Steps to get back to winning ways in Forex trading

Among all things, the one thing that remains a constant in online trading is the specter of failure. All Forex traders, regardless of their location and skills definitely go through a phase where they lose their steam and hit a rough patch. This is common in markets like Thailand where traders have to stand up against stiff competition. It also does not help that these traders do not have access to good learning material and guidance. However, brooding over failure and giving cannot be a great solution as it means that traders will be losing out on the investments and newer wealth-creating opportunities. 

What traders should instead plan is to take steps to ensure that their trading accounts do not bleed away uncontrollably. And once this is accomplished, they should revert themselves to a planned regimen that helps them regain their lost charm in the Forex trading industry.

Steps to be taken:

1. Thinking back on the reasons that inspired them: This is a vital step as it helps them rekindle the memories of their choices and brings back the resolve to succeed.

2. Reading up on success stories:  Looking up the stories of Forex stalwarts and reading them can help traders learn from the early failures of these trading legends and take heart from the same. This can inspire them to try again.

3. Giving up on greed: Greed can never let Forex traders succeed. Traders should always bear in their mind that money making is only a by-product and not their main motive. Their main motive is to successfully predict trends and getting their positions right.

4. Developing a trading plan from scratch: Trading without a plan is akin to gambling. Traders should always bear this in their mind and develop a well-tested online trading strategy.

5. Engaging in demo trading: Practicing on a Forex demo account is the best way to build confidence as there is no possibility of losses. Traders can experiment to their hearts’ content and gain confidence with successes on the demo platform.

Following these steps can also help in gaining confidence and turnaround the fortunes.  It is also advisable to take the support of reputed online Forex trading companies in Thailand such as WesternFX who can help traders better analyze their losses and make amends to their Forex trading strategies. This will help them get back to their winning ways soon.

5 Things to remember before foraying into Forex

Thanks to the influence of the mainstream media and its younger sibling, Social Media, the common understanding of the field of Forex trading is skewed. Several individuals enter the industry with the hopes of making it big, only to have their hopes dashed after seeing the initial failures and loss of their investments. It is high time that the myths about the online trading industry are dispelled and aspirants get to know the real facts they should be aware of before trading in Thailand.

5 Things to know before entering the industry

1.   No overnight success: Traders need to bear in mind they will not be millionaires overnight. Success in the Forex industry takes time and effort, and making riches that amount to millions requires a large trading account.

2.       Takes a disciplined approach: Success in Forex trading does not mean a jackpot trade at the end of a long trading session but picking up small profits and building from strength to strength. It's about the journey, not the destination.

3.     Huge Learning curve: The Forex industry has a very high learning curve with several deep pits in the early stages. Traders need to be ready to fail first and then learn if they want to succeed in the long run.

4.    Endurance: Forex trading can never be carried out without failures. Traders will always lose money along the course of their trading career. However, it is about managing the losses. In the industry, it is about maximizing the profits and minimizing the losses.

5.    It takes money to make money: Being always keeping the profit percentages higher and loss percentages lower, traders can build earnings steadily along the course of their career. This way, traders can slowly work up their earnings and the size of their account. The bigger the account, the better the earnings.

Traders need to bear the aforementioned facts in mind before venturing into the industry. This will help them ensure that their understanding of the industry is well researched and that they can prepare themselves mentally before taking up Forex trading. It is wise for novice traders to consult with reputed Online trading brokers in Thailand such as WesternFX and know about the industry in detail before making a foray into it.

4 Ways of ensuring a successful trading career

When it comes to delivering consistent success at Forex trading in Thailand, a disciplined approach is paramount.  However, it is also likely that sometimes, success may elude traders and they may go through a rough patch. But to bring back success and ensure that it always remains consistent, it is highly essential that participants abide by rules and stick to their discipline. Without a disciplined approach, one is sure to be driven by impulsiveness which could harm the online trading career.

Here are the 4 methods in which traders can drastically improve their performance:

Maintaining Commitment, Even During Challenging Periods

For traders to taste success, it is important to draw up a road map of what their plan is and how they intend to achieve these targets. But it does not stop with drawing up plans. Traders must remain committed to their plans even in situations of adversity. This commitment helps in the long run as traders can examine the shortcomings of their strategy and correct it accordingly.

Get Comfortable With Losses and Losing Periods

There is no “zero-loss” trading strategy. Forex trading always has successes and failures attached to it. No trader can be sure of ensuring success in the long run without stomaching occasional failures.  When failures do occur, traders should learn to look past them. Coping with failure should not be about revenge trading; rather, a trader should reflect on his mistakes and find a path to success.

Intentions Must Be Consistent With Actions & Beliefs

Actions more than intent define success in Thailand Forex. Carrying out the right trade at the right time can help traders churn in successes. However, any action that a trader makes must be consistent with his actions and beliefs. Trading erratically may not yield the best results.

