. Be judicious in your investments, else one bad trade will easily wipe away the profits made.
 

Join the stock market hype and bag yourself hefty profits! With WesternFX by your side, you can avail world-class share trading solutions. From equipping you with a stellar trading account to guiding you through trades easy and tough, we will be by you through each step, all the way till you reach the very top! Call us today and get your stock trading career rolling!

Top 4 Reasons Why Traders Choose Forex Trading in India

If you were to observe keenly, you'd notice that the crowd circling Forex trading markets is much bigger than the ones around other trading grounds like stocks or options. The reason behind Forex trading markets being so sought after is primarily because of the huge profit potential. However, that alone isn't the catch. In terms of rewards, viability and convenience, Forex exchange stands out proud. While other trade markets are undoubtedly profitable in their own way, there's still a gap between them and foreign exchange, and we'll see why.
 

Here are 4 reasons why Forex trading markets are the apple of every trader's eye:
 

Why Peoples Choose Forex Trading in India

1) Traders Take The Driver's Seat: As a Forex trader, you get to be your own boss. The typical 9-5 environments can get very mundane and tiresome after a point. But with Forex trading as a career, you won't have to worry about being trapped in a box! All the freedom is yours to take. Currency exchange will allow you to control everything from trading times to the approach followed.
 

2) 24 Hour Trading Markets: Forex exchange markets are open 24 hours a day, five days a week. This means that there will never be a shortage of trading opportunities. 24 hour markets also mean that you can trade from anywhere in the world, without having to worry about the window closing. The catch here is that currency pairs aren't always lucrative; currencies are sometimes profitable and sometimes dormant depending on the timeframe they are traded on.  
 

3) Leverage Provisions: Got only $500 of trading capital? No problem, with some added leverage, you will be able to hold positions of a value more than what your capital allows you to! Leverage is the money provided by your broker, that will increment the existing capital you have and in doing so, allow you to hold positions of higher values. When you leverage trades, the profit potential goes up by a huge margin.
 

4) Nominal Starting Costs: With a few hundred dollars and a good laptop you can get started with Forex trading in minutes. The low starting costs allow almost everyone to get themselves a trading account and start making trades without having to shell out too much. 
 

Fascinated by Forex exchange yet? This domain is growing big by the minute, and you can be a part of it right away! Start your career at Forex trading in India right away, with the professionals at WesternFX by your side throughout. Our experts will coach you diligently, and back you up on good trades and bad ones. Call us today and we can get started in no time!