Top 6 Secret Tips of a Successful Forex Traders in the World

While many believe Forex trading to be a field of luck, chance and randomness, it is in fact one that requires immense skill to succeed at. A testament to this is the fact that though several traders start currency exchange and enter these volatile markets rather bravely, barely 10-20% of them make it out successful in the long run. Currency trading is one of the riskiest ventures in trading, with just as much a destructive potential as its potential to yield hefty profits. The market today has grown to the point, where even Forex brokers face stifle competition.
 

Foreign exchange markets have a trading value in trillions. This is a lure enough to bring in traders and Forex brokers from near and far. Once you have entered these grounds, adeptness is a mandatory requirement! Succeeding at currency trading takes plenty of experience. There are a number of elements from strategies to currencies that traders have to get a strong grip over, in order to see consistent results!
 

Despite the difficulties accompanying Forex, there are many who bloom into talented traders, and you can too. 

Successful Forex Traders Secret Tips

 

Here are 6 secrets that professionals follow on their path to success:
 

1) Keep Your Hopes Real: There is a difference between hoping to succeed and hoping to make a million dollars on your first trade. Expectations are a destructive component that every trader carries. Too less or too much of it can have a strong negative impact. As a Forex trader, learning should be your first priority; earning comes later. Without the necessary skills and knowledge, you will get consumed by currency markets' volatility. 

Starting off, shift your focus to honing your approach and mastering your trading styles. Once a good grip has been established, profiting from trades is an imminent happening!
 

2) Know Your Risks: Risks can't be avoided while Forex trading in Thailand, they are an obvious component of every trade. The professional way of dealing with risks and drastic trades is to know your risks beforehand. Forex is a field that gives better profits with increasing risks; so if you want to make big money, big risks have to be taken! The irony, however, lies in the fact that such trades also have a high chance of yielding colossal losses. 

Calculate the losses that might happen for every move you make, and focus on minimizing them and not avoiding.
 

3) Analyze Yourself as a Trader: Trading styles vary from one trader to the other. Some players like to play it slow and implement long-term strategies that take time to yield. Others, who are into fast-paced methods, prefer short-scaled strategies like scalping or day trading. Along with Forex trading strategies, finding a good timeframe is of equal importance. A strategy is only as good as the currency used in it, and the timeframe it is implemented on! 

Get a proper understanding of your trading style, and find the perfect plan, currency and timeframe to go along with it.
 

4) Never Trade Out of Greed: With success comes money, and with money, greed. A natural emotion, getting greedy is something that not everyone can avoid; at least not initially. In Forex markets, profits will be incredibly tempting, and after your first big catch, wanting more is inevitable. However, be it greed or overconfidence, trading when emotional can be disastrous. Often times, traders indulge in deals solely to win back lost money, or out of the confidence that they made money previously!

The volatile waters of Forex won't give the same rewards twice. So trade your plan, and keep away from temptations.
 

5) Observe as You Trade: The ultimate tactic to perfecting an art is observing it. Mastering any technique or field comes in two steps - observation and implementation. Even the most proficient of traders take time to see how markets move in foreign exchange. Forex trading in Thailand is a field that sees drastic changes regularly. In markets like these, you can never truly gain complete knowledge! 

Keep practicing your methods, trade different currencies, and most importantly, observe markets, traders and how the world of Forex functions.
 

6) Maintain a Journal For Your Trades: Self-analysis is the best analysis! As a trader, you will work across varying timeframes, implement several rigorous Forex trading strategies, and as a result, you will win some trades and you will lose some. Irrespective of the outcome, maintain a note of all the trades you make. Right from the strategy put in, the currency used to the losses/profits made and how the markets moved. 

These small notes will help you increase your chances of profits and keep away from conditions that caused past losses!
 

Becoming a successful Forex trader doesn't have any complicated requirements. With discipline, patience and resilience, you can gradually climb to the top. Get yourself the best of Forex brokers to assist you, on your quest to dominate Forex trading in Thailand! Call WesternFX today! With our experts guiding you through each trade, you will soar higher than ever.

3 Global Factors that Affects any Forex Trading Price Movements

When you hear the word foreign exchange, a stock market-like environment comes to mind. However, currency exchange is done not just by Forex traders! When you take a trip abroad and choose to spend on some of the local products, you have to pay your currency for their product - which is equivalent to trading currencies, hence making it a foreign exchange. These currency prices don't always remain the same. 

 

Several global factors have a repetitive influence of them, and affect the price of various Forex pairs, which ultimately contributes to making Forex an incredibly volatile market! 

 

 Common Factors that Affects Forex Trading

 

Here are 3 factors that affect Forex prices the most:
 

1) Interest Rate: Borrowing money in the form of loans and similar elements is common today. Be it for education, housing, or any field that needs big funds, loans are the best option. Each country has a different interest rate, i.e. the rate for borrowing funds. This amount is fixed by the country's central bank. The rates have to be monitored regularly because if the interest drops too low, everyone will start borrowing in heaps! Supply and demand laws have to be obeyed at all costs to prevent economic disruption. 

 

When either supply or demand goes up while the other remains stagnant, there will be a financial catastrophe. These rates are one of the primary causes for price hikes and drops in Forex.
 

