Staying a Step Ahead Of Your Broker at All Times and Avoid Scams

Like every other business, Forex trading has its own share of scammers, waiting with open claws to prey on any foolish trader they can find. Online trading heavily relies on knowledge and planning. The very thought of delving into trading without the faintest idea about markets is unfathomable. The first thing scammers exploit is lack of knowledge. When it comes to online share trading in India or other investment avenues, entering the trade business without the basic know-hows will lead to outcomes that will haunt you forever.

Here’s how you can protect yourself from Forex scams: 

1) Sharpen your awareness: The stock market can brew enough confusion, and under the influence of a scamming broker, you will lose all tracks of the money invested and the due returns. No matter what you’re investing in, you should hold the trigger and call the shots. Having your broker babysit you will end up in him/her robbing you. 

2) Choose the right brokers: Brokers are pivotal in trading, they’re the guiding light. When you choose your broker, you’re giving them the power to either pull you up or push you down. Always choose a broker regulated by a national agency.

3) Don’t let temptations get the better of you: The first thing a scammer will promise is huge returns and a lot of money. Remember the market isn’t run by the broker, he only facilitates the trade; trusting a bad broker in an aim to “get easy money” will only end up in a pothole.

Online Share Trading 

4) Document and backup every tiny detail: What separates the smart and the amateur traders is the tendency to maintain records of each detail. A scammer will very easily fool you with your own words with fake numbers and made-up outcomes; the best way to avoid this is by making sure you have each detail written down so that no one can convince you otherwise. 

5) Plan for the best and the worst: No good deal has gone down without a steady plan to back it up. People often underestimate the power of a simple strategy.  The aim of planning is not to help you profit, but to have your back in the event of a loss. Devise a steady plan and make sure no sort of scam penetrates it.

When it comes to share trading, no measure of caution will suffice. Loopholes always exist for scammers to exploit and drag you with it in the process. WesternFX is an established company, trusted by thousands. We provide the safest and the best trading platform in India, which you can be sure of, is devoid of any sort of fraud. 

Sure – Shot Ways to Become a Successful Forex Trader

Description:  Even if you face stress and losses; be diligent and work hard to achieve your monetary success. This article discusses techniques that one must follow in order to be a successful Forex trader.

Forex trading offers numerous opportunities to the traders. Even though it provides a lot of scopes, most of the people that trade fails to succeed in the market. Inevitable, the percentage of people incurring a loss in the FX market is high. To overcome this, follow the steps mentioned below and be a successful Forex trader.

Stop Procrastinating

People who never postpone their work are likely to succeed in their life. This habit is important if anybody wants to succeed in trading. Whatever opportunity arises, it has to be seized. Hence, procrastination should be avoided at all cost. Trying online trading using a demo account is always the best option to keep you busy. 

Practice Leads to Success

If you open a demo account with a reputed Forex broker in India like WesternFX, then you can practice trading using this account. Getting accustomed to the trading platform; its user interface and features will ease your trading problems when executing real-time online transactions. 

Forex Traders n India

Learn Your Way to Victory

Most of the Forex brokers provide educational webinars, eBooks, CDs and more to educate their traders to financial goals. They are usually designed to improve the knowledge of the traders and to enhance their skills. Most of the educational tools contain topics, explanations, training, FAQ section and more. Spending time for learning and making an effort will help you to achieve in Forex trading.

Create a New Approach

Have a clear idea and know the repercussions before executing an order. Being a scalper, positional or swing trader are some of the options available in online share trading. However, it is vital to employ an approach that best suits you. Developing such strategy or technique is time-consuming and needs a lot of patience. Using a demo account will help you to prepare a strategy with limited risks.

Never Overtrade

A professional trader is one who trades for a living and uses a live account. Always switch to a live account from demo, if you got the hang of it. Develop a good insight and the risks that accompany when you carry out live Forex trading. It is advisable to start using a live account within three months of opening a demo account.

Maintain step-losses for all the trades and don’t go over 2% of margin in a single order. Every trader faces loss. So, don’t give in to your emotions and try to reach the financial goals set by you.

The aforementioned steps when followed will lead you to become a successful Forex trader. Partnering with one of the reliable Forex brokers in India like WesternFX will facilitate the process of share trading and provide you with necessary help whenever needed.

Strategies that can help traders increase their average returns

Success in Forex trading is a relative term. It does not refer to a few occasional profits, but marginal gains that are consistent over the entire trading career and ensure that the risk-adjusted returns are always sustainable. Using your trading account in the right manner and with astute planning always leads to rewards. 

The key to getting the best returns in any strategy boils down the math. While Forex trading in India, Traders need to identify the best outcomes based on their position sizes and risk-reward ratios before they execute a trade. 

The following strategies are some novel and effective online trading strategies that provide the best average profits and keep the losses low:

1. Winners Bigger than Losers strategy

In this strategy, traders engage with a simple math in mind. They participate in a number of short-term trades where their only aim is to make more number of profits than the number of losses. They usually engage in a random trade with a random price action but ensure that they bring back maximum profits. This is an arithmetically simple and effective trading strategy.

2. Pyramiding Strategy

In this method, traders execute their positions with a snowballing effect on their mind. They improve on a winning position by adding more capital to the position at predefined intervals. This way, an initial risk of 1R can be potentially turned into an nR profit by adding a new position onto the trade as it moves in favor of the trader.

