Make Your New Year 2019 Forex Trading Resolution & Stick to It

By the first week of January 2019, you will have a gym membership, a fridge filled with greens, and a lot of motivational notes stuck on the wall! And by the last week, you go back to square one. The first month of every year always sees the most motivated of people; be it in regards to fitness, work or any aspect of life. The drive, however, dies down just as quick as it is obtained! Forex traders have it no different. As a trader, there are decisions to resolve upon and vow to do, but end up failing to keep the promise.
 

The coming year, with 6 simple resolutions, you can take your Forex trading career to stellar heights! 

Let the mistakes you made in the past stay there, and include the following in your forex trading 2019 new year resolution:

New Year 2019 Forex Trading Resolution

1) Allow Your Trades to Grow: Leave behind impatience. One thing noticed in several Forex traders is their impatience and inability to wait for a trade to grow. Consider Forex as a seed you plant; results will undoubtedly take time. Players often jump strategies when they don't see the desired results, or withdraw from Forex altogether. However, let bygones be bygones. The coming 2019, give your investments time and space to grow. Wait for the strategies to bloom; exit only when you see no growth or negative results.
 

2) Take the Risk: We are always afraid of taking that one extra step towards what might be life-changing. Let's get one thing off the bat - Forex trading is a field of risks. If you want to see big profits, risks have to be taken. Agreed that these very risks can lead to piling losses; but without knowing you can never be sure. Don't let a trade carry you astray. Keep measures in place to curb losses, but remember that in some trades, you will have to go that extra mile and take a double-edged chance. Having the right Forex broker guide you will be the best aid.
 

3) Accept the Realities of Forex: Losses come just as profits do, you can't avoid them. There are some realities of Forex trading in Pakistan that you have to come to terms with to have a satisfactory career. Unrealistic expectations are the first-most factors that birth the desire to overtrade. Digest the fact that some trades can't be won, even with stops in place, even when the market looked so favorable. Stop expecting Forex to magically grant you riches. It is indeed a lucrative market, but it won't keep filling your pockets by itself. Expect returns only when you put in the necessary work. With a good Forex demo account, you can see how a market works!
 

4) Keep Greed at Bay: Greed can't be said to be a completely bad emotion, but it predominantly is so. The burning desire to make money is what ultimately leads to success. How you channel this desire is what matters most. Some Forex traders let greed get the better of them, leading to overtrading. When you get greedy, you lose track of the good trade and the bad ones. Traders end up investing money on losing trades and holding positions that only lead to losses. Understand the need to drive yourself ahead; channel it in a positive way, but don't let it lead.
 

5) Don't Get Drunk on Victory: Winning one trade does in no way guarantee that you will win another. Victorious and profitable traders are great motivators. The joy brought in when profits are made is incomparable. Let a successful trade motivate you to do better. In most instances, traders are driven to invest more than necessary, out of the misconception that their winning streak will last long. Forex is a market that sees randomness often. Banking on the fact that one successful trade will lead to another, will do you no good in Forex trading.  
 

6) Practice Strategizing: The best practice as a Forex trader is to continuously improve on your strategizing skills. The one ever-existent factor that will govern the outcome of your trades is the quality of your trading strategy. With the markets evolving at tremendous rates, new trading strategies can often be seen. You have to figure out which approach works best for you, and hone this method till you achieve perfection! The beauty of Forex trading in Pakistan is that you get to choose from a variety of timeframes, currencies and strategies to work with. 

It is just a matter of picking the ones you think are the best for your methods. On a Forex demo platform, you can perfect this art!
 

2019 holds a lot in store for you! The trading value foreign exchange markets have only kept growing by the day. Assisted by the right Forex broker, you will see tremendous success. Call WesternFX today and avail our world-class currency trading solutions! Forex trading in Pakistan is incredibly lucrative today; make the best of this opportunity with our impeccable brokerage guiding you throughout!

7 Tricks from Successful Forex Traders in Pakistan | Attention Beginners

After a long thought, you have decided to become a Forex trader. While the field definitely is novice-friendly, success doesn't show itself just as easy. Low initial capital, flexible timeframes, extensive strategies; these are some of the many advantages foreign exchange has amongst others. Its trading value of $5 trillion is undoubtedly one of the best lures for traders far and wide! With online trading becoming increasingly prominent today, you can get started with currency trading from anywhere in the world.
 

You can get started as a trader right away with a few hundred dollars, a laptop and a trading platform. To see success, however, that's a completely different scenario. 

Here are 7 tricks to help you transition from a novice to a professional at Forex trading: 

Tricks to Make a Successful Forex Trading in Pakistan

1) Plot Out Your Trading Path: Are you going to work long-term or trade smaller timeframes? Which strategy will work best for your approach? Questions such make up the first part. As a novice, the flexibility offered in Forex can be overwhelming. This is why prior to starting off, plan your trading approach. Decide on the outcomes you wish to achieve, how to get there and what will be required. The clearer you are about your trades, the better the results you'll see.
 

2) Sign Up For A Reliable Brokerage Service: Forex brokers are a pivotal point in the markets. Only with a good broker by your side can you expect to thrive trading currencies. With growing competition, seeing a trustworthy firm has become difficult. Several agencies scam Forex traders in Pakistan into investing more and end up profiting themselves, while the traders incur heavy losses. To deal with such firms, regulatory bodies like CFTC and NFA exist. This is why professionals always advise against partnering up with a broker who isn't regulated. 

