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.

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! 

Treat Forex Trading like a Hobby & It Pay You like a Hobby

Many investors fail to realize that trading is quite an intensive process and if they do it as a hobby, they will not be able to observe major results as they might want to. It is like a professional business which demands your attention and effort. You must mind it as much as you can to improve profitability and achieve huge financial breakthroughs.

While going that extra mile will certainly turn out to be rewarding, here are some simple tips & tricks which will help you improve your online trading experience and make it more fruitful!

1) Learn from the Experienced:
 

Treating Forex Trading Like an Hobby will Pay You

It is key to learn from those who have already traveled the journey you are about to embark. You may not experience the exact same process, but there certainly would be a lot of similarities. More importantly, learning the lessons which they did by committing mistakes will keep you from them and actually save you the trouble and pain that follow. This way, you can trade like a pro right from the beginning of your journey!

2) Understand the Psychology Of The Game:

Trends are largely stimulated by psychological influences. If you understand how humans react to the market, you will be able to make predictions which are most likely to be true. So, it is vital to decipher the market’s psychology and look for trend indicators which point you towards a likely investment opportunity!

3) Have Patience:
 

It isn’t really as easy as it sounds. You may be tempted every now and then to make investments, but you have to be sure that you will reap profits later on. Remember, you can win big and lose big in this business of trading. For instance, really want to have all the data you can get hold of to eventually confirm the favorability a particular Forex exchange. Only then, you may safely proceed with your investments. 

4) Try Demo Trading:
 

Online trading is something you don’t master just by gaining knowledge. You need to experience it for yourself. But since that can be expensive for many, it is recommended to subscribe for a demo account and play around with virtual money to test and hone your trading skills. This way, you will grow confident as you will get an in-depth understanding of how the market really works.

5) Keep Things Simple:
 

There are lots of charts and strategies available when it comes to trading. You don’t have to employ everything. They are just different methods to arrive at the same destination. So, don’t make the mistake of overdoing analyzing the data you’ve collected. Look for a reliable pair and go for the investment after you’ve got the confirmation and your trade is set up. Many times, you don’t have to trade a lot of pairs; one or two is actually enough.

At the end of it all, you must remember to protect your capital. There is a high chance that you might lose months’ worth of profits by undertaking unnecessary risks. So, play as safe as possible! WesternFX is a leading Forex broker with unparalleled expertise in Forex trading. Get in touch with our experts to avail our services and reach stellar heights with our profit-stimulating strategies!

How Worth is Investing in Forex Trading in India 2019?

Big jumps always have a possibility of big falls, but these leaps can also take you higher than ever! Foreign exchange is known to be a roller-coaster ride with a huge number of ups and downs. Risks are always a gamble here, which can either reward you tremendously or birth massive losses. With all things said and done, no trader wants to go back home day in and day out with losses in his wake. A market as lucrative as Forex exchange is bound to induce the thought of profiting in the minds of everyone who passes by!
 

Now that 2019 is here, many are looking to take up Forex trading full-time. With the comforts of online trading present for everyone to avail, financial markets are set to see a massive crowd! At the end of the day, are the several risks taken worth it? 

These 5 factors when satisfied can make a venture and its risks worth taking: 

Know the Real Worth of Investing in Forex Trading India

 

1) Steady and Incremental Returns: The first thing you should consider before making that big jump is whether the risks will pay off, literally. Investing is always a tricky play because there is no surety about the returns you will get. Forex trading is known for being profitable, but there is no guarantee of it. Investments have to find their way back and preferably is multiplied. To thrive as a Forex trader, you will have to earn more than you invest! 

This point applies not just for foreign exchange, but for any new venture, you wish to work towards. Don't expect immediate returns, but make sure you earn enough to trade another day.
 

2) Work-comfort: Unlike how things were a few decades ago, personal comfort has become an important aspect today in all industries. A job no matter how time-consuming has to be comfortable! Money is the primary factor, but health and comfort are just as important. Forex trading in India leads several traders to get stressed, worried and in turn sacrifices their personal happiness and welfare. Forex exchange needs to be approached strategically. 

You will have to weigh out your responsibilities and balance the work with rest and day-to-day activities that need tending to.
 

3) Manageable Stress Levels: Mental health has long since been ignored by people. Today companies far and wide and emphasizing on being mentally healthy just as much as on physical levels. Forex trading has the potential to leave you mentally worn after just a few trades. Any job you wish to spend a long time doing, should not invoke stress that leaves you burnt out. Foreign exchange, however, is a field best known for its taxing trades and stressful outcomes. It boils down to your approach; successful traders don't spend time with their head splitting in two, they relax, trade, earn and repeat! To sum it up, Forex exchange is indeed stressful, but only when ill-prepared. 

