Identifying Forex Trading Scams And Keeping Them At Bay

Initially, Forex traders only had the market risks to fear. But today, scammers and cheats have made the Forex markets a dangerous place. The legitimacy of Forex trading is questioned by many due to the several lies scammers spread in the currency markets. 

Though there are a number of regulatory bodies like the NFA and the CFTC, many brokers still continue to lure in novices with false promises of profits. When they start off as beginners, traders are seldom able to differentiate between myths and facts, and as a result of this, they fall prey to the cheating broker's lies easily. As a newbie trader, it is crucial that you are aware of how scammers cheat in the markets and how you can stay away from them while Forex trading in India. 

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 Here are some trading scams to stay away from:

1) Manipulating The Price:

As a beginner, you won't know more than half of what's going on around you while Forex trading in India. This gives brokers the perfect chance to cheat you by manipulating data. The simplest example for this is that they give you wrong entry/exit information, leading to your inevitable loss. However, they'll have made a good profit from the spreads paid! 

2) Empty Bonuses: 

Many brokers have the concept of bonuses. They promise loyalty bonuses to traders who trade with them for a long time, and even entry bonuses! While this isn't always a bad thing, because many reputed agencies do this too, cheats are always looking to connive the innocent trader into their schemes that ultimately drive the trader towards losses. 

3) Improper Stops: 

When you start off Forex trading in India for the first time, you'll not know much about placing stop-losses. Even with Forex Demo practice, this skill takes time to perfect. A bad broker will tell you to ask them for stop guidance and end up giving you wrong data yet again, watching you lose money as they make more. 

4) False Profit Goals: 

One of the easiest ways of tricking a trader is by promising money and profits. Brokers will approach traders, lure them in by promising them quick returns and telling that their investments will multiply overnight. However, that will never happen, and the trader's investment will only get subtracted overnight. 

As you begin Forex Trading in India, the market risks will keep you from seeing success. But with regular practice, you will see profits in no time. Reach out to our experts at WesternFX today and avail our world-class Forex brokerage. Backed by our seasoned professionals, you'll be able to avoid big risks and pocket profits consistently. Call us today to know more!

5 Things To Remember While Availing Forex Brokerage

The quality of brokerage availed plays a key role in deciding the outcome of your trades. In today's competitive foreign exchange market, profiting is a challenge. Without proper Forex trading strategies and charting tools, you are bound to lose your exchanges. 

However, backed by a knowledgeable broker, finding success won't take too long! Many novices are hasty as they begin and end up availing brokerage from inexperienced brokers or worse yet, from scammers. Who you hand your money to will matter a lot in Forex; there are a number of brokers who employ foul means to make money. The goal is to find a broker who is as invested in your success as you are!

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Here are 5 things to keep in mind while availing Forex brokerage:

1) Regulation: 

Since Forex trading is such a risky domain with several loopholes for brokers to exploit, regulatory bodies like NFA and CFTC are in place. The first most important thing to check for is regulation. If your broker is regulated by a reliable body, you can trust the agency. Be wary however that regulation alone isn't enough to gauge a brokerage firm's reliability anymore! There are a few more factors to consider. 

2) Spreads And Commissions: 

This is where research comes in handy. You will have to compare the spreads charged by multiple brokers to ensure that the one you sign up with isn't fleecing you. Many brokers purposely put traders through bad trades solely to make spreads off of it! 

3) Demo Solutions: 

Working with a Demo Trading Account is an incredible way of gauging if your broker offers quality solutions. On a demo platform, you can place virtual trades and avail some guidance from the broker. If said guidance is worth, avail their brokerage. 

4) Customer Service: 

Many traders have similar complaints while Forex Trading in India - the customer service from the broker is bad. When you have trading doubts or want assistance through trades, it is your broker's duty to help you with it. And if the customer service is bad, it isn't worth your money. 

5) Ratings: 

Another easy way of finding the value of your broker is by seeing the ratings left by other traders. Either through forums or listings identifies what other traders have to say about your broker and make a move accordingly!

To succeed at Forex Trading in India is easier said than done. With the markets risky as always and the competition brimming, you will need the backing of an expert. Reach out to WesternFX! One of the leading Forex brokers in the markets, we house some of the smartest minds in Forex. Our professionals will provide you with top-notch brokerage at pocket-friendly costs! Guided by us, success will be in your grasp swiftly. 

The 3 Main Benefits Of Trading In The Forex Markets

Every trader wants to participate in profitable exchanges and make quick money. This is why most flock to the currency trading markets. The misconception around Forex trading is that it is easy and provides a quick ROI - but this is absolutely incorrect. Forex trading is definitely a profitable market, but many mistake it to be an easy one. 

To succeed as a Forex trader requires a lot of patience and resilience. However, all of it pays off in the end as you get to make stellar profits in each trade. The reason behind there being thousands of currency traders is because of the immense viability this domain carries. Its advantages outweigh the disadvantages exponentially, making it the perfect trading market!

Forex demo in India

Here are 3 reasons why Forex trading is an incredible field:

1) Go Long And Short:

Selling short is a feature first and best observed in the Forex Trading In India markets. As a currency trader, you can trade long and short both. Forex trading works with currency pairs, where one currency is quoted against the other, and a profit is drawn by either going short or long depending on the market. 