Avoid Under performing in Trading

Nobody likes to be an under performer. Same applies to traders as well. In the early stages, traders may be apprehensive of opening positions due to feeling risk-averse. This attitude must be shunned as traders may fail to make the best use of a trend and end up trading inefficiently.

Following these steps are sure shot ways of bringing improvements to one’s trading performance while Forex trading in Thailand. However, to bring such a disciplined approach to trading may be too difficult for beginners to execute. It is always advisable to enlist the support of a reputed Forex broker like WesternFX.

5 Ways a Demo Trading Account can help you Become a Better Trader

No matter how much material you read on Forex trading, there’s still a lot you don’t know. People with greater knowledge than you have found themselves stumbling to find a strong foothold in the market. It all boils down to this: knowledge is power, but experience fuels that power. If you want to solidify your grasp of Forex trading in Thailand, what you need is a demo account that will equip you with the necessary skills required to succeed in the space.

What is a demo account?

It’s a ‘pretend’ account that looks and works exactly like the real thing. However, you’ll neither lose nor make any money. To put it simply, it’s analogous to taking a test drive, wherein you test out the area, find out how it works, determine if you have what it takes and then move on to the live account.

Here’s how a Forex demo can strengthen your prospects and enhance your trading performance when you make it to the live scene:

1)    Check if you’re compatible

Most get into Forex trading without even knowing if it’s something they’d like to do. There are some who might enjoy it, while others who find that it doesn’t suit their preferences or lifestyle. A demo account is a good way to check your compatibility without risking any money.

2)    Testing out new strategies

Now’s the time you can find out if all the Forex trading strategies that others claim are good, actually do work. Create a list of strategies to try out, and employ them one by one. Eventually, you’ll find a few you’ve had considerable success with and earmark those for use in real trading.

3)    Learn greater emotion management

One of the biggest setbacks traders face is when they’re unable to keep their emotions in check, and end up taking rash decisions that harm their trading account. With demo trading, Forex traders can learn to cope with their emotions such as fear, greed, and anxiety, thus building a neutral psychological mindset that’s necessary to succeed in the market.

4)    Find the right broker

In Thailand, there’s no dearth of online brokers, making it problematic for newbies to pick the right one. Through a Forex demo, traders can get an insight into what the broker has on offer, figure out if the platform is suitable for their requirements, and narrow down on a broker that’s apt for them.

5)    Enhance money management techniques

To prevent oneself from making irrational decisions that could result in massive losses, practicing money management techniques can give one greater control over their finances. A demo account that provides traders an opportunity to work with real exchange rate movements helps traders witness how such techniques translate into success in the field.

Whether you’re a newcomer or already have previous experience in trading, remember, it’s never too late to go back to square one and learn with a Forex demo account. Open a FREE account with WesternFX today, one of the best Forex brokers in Thailand and trade Forex the right way!

Top Risks with Forex Trading and How to Avoid Them

The Forex business has become one of the most lucrative sites for profit making in the present day. It is almost a way to make money from the comfort of one’s own home and without too many other pre-requisites. With transactions amounting to more than five trillion dollars flowing through this medium, it is the largest and most liquid trading platform at present. With the potential for losses wider than one would believe here, it is important for a beginner foraying into this field to get informed about the risk involved in this profession. 

Risks with Forex

It is often advertised that Forex trading is easy and fast, allowing one to make money with nothing more than an internet connection and a computer. However, there are many solid decisions one needs to take in this area to effectively minimize potential for losses. This includes finding the right broker, installing the right trading platform and many more. 

One thing to understand with respect to the currencies exchange is that it is a decentralized market. As a result, there is no standard pricing mechanism, and varying prices could be offered by different dealers. One would need to make the right deals with the right participants to bring down the chances of higher prices and loss. 

In the following paragraphs, we’re going to be looking at this and other risks associated with this platform:

Risk 1 – Being cheated by a dealer

What the dealers do, as mentioned above, may not be unlawful or considered a scam. However, it would still lead to the exploitation of less informed players in the market. These dealers would get their clients to make margin trades and set stop orders in a manner that favors profit making for them. 

Risk 2 – Using excessive leverage

Leverage is a crucial element for profit making in online trading. Different brokers allow varying scales of leverage for their clients, ranging from 100 to as figures as high as 500. Leverage is important because if applied in the right manner, it could magnify a trader’s profit scales. However, at the same time, if not done so, it could also levy amplified losses in a proportionate measure. As a result, one of the major risks with Forex trading in Thailand is the use of excessive leverage.

Risk 3 – Being scammed by a broker

One thing that is widely known is the presence of scammers masquerading as legitimate brokers in this industry. One would need to be very cautious when making a choice for their brokerage. Check for the regulatory oversight that the broker comes under and its validity in this regard. 