With a sharp approach and ample demo trading practice, you can have a profitable and enjoyable experience trading currencies.
 

4) The Learning Process is Efficient: The concept of a learning curve exists in all fields. A domain like Forex trading in India can't be mastered overnight! A number of categories and sub-categories exist here, and these can only be learnt with time. When you start something new, learning should come easy. Typically, trading isn't something that can be termed as "simple", but with some research and demo trading practice, you can learn the basics and pick up the essentials on the go! 

When you are able to stay abreast of the latest developments and implement new-found knowledge, the field you are in can sustain you.
 

5) Starting Off is Affordable: The last requirement to satisfy before affirming if a field is worth risking is the initial costs you have to bear. As far as Forex trading in India goes, you can get started with a few hundred dollars! This starting sum added with a little leverage can power you up enough to hold lucrative positions and make a good winning.  

Additionally, all you need is a laptop and a good trading platform - these minimal requirements are enough for you to get started as a Forex trader today.
 

There will be many days when you feel the need to ask yourself the same question - "Is it worth doing?” On these occasions too check if the above-mentioned aspects are satisfied. Forex trading in India won't be an easy plane to walk on; you will have to endure many a challenge to see success! Worry not, for the experts at WesternFX are here to ensure you enjoy Forex and have a worthwhile trading experience! Assisted by our professionals, you will see raining profits! Try a demo today, call us now and book one.

Top 6 Tips to Avoid Losses in Forex Trading in India

Averaging a trading value of over $5 trillion, the Forex market lives up to the reputation of being one of the most profitable trading ventures!  With a 24 hour opening, traders are free to choose from a variety of strategies and timeframes for their convenience. While the prospects of profit are tremendous while Forex trading in India, money-management is an issue every trader faces. Foreign exchange has volatility, unlike any other market! It houses enough potential to completely wash out trader accounts with just one rash movement.
 

Making money in currency markets comes easy, but keeping it doesn't. Without strict methods to manage your investments, your trading account will get blown up. 

Follow these 6 simple trading tips to avoid losing money in Forex: 

Experts Tips to Avoid Losses in Forex Trading

1) Research Amply Before Heading In: Forex trading involves a lot of research. The traders who get successful reach that point as a result of educating themselves consistently, and practicing the art. With many an element present to throw your trades off, trading currencies are easier said than done. Factors like the global economy, and politics etc., govern the efficiency of currencies and dictate the outcome of each trade. As an adept trader, you will have to know the possible risks that will have to be taken, and how each one will yield. 

Even the smallest of mistakes in Forex can have huge repercussions!
 

2) Demo Before Going Live: Forex demo accounts are provided primarily to help traders learn Forex in a risk-free environment. These platforms provide traders with virtual money and simulate trades so they can avail a second-hand experience of how deals are made on currency exchange grounds. Though demo trading doesn't replicate a real-time trade with risks and volatility, it provides ample knowledge regarding how a Forex player should react to a trade. 

Practicing here prior to real trades gives you a better grip over your investments and how you employ them in live trades.
 

3) Start Off Small: You might have thousands of dollars as your investment capital, but going all-in with it is definitely not the right move. When you're a beginner, make smaller investments and increment the amount gradually. Forex has no rule that says investing more will reward more! One of the best ways to save money while making more of it is to invest safely and calculate your moves. With smaller amounts being put in, even a bad trade won't inflict much damage. 

In addition to this, winning a small trade can reward amply in Forex.
 

4) Employ Healthy Amounts of Leverage: Undoubtedly the prime reason why several traders end up in catastrophic positions, leverage is as big a bane as is a boon in Forex. Leverage is the borrowed sum provided by brokers, to help traders hold positions of higher value. A leverage of 50:1 means that, for every $1 you own as your capital, you can hold up to $50 worth of trading value. This makes Forex all the more tempting and prompts traders to boost their accounts by multiplying investments with the added leverage. However, there is a catch to this; losing a trade that has been leveraged will completely blow up your account! 

Leveraged profits are one side of the coin, leveraged losses are the other. You will lose the borrowed money along with your own capital; this is what makes demo trading indispensable!
 

5) Don't Treat Trading Like a Gamble: Agreed that luck has a role to play in Forex; it is definitely not a governing factor. There are no shortcuts in Forex, and to have a successful run, hard-work and patience matter the most! Entering currency exchange markets with hopes of making money solely out of luck won't do much good. While a gamble relies on chance, Forex requires education and strategizing. The consequences, however, remain the same, in both gambling and trading - when you lose, you lose big. 

So does your research stick to a solid plan, and have ample Forex demo account practice.
 

6) Maintain Physical Records of Trades: This doesn't just help save money; it helps in becoming a better trader. As a Forex player, you will participate in a number of trades, the outcomes of which will vary accordingly. With several profits and losses made, self-analysis will become crucial. Trader mentalities tend to change just like the markets do! When you maintain notes of each trade, how you profited or lost, and what caused it, you get a clearer idea of everything. 

