Monday 16 July 2018

3 Exclusive Forex Trading Strategies for Forex Traders in Thailand


Setting up good deals is in every Forex trader's constant thought. There are several elements that a good trade consists of - a strong plan, a good trading platform, risk management measures and a skilled Forex broker. When it comes to devising a Forex trading strategy, you can never compromise. Right from your entry point, to selecting time frames, to your exit - a lack in either aspect will result in a loss! Being meticulous is an indispensable quality while trading currencies

A good Forex trading plan will focus mainly on three components:
  • Technical Analysis 
  • Fundamental Analysis 
  • Risk Management
Forex trading strategy for Thailand
Forex trading strategy for Thailand

1) Technical Analysis: Figuring out the perfect timeframe and currency pair respectively will give you the necessary edge to dominate a trade. Analyzing the technical aspects of a trade include - figuring out the necessary price-volume ratio, analyzing the market movements and watching out for losing trends. The better your knowledge on these aspects, the better your trading outcome! Having a grip on the market might not necessarily help double your profits overnight, but it will help curb losses consistently.

2) Fundamental Analysis: Fundamental analysis focuses on the components that are non-technical and predominantly too mammoth for a trader to control! Factors like the world economy, a company's economic status, industry conditions, recessions, etc. affect the value of a currency pair severely. Disasters and abrupt political episodes play a significant role in controlling the market. Fundamental analysis helps a trader speculate a commodity's value few months/years down the market.

3) Risk Management: The irony of online share trading lies in the fact that to make good profits you have to take risks, and risks often lead to losses! The key is to manage your risks smartly, such that losses don't have adverse effects and profits are relatively consistent. Risk management comprises of planning, being patient and taking losses positively. Irrespective of the strength of your Forex trading strategy, losses will inevitably occur. To prevent huge losses, implement stop-loss mechanisms and place indicators. These will help you dodge losing trends and withdraw from them immediately.

Strategizing makes up 80% of your Forex trading career. Several Forex traders initially struggle with devising a plan well-suited for their trading style. However, once you draft an adept plan for yourself, you will notice a significant growth in your profits and seldom occurring losses. Don't get intimidated by the vastness of Forex, let WesternFX assist you with our stellar brokerage services. With an arsenal of experienced Forex brokers and dedicated trading platforms, we will ensure your trading experience is profitable as it is enjoyable. 

Call us today to avail our services.

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