How Long Does It Take To Profit While Forex Trading?

The golden question that occupies every beginner's mind - how long does it take to see profits in Forex? Impatience isn't a bad emotion, it often serves as a catalyst to the fire traders have for success. However, too much of something is good for nothing. While wishing to see swift success is completely natural, getting consumed by the idea of it isn't! The reason behind this being a simple fact, that Forex trading isn't a get rich quick scheme. 

Becoming a successful trader doesn't have a fixed timeframe. A very simple analogy for this would be to compare trading with education. How long it takes to complete school or college isn't up to the school, nor to the syllabus followed - it is up to the student! Similarly, in the world of Forex trading, there will be a number of factors you can hold accountable for the lack of success - volatility, lack of capital and so on. But at the end of the day, an adept trader can make the best out of any situation. 

Forex Trading Strategies

If you want to figure out how long it takes to profit as a Forex trader, ask yourself these questions:

1) How Committed Am I? 

As mentioned before, there won't be overnight profits in Forex. To succeed and remain successful as a Forex trader, you will have to be driven by the idea of success! Many traders start off because they want money, but down the line, as difficulties set in, they lose interest in trading. For some, all it takes are a few losses and they quit! Measure your commitment before you delve into Forex trading. 

2) Will I Invest In My Learning?

A lot of learning is involved in Forex trading; profits don't come knocking on their own! From drafting sharp Forex Trading Strategies to picking the right indicators, a lot of time has to be invested to learn these aspects of Forex. You will only win trade when you've understood the basics! 

3) Is This What I Truly Want?

If Forex trading isn't what you want to commit yourself to, expecting success is but a daydream. Wanting to make money is great, but asks yourself if you want to make money specifically through currency exchange! 

Answer these questions, and you've also answered the golden question! For traders having difficulties, WesternFX is here to help you figure out the right answers. We house trading veterans who have gone through the same confusion as you! With our careful guidance and impeccable brokerage, you will be on the right track in no time. Reach out to us for Forex Demo In Pakistan today to know more!

What Is Mirror Trading And Why It's An Amazing Approach?

Mirror Forex trading is an approach where traders mirror, or copy the strategies followed by other, more experienced traders. In doing so, you're essentially trying to replicate the trade a more knowledgeable trader is pulling off, and aiming at making good profits. 

There are several occasions where traders don't have the time necessary to research or sit and make long trades. Similarly, you will find quite a few Forex traders participating part-time, either due to a job or studies. For such traders, mirror trading can be a great method.

forex trading strategies

Here are 4 amazing advantages of employing the mirror trading approach: 

1) Remove The Unnecessary Emotions: 

Emotional investment is a very risky aspect of Forex Trading. Getting too emotional can be detrimental, and not having emotions at all is unhealthy. Many novice traders get very emotional over their trades, even the smallest loss leaves them tensed! When emotions step in, confidence becomes overconfidence and fear becomes greed. Out of the fear of losing money, traders end up overtrading to make up for all the lost capital - but ultimately only see more losses.  

2) Measure The Performance: 

Mirror Forex Trading is often compared with algorithmic trading in that both methods leave you out of the trade. With algorithmic trading, it is very difficult to find out if the Expert Advisor employed is accurate and will bring in good results. When you employ mirror trading however, the performance efficiency can be measured with ease. The strategy you're mirroring can be monitored to ensure that it is bringing in profitable results for the original trader and will do the same for you.    

3) Replicate Profits: 

The idea behind mirror trading is to copy a profitable trader's approach and make the same profits he/she is making. While it isn't always possible to see wins in the trades you mirror, this strategy has a huge success rate and with some good research, you can get yourself hefty profits. 

4) Retain Full Control: 

At the end of the day, no one likes giving Forex brokers control. When it's your money on the line, it is you who should helm the boat. And with mirror trading as your main approach, you will be retaining full control. 

Always play it safe when mirror Forex Trading Strategies! There is no guarantee that one trader's profitable approach will reflect exactly when you implement the same. Keep the necessary fail-safe means in place and only when secure should you trade.

Sign up with one of the leading Forex brokers, WesternFX, and take to the top right away! Reach out to us today, avail our world-class trading approach and find big wins come your way.

3 Powerful Forex Trading Strategies to Target in 2019

Foreign exchange is swiftly becoming one of the most competitive trading markets today. A value of over $5 trillion is bound to be a strong lure to traders worldwide. With each passing year, the crowd seen on Forex trading grounds only increases. Growing trends always give rise to new approaches. In this case, when Forex trades become difficult, traders come up with modern methods to deal with the toughest of the lot! Forex trading strategies are undeniably the most crucial part of any trade.
 

With all things considered, of the various strategies present, not all are as sharp as the markets today demand. 

Here are 3 of the best Forex trading strategies you can implement in 2019 for stellar results: 

Powerful Forex Trading Strategies to Implement in 2019

1) Scalping Trading Strategies: This is one of the most fast-paced trading strategies seen while Forex trading in Pakistan, and is incredibly effective. The crux of this plan relies on the fact that on small scales, markets move more frequently than they do on larger scales. Scalpers work on periods as short as a few seconds and cash in on market movements in these spans. As a scalping trader, you will have to be incredibly sharp and sensitive to make sure no move goes unnoticed. 