2) Inflation: Like with interest, when a country's supply and demand ratio isn't in balance, inflation or deflation is observed. Goods and services offered by a country see a drop in demand when their prices hike up. This creates a void in exports because the country can't bring in products, due to the dying demand ratio. When this export-import ratio sees imbalance, one of two things can happen; lesser exports will lead to the country having to borrow money from other nations. When an import increase but there is a lack of demand, the same happens again! 

 

With such movements, a country's currency gets devalued. While devising a strong Forex trading strategy, these factors have to be kept in mind.
 

3) National Politics: The government has a huge role to play in Forex. With thousands of industries under its control, political conditions can have adverse effects on the currency markets. Changing governments, civil wars, or any riots can lead to a rapid fall in currencies. A country's currency is directly tied to its economy. With poor political conditions rises a poor economy. Lack of resources can lead to poor exports on the outside, and a dropping demand rate on the inside. 

 

This will ultimately cause the currency value to plummet, leaving the country in an inept state.
 

Foreign exchange is an incredibly vast field, with the room for success huge! The tricky parts however rise, when these above mentioned factors start influencing the markets and creating troubling waves of volatility. With the aid of an adept broker, you can start trading currencies like a pro, and leave home successful! Call WesternFX today and avail our world-class brokerage. With our proven Forex trading strategies, you will dominate Forex trading in Thailand!

Top Reasons Why Most of the Forex Traders Fails in Trading?

On the outside, Forex trading feels like an easily conquerable field. Over multiple failed trades, and after being subjected to market volatilities, you start realizing the difficulties currency exchange comes with. Year after year, thousands of traders start currency trading, only to meet with exceeding losses within their first few trades. The reason for barely 5-10% of traders seeing success is because several novices are driven by the desire to profit big, and on this wild-goose chase, they end up losing more than what they started with.

The proper approach to Forex trading is in mentality, not in strategy. 

Reasons Why Most of the Forex Traders Fails

No matter how good a Forex trading strategies you devise, without the right mindset, success just won't come. Losing is an inevitable process, but winning isn't. Only when you have a strong approach can you expect to make a consistent winning. 

Here are 2 steps to take as a trader, to see success. 
 

1) Chase Success, Not Money: Being a successful Forex trader doesn't mean making thousands of dollars each day, it is minimizing the number of losses, and having an exponential success rate. Novices often make the mistake of putting money as their first priority, when in reality, it should be to prevent losses and gradually increase returns. Running behind money almost always leads to over-trading, which is a recipe for disaster. 

Remove the misconception that money defines success when it comes to Forex trading because it doesn't! A market as volatile as currency exchange might let you pile up a good winning, but it can wipe out your account all the more effortlessly.
 

2) Keep A Clear Mind: Forex trading can be mentally taxing on one too many days to keep track of. With this stress already occupying your mind, having other trivial worries will only pull you back. Being overly concerned with how much money you will make, what are the prospects of losses will your strategy work out, and what not is going to take you away from achieving trading success. Enter the markets with a clear mind, keep your emotions out, and focus only on making the most out of every exchange.
 

A majority of the Forex traders today find them confused and dazed when it comes to adopting a trading approach. With the help of an established broker like WesternFX, you can perfect the art in no time! Call us today, and avail our impeccable brokerage. Every step of the way, we will provide unparalleled assistance, and ensure you dominate Forex trading in Thailand.

4 Habits of a Successful Forex Traders – How to Develop It?

From the outside, becoming a successful Forex trader seems like a cakewalk. The truth, however, is very much different. Stifle competition governs the world of foreign exchange, and success requires traders to have a stellar approach, accompanied by an arsenal of stern habits. Discipline is an obvious requirement to be successful, not just in trading, but in any field. Even with strong strategies, several traders fail to win, solely due to a bad approach. 

If you want to embark on a success-filled Forex journey, practice these simple habits:

Habits of a Successful Forex Traders

 

1) Don't Let Money Drive You: Agreed that people enter trade markets to make a good earning; however, there is a fine line that segregates passion for winning, from greed. When you house a burning desire to become a successful trader, you make patient and wise decisions; on the other hand, when you are driven by the need to make money constantly, the downfall is imminent.
 

2) You Are Your First Investment: Be it getting ample rest, or eating filling meals, there are investments you have to make in yourself. Fuelled by the desire to succeed, traders forget to dedicate time for their welfare. Forex can be an immensely tiring routine, and not allocating time for rest and growth can lead to mental and physical stagnation. Take time off of trades and cater to your needs!
 

3) Never Stop Learning: The pivotal point of existence, knowledge is what acts as the hinge for several aspects of life; trading is no different. Forex is a field dominated by research and analysis, and it is ever-evolving. To evolve along with it, constant research is mandatory. Different economic and political crises are conceived each day, and the understanding of these forces is what allows you to have a strong grip over Forex movements. A good way to evolve as a trader, and strategize smarter is by practicing Forex demo account.
 

4) Take Notes: A simple, yet immensely effective thing to do is keep track of your progress physically. In Forex, you will participate in several trades, make several calls and witness several outcomes. Each of these is a consequence of the former. Keep notes of the growth you make and the way you trade. Reflecting on this will help immeasurably in the long run.
 

Pair these tips with the right brokerage, and victory is assured! A stellar broker by your side can help turn the worst trade into the best - call WesternFX and take your trades to the next level. Forex trading in Thailand is mighty lucrative today, and with our assistance, you can dominate the grounds!