Top 5 Risk Management Tips for Forex Trading in Thailand

Different traders have different risk-management thresholds. A trader with $100,000 can afford to risk $10,000, but can a trader with $1000 afford to? Absolutely not. This is what risk management comprises of - knowing how much you can afford to lose and gauging the viability of the risks taken. To survive as a Forex trader in the long run and make steady profits, you will have to take risks every now and then. And to make sure these risks don't eat your trading capital, you will have to manage them!
 

Here are 5 stellar risk management tips for Forex traders to follow:

 

Forex Trading Risk Management Tips

1) Keep Stops In Place: Stop orders help curb losses by removing a trader's position from the trade once a certain loss threshold has been met. By keeping a stop-loss order in place while Forex trading, multiple trades can be managed simultaneously and the stops will keep severe risks from breaking in. The catch is that placing a stop in the wrong position will throw you out of a trade before it even starts!
 

2) Risk No More Than 3-5%: Irrespective of the Forex trading capital you invest, risk no more than 5%. Risks are tempting to take because they have a chance of bringing in big profits; however, a mere chance isn't worth losing thousands of dollars over. As tempting as a trade may appear, keep your risks affordable. One bad trade is all it takes to destroy all your hard-earned profits.
 

3) Amend Your Strategies: Implementing the same few Forex trading strategies over and over is of no good, amendments have to be made constantly. Every time you lose a trade, analyze the faults and make changes then and there. The main reason Forex traders don't grow is because they don't work on their mistakes.
 

4) Have Clear-Cut Goals: It is crucial that Forex traders know where they're heading. Having a firm goal helps give directions to trades and keeps traders from going astray. Be it monetary goals or just the successful completion of a trade, have a goal to work towards!
 

5) Keep Researching Constantly: Forex trading markets are ever changing; to stay ahead you will have to analyze the markets and research adequately. Only when you're aware of the movements made will you be able to capitalize on them.
 

It is impossible to never lose money; some risks are just too risky! However, with the time you will get the flow of foreign exchange and be able to juggle multiple risks while making healthy profits from the same. Learn how to balance your trades like a champ - reach out to one of the top Forex brokers today, call WesternFX! Assisted by our seasoned experts, you will learn risk management in Forex swiftly!

Reasons Why Pro Forex Traders Makes Profit and Not You!

It is no surprise that some traders are on a whole new level when it comes to Forex trading. This trading genre has grown to become one of the most profitable markets today, with over $5 trillion in value. Despite of thousands of trading participants, only a handful manages to emerge successfully from their trades. However, there is no secret strategy the winners follow. Forex exchange works on even grounds with no trader having an unfair advantage. So what's the cause behind the low success rate?
 

Here are 4 reasons why professionals see big wins while others don't:
 

Reasons Why Pro Traders Makes Good Profit and Not You

1) They Don't Employ Too Many Indicators: Indicators are incredibly useful for finding out profitable trades to capitalize on. However, a certain level of discretion has to be followed. Blindly employing indicators will do you no good. To truly make profits, you will have to employ the right set of indicators that synergize with each other and have a strong few Forex trading strategies. 
 

2) They Have Realistic Expectations: A professional trader knows the viability of the trade he/she makes. Not every trade is going to be profitable. The problem with having unrealistic expectations is that they leave you fantasizing. The Forex trading markets are an extremely erratic domain - things seldom go as planned. To keep expecting the markets 

to move as you want them to will only fuel your impending disappointment!
 

3) They Know When Not To Trade: The best trait a professional Forex trader has is that he/she knows when to back away from the markets. With enough time spent trading currencies, you will realize that you can't always participate in trades. Sometimes the Forex trading markets are very erratic, sometimes there is little to no movement. Trading during such periods will be nothing more than a waste of time. 
 

4) They Take Affordable Risks: Risks are essential to every trade, when you risk big, you stand a chance of profiting big. However, sometimes the trade might not go as planned and the risk you take will lead you to catastrophic losses. Professional Forex traders in Thailand know their risk threshold clearly. This includes knowing if a risk is worth taking and if you have enough capital should the trade not work out. A few months of practice and some losses will help you gauge a trade's viability perfectly.
 

A good number of people who involved in Forex trading in Thailand see stellar results in their trades. Most of it is a result of the years of effort put in and the many hours spent learning Forex. You can get to their level too! With the world-class brokerage we provide at WesternFX, you will climb the ladder of success swiftly and leave a lasting mark on all your trades! Call us today to know more.