Unlike what many think in Forex trading markets, scalpers make a hefty winning at the end of each day, since the risks are low and the profit potential is massive!
 

2) Day Trading Strategies: As the name suggests, day trading is the act of buying or selling currencies within a day's span. One of the most advantageous elements of day trading is that large-scale market movements don't affect you one bit! Since this is also essentially small-scale, you are immune to the major movements. 

Day trading will put you in a rigid timeframe, where you will have to trade anywhere between a few minutes to hours, and capitalize on the movements you observe on these timeframes.
 

3) Swing Trading Strategies: In the top 3 Forex trading strategies, Swing is relatively a longer Forex trading strategy, swing trading puts you in a more relaxed position as far as duration go, but the other risks remain the same. A swing trader works anywhere between a few days to a few weeks and has to capitalize on the major market swings noticed when trends rise or fall.

While you do have a wide trading window, you have to be incredibly observant to catch the profitable swings!
 

To become successful at Forex trading in Pakistan, you will have to hone your approach and enter the markets with dexterity and adeptness. Difficult as they are, you can thrive and conquer the competitive Pakistann currency markets with the expert brokers from WesternFX guiding you! Be not shaken by the risks currency exchange bears, assisted by us, you will see raining success in no time!

Everything about Fibonacci Forex Trading Strategies – How to Use

Fibonacci levels are based on a concept come across commonly in mathematics. A tremendous discovery made in the 12th century lives to power several Forex trading approaches today, in the 21st century! These levels are employed predominantly in technical analysis, to better understand price movements and have a clearer view of the markets. Fibonacci indicators aid in technical analysis by helping spot the support/resistance points on a chart. 

Drawing a trendline between the high and low and dividing the vertical distance by the ratios of 23.6%, 38.2%, 50%, 61.8% and 100%, we get Fibonacci levels.
 

Fibonacci indicators are traditionally placed near points where price movements are observed, which in turn will give rise to new support/resistance levels. Technical traders employ this indicator while Forex trading to find out the best entry/exit points and stop-loss placement points. Unlike several other indicators, the Fibonacci levels are static, meaning they don't move with market movements. While many may think this is disadvantageous, it is quite the opposite! 

The stationary nature allows traders to study price movements immediately and act upon the same in an efficient manner, thereby making for a fine addition to a strong Forex trading strategy. 

Tips to Use Fibonacci Forex Trading Strategies 2019

 

Types of Fibonacci Levels:

1) Lines: The simplest of Fibonacci trading strategies, these lines are formed on the chart to look like a grid. By employing the Fibonacci ratio, the distance between these lines is calculated and employed for analysis. Depending on the movement of a trend, you can place stop-loss and take profit orders at specific points where you feel reversals may occur.
 

2) Time Zones: Unlike other Fibonacci tools used while Forex trading in Pakistan, the time zones allow you to speculate on the coming trends on the charts; this is done based on the previous momentum readings. Since this momentum varies from one currency to the other, and across multiple timeframes, it is seldom employed.
 

3) Fibonacci Channels:  To be put simply, these are an inclined version of the Fibonacci lines discussed above. Similar to lines, you can build grids and speculate price movements for a particular currency seamlessly.
 

4) Arcs: Stretched across the boundaries of a trend, arcs are best-used when the price movements are relatively flat. You can catch trend retracements by building arcs from one point of a trend to the other.
 

5) Fibonacci Fan: Like rays of light scattering from a point of origin across a radius, the fan is a tremendously dynamic Fibonacci tool. An uptrend is indicated by a fan being located under the price chart, and the opposite of this signals a downtrend.
 

6) Extensions: Based on trend waves and retracement waves, Fibonacci extensions point towards the next possible benchmark in a trend and works incredibly with a take-profit order.
 

Trading with Fibonacci Levels:

These levels can be used solo or in combination with other indicators. To employ them while Forex trading in Pakistan, you can set a pending order at a level 100 breakout after a retracement. By expanding the trend from the end point to the start, you get a detailed Fibonacci grid.
 

Pros and Cons of Using Fibonacci Levels:

Pros:

• What makes the Fibonacci level an impeccable indicator is its versatile nature. This decade-old theory is applicable to a variety of trades, through different Forex trading strategies, across varying timeframes and even in different trade markets!

• From finding exits to placing entries, you can employ Fibonacci levels across a number of different implementations.

• The static nature of Fibonacci trading strategies enables traders to pin-point the points of price changes accurately and accordingly take action.

Cons:
 

• To employ Fibonacci doesn't have any specific prerequisite; however a lot of manual work, like placing reference points, has to be done by traders prior to using Fibonacci levels. 

• Several other indicators, however, start working automatically when added.

• Additionally, to employ Fibonacci trading strategies requires an adept understanding of Forex markets, something several beginners might lack initially.

To get started with Forex trading in Pakistan, you will need a firm grip over how currency markets work. Right from basic entries and exits, all the way up to stop placement - learn the best techniques from WesternFX! The Pakistan currency markets reward only the sharp players, and with our expert guidance you can become on in no time. Call us today and get to know more!