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!