Improve Your Money Management Skills using Forex Demo Account

To become a successful trader, you don't have to chase big money, you have to save what you make, diligently! Money management is one of the aspects of Forex that traders tend to undermine. With a value of over $5 trillion, the room for making money is huge in the foreign exchange markets. However, several traders are led to an early exit, due to poor risk and capital management. Risks are plenty in currency trades, given the erratic price movements and other governing economic factors. With this stated, it is tougher saving earned profits, rather than making them!
 

Forex demo accounts are provided by brokers to help traders practice on a virtual environment, where there are no real-time repercussions. These aren't just utilized by novices, even professional traders work on demo platforms to test out strategies. On a demo account, you can simulate a real-time scenario with a dedicated capital, and see the outcomes you should expect and those to avoid.

Improve Money Management Skills through Demo Trading Account

Here are 3 ways to learn money management using a demo account:

1) Use The Original Trade Investment: Demo Forex trading is done to simulate a live trade. To learn how to best manage your investments, use the exact capital you would employ in a real-time trade. On these simulated platforms, you are provided virtual money to work with. This means, you can invest as much as you want! However, to get better at money management, practice with the sum you own and intend on depositing.
 

2) Note Down The Outcomes: Demo platforms exist so that traders can invest money, try out a strategy, and see the final outcome of the simulated trade. While it might not be as accurate as a real trade, it gives good clarity over the possible consequences to expect during a trade. Make a point to note down the conditions that birth an outcome, both good and bad! This will equip you with the knowledge required to avoid losing money.
 

3) Plot Out A Strategy: In Forex trading, you can choose from a variety of strategies and currencies to trade. Not every strategy or every currency will be profitable at each point of time. The best way to test this, so as to not lose money later, is on a demo account. Here, you can work with the strategy of your choice, select a currency to go along, and study the results.
 

Forex demo accounts are of substantial importance, not just to learn money management, but to learn currency trading as a whole. Get yourself the best Forex demo account in Pakistan, before you commence your venture - call WesternFX today and avail our FX solutions! With our services, your trading career will see starry heights in no time.

How to Become a Successful Forex Trader in 2018?

A successful run in currency markets is something every trader wishes for. Foreign exchange has grown to become one of the most lucrative openings today, with plenty of profits to be made! Traders across all markets wish to enter currency exchange; with a value hovering in trillions, Forex trading is undoubtedly at the throne of trading. Like sugar attracts flies, the money in Forex attracts traders! Thousands of players enter the foreign exchange markets solely to make money. However, FX can be very unforgiving at times; of the several players, only 5-10% makes it out victorious, while the rest end up in dreadful losses.
 

Along with being immensely profitable, Forex trading is also scarily chaotic, with a little to no room for predicting what comes next. This is why currency trading is vastly different from gambling; there is a ton of research involved, with hours of practice; top this duo off with a hint of luck and then you can expect a win. 

 

Tips to become a Successful Forex Trader

 

As intimidating as it sounds, Forex can be learnt and winnings can be made!
 

Here are 5 simple steps to become a successful currency trader:
 

1) Steady Research: When it comes to dealing with numbers, which trading is all about, you have to know the game in and out. Professionals stress on research more than any aspect, because, given the volatile nature of Forex trading, knowledge is what keeps you out of harm's way! Foreign exchange markets are governed by price movements, the global economy and other such factors. Having complete knowledge of these aspects will help you make better calls while trading.
 

2) Demo Practice: Demo platforms are ignored by several traders, thinking they won't need the practice. To survive in the constantly changing world of Forex, players need to know what they will face before facing it! Demo accounts let traders experience the world of foreign exchange first-hand, but without any element of risk. Being a simulated environment, these platforms provide traders with as much capital as needed, and facilitate hassle-free trading. This gives beginners the perfect environment to learn Forex, leverages, currency pairs and how the market moves in general. To go against real-time volatility is something no novice can be equipped for! Learn how to devise trading strategies and how currencies function under various influences on this before going live.
 

