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

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.

4 Ways To Develop An Amazing Forex Trading Strategy

Forex never fails to intimidate novices. From the moment of initiation, every Forex trader looks to devise the "perfect" trading strategy, when in reality there isn't one.  The sheer volume held by the foreign exchange market should display its erratic nature. There is no single way to consistently hit the jackpot while trading currencies; however, you can always strategize a plan to keep losses to a minimal, while gradually incrementing the profits.

Here's how you develop a neat trading strategy in Forex:

4 Ways To Develop An Amazing Forex Trading Strategy

1) Ready the Time Frames: The beauty of Forex trading lies in the flexibility it offers. You can trade at a timeframe of your choice. The Forex market runs for nearly 24 hours, so this lets you avail its benefits at any time period. Pick a timeframe best suited for you and your time-zone. Some of the trading types depending on time-zones are - day trading, intraday trading, and swing trading.  Each of this range from short to long spans of time respectively.

2) Speculate in Anticipation: Not just Forex, even the other genre of trades predominantly rely on the ability to foresee a particular trend. Succeeding in currency trading goes hand-in-hand with your ability to follow and speculate trends. A good way to begin is by employing indicators. They greatly help in identifying trends.

3) Manage your Risks Beforehand: Risk management is key when it comes to Forex trading. Crying over spilt milk will be of no good! However, avoiding risks is impossible too. Losses will occur from time to time, the best way to deal with them is by implementing stop-losses and indicators. Indicators will help you read trends, which in turn will let you realize a losing trend and help you pull out of it. Similarly, stop losses are mechanisms that you will set beforehand; upon incurring a specific amount of loss, or upon the realization of a losing trade, it will automatically withdraw you from it!

4) Establish Entry and Exit Points: Similar to risks, knowing when to enter and exit a trade is crucial. Even a second's miscalculation can leave you tumbling from a winning trade. Devise a Forex trading strategy to accommodate entry points you're comfortable with and depending on the market movements, have an exit so that there are no losses and if not, they are minimal at the least.

Strategies and precision lie at the base of every successful Forex trade. At the same time, attention needs to be paid to the fact that there is no "loss-proof" strategy to help you constantly make profits. The goal is to keep losses to a minimal and capitalize on each opportunity! Having trouble with devising a plan? Call WesternFX! We provide trading strategies for every level - novice to expert. With our dedicated assistance, you will excel at Forex trading in Thailand in no time.

How Brokers Cheat Traders In Forex Trading?

Facilitating trading is a broker's job, and ensuring the best of this is a good broker's! However like sides of a coin, there exist good and bad agents in trading. When it comes to Forex trading, the sheer liquidity of this market is enough to reel in traders and brokers alike. With over $5 trillion in trading volumes, everyone looks to make a quick buck.

If not wary enough, your broker will rob you in broad daylight. Here are 6 ways online brokers cheat traders in Forex:

How Brokers Cheat Traders In Forex Trading?

1. Official Looking Regulated Websites: With multitudes of Forex brokerages in play, a trader cannot afford to do a background check on every agency! Several brokers gain the trust of traders by looking amply decorated and getting a sign of approval from a renowned financial institution. In today's era regulation means very little! Brokers partner up with several established financial authorities to create a professional and established look, one which several novice traders fall for.

2. Manual Interference in Your Trade: Leading a target away from closing a trade is another way by which several scammers to cheat you. Before you reach said target, your deal will automatically close. Once your deal closes prematurely, you end up in the loss, and your loss is their profit. This is also called stop loss hunting; where your positions are left open and the broker profits!

3. Slippages: A cunning and merciless way to scam novice traders is by slippage. This is done without the knowledge of the trader, during the bid-ask process, brokers increase the price of a currency pair in the last minute to avoid detection.

4. Re-quoting Prices: When a trader sees a good trade, he/she buys the commodity immediately. Brokers in an aim to keep you from doing so, increase the buy price - disabling your trade completely. Upon asking they will claim this to be an accident or a measure towards market volatility.

5. Over-leveraging: Leverage in trading refers to investing more money than you actually have. Leveraging needs huge capitals and is usually done by a broker. Bad brokers, however, use this as a reason to scam! They offer traders huge volumes for investing and once this goes into a loss, the traders have to pay back every dime borrowed. The worst part of leveraging is that it is legal!

6. Using Unreliable Software: Another method for brokers to scam is with the usage of software designed to rob you. Trading platforms take in all your data when you trade. Brokers employ this data and rob you of the money you own!

Reliability and trustworthiness govern the aspect of broker selection. Several new traders jump into trading without demo practice. This leads them into the hands of brokers who exploit their ignorance. However, with WesternFX by your side, you won't have to worry about such problems! Our expert team of brokers will be transparent with you about the process and will aid you throughout. To know more about our Forex brokers in Thailand, call us today!

5 Crucial Forex Risks Every Trader Should Keep In Mind While Trading

Over $5 billion is exchanged every day in the Forex exchange market. Forex trading allows traders to exchange currency pairs by buying low and selling high. With the world economy as diverse as it is, the Forex market is highly unlikely to die down anytime soon! 

Due to the intensive nature of Forex, the assets are classified as the liquid. It is crucial to note that the risks involved are numerous and the slightest slip will result in huge losses.

Here are 5 risks to keep in mind:

1)Leverage Risks: Forex requires its traders to invest an initial amount before going mainstream. This initial investment is called a margin. However due to the nature of this genre, the margin amount might fluctuate, putting the investor in a spot where he has to spend an additional buck to gain leverage.  This act when gone unchecked will lead to substantial losses. 

2)Transaction Risks: The chaotic nature of this market paves way for yet another risk in the form of transactions. Forex works on a 24-hour basis, meaning that during that time period the currency exchange rates might rise/fall randomly. During this time duration, the longer you take to settle a deal since entering it, the longer the risk. 

Forex Trading

3)Interest Rate Risks: A simple fact is that interest rates are proportional to exchange rates. Countries with high interest rates tend to have a stronger currency solely due to the fact that their assets are more sought after, due to the higher return rate (a result of high interests). When these rates fall, investors will no longer have an interest towards them and pull back; resulting in a weak currency. This entire chain affects the Forex market first hand.

4)Country Risk: The state of a country directly influences the nature of its currency. A country with a weak economic background and a crumbling political stronghold will inevitably lead to its currency weakening. Similarly, a country with a steady economic rise, stable political reign and a healthy overall social stability will have a high currency value – like USD, EUR etc. The nature of a country’s background dominates the factors governing the Forex and stock market.

5)Counter Party:Every investment needs an asset, and this asset is provided by the counterparty. The way Forex market works will ensure that there is never a form of surety in the exchanges made. From purchasing currency to selling a pair, there will always be a counterparty risk involved irrespective of how reliable the source is, that’s just the nature of this trade!

The Forex market is one of the markets with the highest monetary exchanges every day. With billions flowing around, you can never be too careful. At WesternFX we specialize in everything Forex. From the first step you take, our assistance will be by your side to make sure the losses are minimal and profits are consequent! Call us today if you’re looking for expert Forex brokers in Thailand.