3. The Reverse Martingale

This method is similar to the one previously discussed. However, in this case, the Forex trader will be doubling and compounding the risk per trade across multiple trades. Here, the trader uses profits from one trade and re-invests them in the next trade. This way, the trader only risks 1R but can compound the profits using the market’s money.

Such novel strategies can enhance the trading account and bring profits to the traders at the same time. These strategies work effectively while Forex trading in mature markets like India. Using trading strategies efficiently can help traders double their rewards. Alongside a great strategy, it is vital for traders to have the guidance of experienced players in the field. Allying themselves with a top Forex broker firm like WesternFX can help them improve their profits and keep their losses low.

Why mobile trading is not the right way to trade Forex?

Technology has opened up endless possibilities in Forex trading. Think about it: you’re on a road trip and you suddenly receive news on a major economic event that could turn your trade around. You immediately pick up your phone and pull out of the trade. That’s mobile trading – and there’s an increasingly large number of Forex traders in India who’re turning to this medium to make money in the FX market. On the surface, mobile trading might seem like everything a trader needs offering convenience, ease of use, and the ability to trade from anywhere. But the reality is harshly different.

Let’s take a look at some of the reasons why trading on Forex exchange in India using your mobile devices may not be the right choice:

1) Connectivity issues

Despite massive improvement on the connectivity front by cell phone providers, your mobile devices are still susceptible to fluctuating connections that are harmful for your online trading performance. In the Forex market, even a few seconds/ minutes can spell the difference between a profit and a loss, which is why fixed-line connections are always deemed the best.

2) Susceptible to over trading

Users are constantly hooked to their mobile devices. Forex traders who choose to trade on it will have access to their trading account all the time. While it’s a great way to constantly monitor the markets, on the downside, it increases market exposure and may result in over trading. This habit can be detrimental to one’s trading performance as it’s advised to take some time off the online trading platform for better results.

3) Small screen size

The average mobile screen size ranges from 4 inches to 7 inches. Compare that with your trading account setup on desktop/laptop and you’ll know why size matters. Everything; right from the charts to other vital indicators, must shrink down onto this limited space or be eliminated entirely. These limitations may adversely impact trading on the forex trading market in India.

4) Limited platform performance

Most mobile platforms are optimized versions of the platforms that are originally written for desktops, and thus, the expected performance isn’t up to the mark. Bugs, glitches, slow-loading times or poor UX can rob the convenience of using mobile for trading and complicate matters.

5) Deviates your from your focus

It’s not that computers don’t pose a distraction, but mobile phones can multiply it times ten. You might get inbound calls, notifications or other distractions, that will sway you from your actual goal. Remember, focus is the key and if you lose that you’re bound to make mistakes that will eat into your investments.

While mobile trading offers you the convenience of Forex trading on-the-go, you need to be mentally prepared to face delays in execution, price updates and other issues that arise. For optimal performance, you need to adopt a multi-pronged approach wherein you trade using multiple platforms without restricting yourself to one. WesternFX, a leading Forex broker, offers MetaTrader 5 which can be accessed from multiple devices.

Five Top Questions about the Forex Platform and their Answers

Top Questions and Answers in Forex

The Forex market is the vastest as well as the most liquid market in the world. Its unique functionality makes it stand out from regular stock markets, and also harder for beginners to understand. Below are some of the most frequently cited questions regarding the FX platform, and the answers to them:

How does the Forex Market Differ from the Other Markets?

The major difference between standard stock markets and the Forex platform is that there is minimal regulation for Forex. There are no bodies for governing the market, or arbitration committees to oversee disputes. The trade that takes place within this market is grounded solely on agreements of credit. However, the trade process in this platform is controlled effectively through a mode of self-regulation. In order to sustain a strong reputation, brokers need to be under the oversight of the country’s Forex association. 

Esteemed Forex brokers in India would be allied with the Securities and Exchange Board of India. Furthermore, a vast majority of traders only trust certified brokers. As a result, this channels the working of the market into an automatic sense of regulation without the help of external bodies.

What are the Major Currencies Traded in the Forex Market?

There are a wide variety of currency pairs that are present in this platform. But the primary pairs are the Euro/Dollar, the Dollar/Japanese-yen, British pound/Yen and Dollar/Swiss franc, Australian dollar/US dollar, US dollar/Canadian dollar and New Zealand dollar/US dollar. These seven currency pairs account for more than ninety percent of all of the speculative trading in the market.

Explain ‘Currency Carry Trade’

This is a considerably lucrative mode of trade in the FX market, one that is practiced by a range of entities. It is driven by the fact that world currencies are all bonded to an interest rate that is pre-determined by the central banks of the respective countries. The working behind carry trade is making long trades over a currency of high-interest rate and using a currency of low-interest rate to make the purchase.

What is it that we are really Buying/Selling in this Exchange?

The fact of the matters is that this is an exchange that does not have anything material being traded through it. The Forex market is driven purely on speculation and nothing physical is exchanged over it. The trades made over the exchange are logged digitally and are processed based on the value of the market.

Is there a Commission in this Exchange?

The Forex exchange is a principals-oriented market and, as a result, does not have commissions. Forex firms act more as dealers than brokers, and as a result, they draw revenues through the bid-ask spread.

These are some of the most frequently asked questions about the currencies exchange, and the answers to them.

Apart from building a solid knowledge of the FX market, bonding with experts can also help. WesternFX is among the leading brokerage firms in this area, one that has partnered with clients in several countries. If you need experienced professionals for Online Trading in India, we could bring you the solution.