If you believe that one currency is going to go up against the other, you will buy the pair, which is essentially going long. Similarly, if you think that the currency is going to decrease against the other, you go short by selling. Hence, you can profit from both situations so long as your speculation is right.

2) Trade Round The Clock:

One of the most incredible benefits of Forex trading is the 24 hour market. From 9 pm to 10 pm GMT, you have a huge trading window to capitalize on. Being a global market, you will have exposure to different time-zones and be able to trade a variety of currencies. 

Wanting to trade a major currency but not being awake to do so would be a problem and this is why a 24 hour market is hugely beneficial since you have the entire day and night to trade! 

3) Enjoy High Liquidity:

The Forex market is unrivaled in its liquidity. Over $5 trillion get traded every day, making currency exchange incredibly lucrative. At any given point of time, you will have counterparty for your exchanges! 

The volume of traders is what makes Forex trading so liquid, along with its direct link to various economies worldwide. Done right, you can walk back from each trade with huge profits. 

Forex trading in India is gaining traction swiftly, and now's the right time to hop aboard the bandwagon. Reach out to WesternFX today and avail our world-class brokerage! Our experts will provide you with stellar currency trading solutions and see you through to victories. Call us now to begin trading!

What Makes Forex Trading An Advantageous Financial Market?

A trading domain that sees millions make trades every day, Forex exchange is harrowingly risky and all the more lucrative. While the profit aspect of Forex trading is evident, there are several other advantages that make currency exchange the viable field it is today. 

From CFDs to stocks, there are a number of trading markets out there, and yet it is foreign exchange that sees the most crowds! One might argue that this is because Forex traders get more profits, but that's not the case. Each trade market comes with its own profitability; what makes currency trading viable is beyond simply money.

Forex Demo

Here are some incredible advantages of Forex trading:

1) Leverage Your Profits: 

A provision not available in most trading markets, Forex allows you to leverage your trading position and boost your profits by a huge margin. Leverage is essentially the money borrowed from your broker, with which you will be able to access trades of much higher value than usual. It is important to know that leveraging works both ways. You can both improve your profit potential and make room for greater losses depending on how adept you are at leveraging. 

2) Enjoy Liquid Markets: 

With millions of traders available in the markets 24x7, you can rest assured that your trades will always have counterparty. Liquid markets allow you to improve your profit potential and carry out numerous exchanges. 

3) Very Low Starting Requirements: 

To get started with Forex Trading in India is very easy! Unlike other trading domains, the capital requirements are minimal in Forex. With a few hundred dollars and a good trading platform, you can get started. Similarly, achieving growth will happen seamlessly while trading currencies. 

4) Trade Round The Clock: 

The 24 hour market you find while Forex trading in India is a sign of its liquidity and profitability. You aren't bound by time and can place trades across any time zone! 

Forex trading in India can be incredibly lucrative if you know your way around the markets. With a knowledgeable broker by your side, you will be able to gain mastery over Forex in no time! Join hands with WesternFX today and take to the top echelon. Power your trades with our stellar strategies and work on our amazing Forex Demo trading account to see the magic for yourself! Call us now to know more!

How To Take Risks That Pay Off While Forex Trading?

As a newbie Forex trader, it is natural to believe that money comes easily while trading currencies. But things aren't that straightforward in the domain of Forex trading. A lot of time, money and effort have to be invested in order to see success as a currency trader. Striking gold sometimes happens through sheer luck, but luck can only move you so far before market risks start disrupting your trades. At the end of the day, it is adept strategizing, skillful implementation and immaculate risk management that will make you profitable.

Forex trading isn't as simple as opening a position and walking out with profits! Depending on how the markets are faring, your trades will face a lot of volatility. And before you know it, you will be incurring big losses in your exchanges.

Demo Trading Account in India

Here are some simple but effective risk management tips for you to follow:

1) Don't Go All-In: 

Going all-in while investing always seems like a heroic entry, up until the point where you burn your trading account halfway into the trade. One of the biggest reasons behind losses in Forex Trading is because traders invest everything they have. Save some money for a rainy day, allot some risk capital and trade with what's left. 

2) Measure Your Risks: 

If you know how to risk smartly, you will see consistent profits in your exchanges. The simple act of gauging whether or not a particular risk is worth taking, can take you a long way while Forex trading. 

3) Observe And Adjust Your Risk-Reward Ratio: 

When you take a risk, the rewards made must be worth said risk. There's no point putting money into trades that don't reciprocate! At the same time, it is important not to take too many risks at the same time. 

4) Control Your Leverage: 

A provision availed to hold trades of higher value; leverage can be incredibly beneficial when implemented right. You can multiply your profits by several times with adept leveraging, and also lose your entire trading capital if you don't employ caution. 

Get yourself a good Demo  Trading Account in India and learn how to balance your risks! Reach out to WesternFX today, and avail our world-class risk management guidance. We will equip you with winning Forex Trading Strategies and assist you through each trade. You will learn how to take healthy risks and avoid costly losses in no time! Call us now to get started.

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.