3) Learn The Various Pairs: One of the best aspects of Forex trading is the variety offered. From major to exotic, you can choose from a variety of currency pairs to trade with. The point to note is that not all pairs are permanently profitable; even the best of them, like USD/EUR, occupy the lower positions sometimes! This is why diversity is an important trait to possess in Forex. Branching out pays off splendidly; when you work with multiple currencies, even when one doesn't serve well, others will compensate for it. Learn about the various currency pairs housed inside the markets of foreign exchange, how they behave, and the best time to employ them.
 

4) Don't Trade Emotionally: Traders often make the mistake of letting past losses govern their future decisions. After a few bad trades, players get driven by greed or panic and start making rash calls, which ultimately lead up to more lost money. Even good trades are equally responsible for overtrading. A few wins down, overconfidence takes over and causes traders to invest big amounts, expecting bigger wins. Forex, however, doesn't work that way. Emotions only belong in limits that motivate you to do better! Don't try to make up for a bad trade by trading more. Emotional trading has seldom worked out in traders' favor.
 

5) Take Calculated Losses: There is no secret formula to winning an FX trade, and certainly not one to keep losses away. Risks and losses are a part of Forex trading; while they can't be avoided, they can definitely be minimized. The trick to becoming a successful Forex trader is to control the losses you take. This is why prior to entering the markets, decide an amount as risk capital - meaning, this money you must be willing to give up on trades and not expect back. While risk births losses, it also paves a path to bigger wins! Think twice before entering a trade, and once inside, be willing to shed some investments!
 

Forex trading is definitely for the strong-willed; housing immense levels of chaos, it can effortlessly put fear into the heart of a new trader! But beyond the hurdles lie hefty profits, all for an adept trader's taking. Currency trading is not rocket science, with consistent learning and practice, anyone can work their way to the top! Join in on the Forex rush today; call WesternFX - one of the best Forex brokers in the world. With our assistance guiding you, success won't be long. From Forex trading strategies to trading platforms, we will equip you with the best of all requirements, and set you on the track to becoming a top-notch Forex trader in Pakistan!

Introduction to SWAP Free Forex Trading Account in Pakistan

Investing has travelled a long way in time, to cater to traders of all backgrounds. One of the most profitable fields today, online share trading has become a profession for many! Amongst the various genres it houses, Forex trading is one that steals the spotlight. Foreign exchange carries a value of over $5 trillion today and provides plenty of opportunities for traders to make profits. Unlike other traders, however, Muslim traders have religious guidelines to obey and follow. 

SWAP Free Trading Account in Pakistan

A normal Forex player would have to buy a currency and exchange it with another, making profit from the difference. One of the options currency traders can avail is called a Forex swap; wherein traders agree to swap currencies for a said duration, and as the period ends, they reverse it.

This involves paying an interest, one which goes against Islamic teachings, that prohibit providing or receiving interest to or from someone. Currency exchange, however, is a field that caters to everyone. To uphold this, brokers provide a swap-free account called Sharia Forex account, which mostly does the same things as a normal trading account, but without swaps, interests and anything against Islamic financial laws. Brokers do not debit money from Islamic accounts for overnight holds. The outcome depends solely on exchange rates for a currency pair in a given timeframe.
 

Each broker provides a different type of swap-free account, but the backbone remains the same - no dealings in interest. A typical account would involve the exchange of money in forwarding transactions, but Islamic accounts say otherwise. However, ultimately the scales have to be balanced - interest or no interest. So brokers make up for this by increasing spreads, while removing interests. One of the biggest benefits of this account is you can hold a position for as long as you like.
 

You can do the same; enter the currency markets and become a successful trader! All you need is an established broker, who provides a swap-free account. Who better in the game, than WesternFX? With our unparalleled brokerage guiding you, success is inevitable. Call us today and get yourself an amazing Forex Trading in Pakistan. With us beside, you will dominate Forex trading markets in no time!