Starting off, you will need regular assistance from your broker in conducting a trade, strategizing and handling investments. Never compromise on this!
 

3) Plan The Trade And Trade The Plan: Along with some assistance, you can plot out a strong Forex trading strategy to take you all the way to victory. Trade plans are crucial in Forex, without these currencies exchange is impossible! Depending on the timeframe of your liking, you can implement a strategy that goes best with it. Swing trading, scalping, position trading - there are several such stellar trade strategies to work with. While each one comes with its own magnitude, none is guaranteed to bring in profits. Forex traders in Pakistan have searched long and wide for the "perfect" strategy, there just isn't any! 

Your plan is only as good as you are. Demo your Forex trading strategies, perfect your approach, and then go for the live-trade.
 

4) Take Measured Risks: The concept of safe trades is nonexistent while Forex trading in Pakistan. Risks have to be taken at times! Currencies are influenced heavily by factors like import/export, politics and global economy fluctuations in general. This creates an environment of immense volatility in trades. One minute the prices are rising and the next minute they take a plummeting fall. While you can protect yourself with stop-losses, the element of risk can't be stopped. Take calculated risks; the higher the risk involved, the better the outcome of a trade.
 

5) Think of Losses as a Stepping Stone: Like risks are unavoidable, so are losses. Risky trades either birth hefty profits or destructive losses, which are the nature of Forex trading in Pakistan. Taking losses positively will make a huge difference in your trading career. They give you an opportunity to correct your trades and do better. Keep in mind that some losses can't be avoided even with strong stop orders in place. Slippages are normal, and this is why a portion of your capital should be assigned dedicatedly for losing. Instead of crying over spilt milk, learn how to reduce the spillage!
 

6) Analyze Your Trades: Losses, profits and breakevens are the three outcomes you can expect. While traders are obviously driven towards achieving profits, there is never any guarantee of it. When you profit, analyze what got you the win; similarly, when you lose, read the actions you took and figure out why you lost. Forex trading in the long-run will always be about learning, adapting and learning again. Master this cycle and you will master Forex trading in Pakistan!
 

7) Maintain Notes of Your Actions: One of the best Forex trading tips to surf to success, is by maintaining a physical copy of your trades. This helps self-analyze and better yourself as a trader and your trading approach. Keeping a track of trades also helps you look back and correct the mistakes you've made, so as to not repeat any.
 

Currency markets in Pakistan are ripe now and for the taking! Hone your skills, sharpen your mind, and you are ready to dominate the game! Get yourself the best brokerage with WesternFX. Our experienced professionals have a stellar track-record in trading and will equip you with the best of facilities and solutions to catch successful trades. With us by your side, victory will be yours! Call us today to get started with Forex trading in Pakistan.

Productive Trade Management Guideline for Forex Traders in Pakistan

As a Forex trader, your goal should always be to minimize losses and maximize profits to the best of your abilities. This is why trade management is important. After successfully placing a trade and taking your position, it is crucial to follow some basic steps to ensure you make it out of a trade with profits abounding! There are certain effective tips to follow if you want to see your trades being inconsistent results. 

Given the volatile market Forex trading in Pakistan has, discipline and management are necessary on all grounds, be at risk, money, or the trade itself!
 

Here are 4 simple but amply effective trade management tips: 

Trade Management Tips for Forex Traders in Pakistan

1) Keep the Leverage Dilute: One of the most tempting features of Forex is the ability to avail leverage. With this borrowed sum, you can hold high trade positions with as little as $100! Leveraging in itself is not a risk, it empowers traders who start off with minimal capital, or ones who wish to follow a frugal approach. The problem occurs when you over-leverage. Losing a trade that is dominated by leveraged money will cause you to owe that lost money to your broker! Hence, leverage minimally and prioritize your investments more.
 

2) Don't Hold Losing Positions: Some situations turn around and work in our favor, some take a turn for the worst. Knowing when to hold on and when to give up matters a lot in foreign exchange! Several Forex traders in Pakistan stick to losing positions out of a belief that the markets will work in their favor and the trade will yield well. Learn to take losses and cut bad trades immediately!
 

3) Avoid Trading Out of an Emotional Drive: Emotional trading can be devastating. Forex traders in Pakistan often get frustrated over lost money, which is natural, but what is troubling is that these traders overinvest out of this distress. Losses can't be avoided. When you lose money, take it in your stride and focus on avoiding the same mistake, instead of overtrading and losing further.
 

4) Have a Diverse Approach: Forex is one of the most bountiful markets because of the flexibilities it offers. Right from timeframes to strategies, you can choose from a huge variety! Diversify your approach to currency exchange. Work with different currencies, choose different strategies and don't keep all your eggs in the same basket!
 

Forex trading in Pakistan is a market that's ripe for the taking. Equipped with the perfect strategy and a honed approach, you can see consistent success on these grounds. Get yourself the best brokerage in Pakistan, call WesternFX! Our experienced brokers will provide unparalleled FX solutions and services, and ensure you stay victorious through all your trades!