Forex Trading Tips that Actually Works Fine for You

Even professional traders tend to forget the basics at times, and they need some Forex trading tips to reboot their system. Trading currencies can get challenging swiftly and leave you confused on many occasions. A lucrative domain with massive profits, you can pursue Forex trading as a full-time career option today! But without making enough revenue, sustaining this career will be difficult. Profiting as a Forex trader is easier said than done. The markets are incredibly crowded and the competition is stiff. Standing out and reaching for the top will require a lot more than a few strategies.
 

Here are 5 Forex trading tips to help you see better profits:
 

Forex Trading Strategies that Works Fine in All Situations

1) Keep Your Expectations Grounded: Having unrealistic expectations is the fastest way to lose at Forex trading. Most beginners, if not all, have unrealistic expectations from their trades. Even experienced traders at time get deluded by profits and start expecting a bit too much. Profits should never be your focus, avoiding losses should be. Expect only what's achievable!
 

2) Leverage Nominally: Leverage will allow you to multiply your profits and hold positions of immensely high value. However, this beneficial provision should be utilized with caution. Many Forex traders have lost thousands of dollars on a single trade due to greedy leveraging. A poorly placed trade will leave you incurring huge losses - don't make that mistake! Leverage only in necessary amounts.
 

3) Work With a Handful of Trading Tools: Forex trading indicators do an amazing job of helping traders zero in on profitable trends. This, however, doesn't make it right to completely cloud your chart with tons of tools. Only employ the indicators needed and utilize them to the fullest. One good trend caught can reel in huge profits.
 

4) Research The Markets Regularly: Forex markets are never constant - there are always new developments. To stay abreast of the movements seen while Forex trading in Thailand, you will have to keep studying regularly and keep yourself updated. Knowledge to a trader is the most powerful tool! Try to have several reliable Forex trading strategies for your trading needs.
 

5) Carry A Trading Journal: Keep a track of all your trades in a trading journal neatly. This will help you analyze your mistakes and correct them swiftly. With a trading diary, you can make sure mistakes made once don't happen again, and improve your overall Forex trading approach.
 

Note these 5 tips down before you start Forex trading in Thailand, and you will reach the top swiftly! Back yourself up with our expertise at WesternFX. From strategies to platforms, to in-trade guidance - we will provide you with all the assistance you need to see success in your trades. Avail our world-class brokerage today, call us!

How to Develop Your Own Forex Trading Strategies this Summer

While some traders find comfort in employing preexisting strategies, some want to take the more adventurous route and come up with a scheme of their own. Both approaches are welcome in the Forex markets, and both can bring home profits so long as the strategies are implemented right. For the zealous lot who want to enter Forex trading with a custom strategy, there are several baby steps that have to be taken first. A Forex trading strategy has to be intricate and meticulous, leaving not a single aspect of the trade unconsidered.
 

Here are 5 steps to get started with your very own Forex trading strategy:
 

Tips to Develop Your Own Forex Trading Strategies

1) Select A Timeframe: Before you think about making a Forex trading strategy of your own, the first step is to find out a timeframe you're comfortable with. You can work with small-scale strategies like scalping, that last only a day, or with more expansive, month-long approaches like swing trading. 
 

2) Employ A Good Few Indicators: Clogging the Forex trading charts with indicators of all sorts isn't going to do you any good. You have to handpick a good few tools and make sure they are in synergy. Don't make the novice mistake of employing tens of indicators thinking they will help you land profitable trades, because they won't. With just a handful of good ones, you can zero in on really lucrative deals swiftly!
 

3) Analyze Your Risk Potential: See how much risk you can afford to digest. As history has taught us, biting off more than you can chew will bring no good yield. Risks are necessary to succeed at Forex trading, so start off by taking small ones and let the threshold increase gradually.
 

4) Find Profitable Entries and Exits: A good amount of analysis and the right usage of indicators will help you find profitable entry and exit points.
 

5) Stick To The Strategy: The last and most important part is to stick to the plan. Diverting from their Forex trading strategy is what throws several traders into losses! Once you have a solid plan to work with, make sure to stick to it.
 

Don't wait, you already know what needs to be done - now get out there and do it! Try your strategies on a good Forex demo account before you implement it in real-time trades, get one from WesternFX today. With our guidance, you will be able to work with your very own approach and see big profits come your way in no time. Call us today to get started!