This helps better your approach, and narrow it down to making the most out of each trade.
 

Forex trading in India is growing quickly and the lucrative nature of these markets continues to impress. Pair yourself up with the right broker, and take your trading venture miles ahead! Sign up with WesternFX today, and master more than just money management. Our experts will guide you through the various aspects of foreign exchange like demo trading, strategizing and managing risks - ultimately ensuring you blossom into a fine trader! Call us today to know more.

4 Habits to Adopt if You Want to Improve in Forex Trading

To see success in Forex trading, it is of paramount importance that you develop a winner's mindset. Several tend to believe that traders emerge successfully due to stronger strategies or more favorable conditions. The truth, however, is that successful traders have a strong mindset and are governed by disciplined habits. No matter how stellar a strategy you employ, or how favorable the markets are, without inculcating proper habits, long-term survival in Forex is impossible.
 

Here are 4 habits you should adopt to become a successful Forex trader:
 

 

Habits that Helps to Improve Forex Trading

1) Staying Resilient: Several traders abandon their dream when confronted by losses. Foreign exchange is known for its volatile nature. The key is to take losses positively and move on to better trades. Letting one bad trade define your entire FX career, doesn't do any good! Losses are unavoidable in Forex, and risks are an existent factor in most trades. Staying patient and resilient will aid you immensely in the long run.
 

2) Make Educated Calls: To make big money trading currencies, some risks have to be taken. With steady research and increasing experience, start taking calculated risks instead of making impulsive decisions. Fundamental and technical analysis are the deciding factors in Forex trading markets; once you are capable of performing immaculate analysis, victory will be in reach!
 

3) Stay Connected With The Market: Foreign exchange is directly connected with the global economy. Any sort of price shift seen can alter the movements inside Forex grounds. The best way to make the most out of currency markets is by studying it. Several economic factors, actions like export/import, have the power to influence Forex. Staying educated is one of the best ways to see consistent growth in Forex.
 

4) Stick To The Plan: Another big reason traders take the fall, is because of erratic shifting. Once you have drafted a strategy, sticking to it is important. Upon the speculation of losses, traders tend to change their paths midway, which ultimately leads to catastrophic outcomes. Stick to your Forex trading strategy, no matter how unfavorable the circumstances may seem!
 

Foreign exchange stands to present one of the most lucrative grounds for traders today. With the proper grasp over currency movements and a good understanding of the global economy, traders can make a good winning! Get yourself a broker as adept as you, and dominate FX - call WesternFX! With our stellar brokerage by your side, you will conquer Forex trading in India.

3 Reasons Why You Need A Trading Plan in Forex 2018

With such huge amounts involved, it is no new fact that Forex trading requires precision and experience to win at. The world of foreign exchange has limitless potential for profits and an abyss of risks. To tread through these risks and get your hands of a good winning requires an impeccable strategy. Trading strategies lie at the heart of Forex. Without them, you will be walking aimlessly and bumping into one too many risks!
 

With a well-devised trading plan, you will minimize losses and maximize profits at the same time. Here's why you need one: 

Know Why You Need a Trading Plan!

1) Keeping Emotions Under Control: You might think the market is responsible for your downfall, but it is often your own emotions that do the pushing. On a good day when you're making the most profitable calls, you're bound to go the extra mile for some more money! Similarly, one bad trade can push you to continue trading, to make up for lost capital. With a Forex trading strategy in place, you will have strict guidelines on when and when not to make a move; by letting yourself be governed by a trading plan, you can ensure over-trading doesn't happen. Trade plans give you a goal to achieve and the means to do so, without hindering.
 

2) Keeping Market Movements In Mind: When you trade without any guidance, you are unaware of various aspects - your goal, the risks involved, capital needed, and protection from losses. By treading blind, you're subjected to a plethora of troubles. Stock markets & Forex can be lucrative on one day and scary on the next. Market movements are difficult to predict precisely. However, when you employ a Forex trading strategy, you get an idea of potential points the market will graze before rising or falling. Using this information, you can refine your approach.
 

3) Analytic Measures: Trading without analysis is gambling. What makes Forex and other ventures a sophisticated approach is the need to research and analyze the markets. When factors like politics and economy affect the market, you never know when it will take a dip. Through fundamental and technical analysis, it becomes easier to speculate, place risk-management measures, since you're equipped with all market-related information.
 

Bearing in mind the various risks Forex has, being braced by a strategy is the best way to enter its chaotic environment. Once you have mastered the art of devising strategies, there's not much to stop you from winning! Call WesternFX today and get yourself the best brokerage. With us by your side, you will dominate Forex trading in India.