Conclusion

With the Forex trading business, there is ample room for risks of many sorts. There are no shortcuts to avoiding losses in this arena, and one would need to test the waters and gain experience before knowing the ins and outs of this game. If you need help in this regard, then ally with a reputed brokerage firm. WesternFX provides online trading services for clients in Thailand and multiple other countries. We can give you the tools you need to escalate your skills and make more profits!

How News Events Impact the Trading Sphere?

The Forex exchange is heavily influenced by events and news surfacing around the world. For a trader to be ahead of the game, he/she would need to rely heavily on the developments occurring around the world, and be prepared to respond in the right manner to them. In this article, we’re going to be talking about the relation between news and trading, and how a trader can use it to his benefit. 

Statistical version of events – price action

Price action refers to the movement of prices in accordance with predictions of events that are to occur. It is responsible for creating trends in the market and laying the direction for price movements. It is futile to wait for an event to influence the market, for the concept of price action leaves the market responding to a particular event before the news of it comes out. 

Price action can be captured on technical analysis charts. This provides the most accurate reflection of the shift that is occurring and that will continue to occur in the market, contrary to the theories that analysts and traders formulate when observing the market. As a result, even the significance of the news event is less important than the impact it would stimulate on the markets.

Impact on trading

Having a close contact with the news can make an impact on a trader’s decisions. Traders who are made aware of a major news development might be compelled to make a decision even if in the statistical scene, the market condition has not changed. One also needs to consider that all news reports in the internet age would not be as reliable as they believe. Some of them may be less factually grounded than others. As a result, conflicting reports could lead people to make misinformed and wrong decisions.

Making the right decisions 

As mentioned above, there could be a vacuum between a person’s interpretation of an event, and its real impact on the Forex exchange. As a result, it is always important to treat the news stream from online sources with a skeptical and objective approach, and to never rush to decisions when reading them. After having learnt of important events, a trader needs to always correlate with the statistical interpretation of the news. As mentioned before, price action is the most accurate reflection of the influence of a news event, and this is the tool that a person must use to ensure that his trading decisions are not far removed from reality. 

If you need further help in the trading arena, then ally yourself with a reputed brokerage firm. WesternFX is one of the leading names in this field, with partners in eighteen countries. Team up with us to expand your understanding of online trading in Thailand. 

How to Increase Profits by Targeting the Right Time Frame?

A unique aspect about Forex trading in Thailand is that it is a market that never closes. However, despite the market running twenty-four hours a day, the trading activity that a person undertakes needs to fall within specific time-frames. For these are the areas where the respective currencies are active and moving. It is important to seek out these time-frames for they provide the maximal room for drawing profit.

Global Markets and their Influence

This platform is a conglomeration of global currencies. As a result, the economic state of a country, as well as various financial indicators, have a major impact in the movement of respective currency values. As a result, the exchange is heavily influenced by the movement of various stock markets, which are viewed as vanguards of nations’ economies.

While the Thailand Forex is open all through the day, stock markets are open only at certain periods in various time zones. Based on the working of various stock markets, currency pairs will be triggered at certain points of the day. Traders need to align their operation with these active periods to obtain the best deal with these respective currencies.

Below are some of the profitable trade timings in the Forex exchange, and the currency pairs relevant to them.

1) The currency pair EUR/USD, or Euro against the US dollar, is one of heavy significance around the world. The optimal trading window for this Forex pair would be between 6 and 16 GMT (Greenwich Mean Time). Within this arena, however, the period between 12 and 15 GMT is considered the avenue for maximum productivity with respect to this pair.

2) The US dollar against the Japanese Yen, USD/JPY is also another widely sought after pair in this market. For both of the currencies, stock markets prevail over almost the entire twenty four hours. However, the area seen to bring the best activity in this pair is between 12 and 15 GMT, which would be considered the most effective route for traders.

3) The British pound against the US Dollar, or GBP/USD, is another lucrative affair in the Forex market. Fluctuations for this pair is seen to occur in two windows, the first between 8 and 10 GMT and the second between 12 and 15 GMT.

4) For people interested in the Australian Dollar against the US Dollar, or AUD/USD, there is lesser activity across the day. However, sparks of action fly between 12 and 15 GMT. Some observers also note increased movement around 1 to 2 GMT.

5) The US Dollar and the Canadian Dollar, USD/CAD, are fairly inactive throughout the day as well. However, there could be increased room for revenue in the window of 12 to 16 GMT.

At the end of the day, it is hard to predict where volatility and fluctuation of the currencies could arise. However, if you go according to the observed routes, the chances of enlargement of profits are higher. If you want more expert advice on trading in Thailand, team up with a leading brokerage firm to unleash your full potential. WesternFX has fielded this terrain for many years now, with clients across many countries. We can help you gain a keen insight into the working of the futures exchange to do away with risks and boost profits.