The Importance of Losing as a Forex Trader in 2019

Learning comes best when done practically. No matter the aspect, when you make mistakes, you tend to learn faster! Forex trading is a domain where mistakes are a vital part of your journey to becoming successful. As a Forex trader, you will find yourself awed by the sheer magnitude of the elements present in this field. Right from strategies to indicators to charts, the extensive variety is simply mind-boggling! This volatile environment makes it difficult to have a perfect track record, which is why you are bound to make mistakes at one point or the other.
 

However, don't let your mistakes and losses pull you back; they're important for your growth as a trader! 

 

Here's how you bounce back:
 

Why Losing is Critical to Become a Better Forex Trader

 

1) Find the Reason Behind Losses: Losses will remain a bad element of your career at Forex trading in Pakistan till you choose to rectify your mistakes. As said earlier, it is natural to lose trades and in fact, it's a good thing even. When you lose a few trades, the impact left will lead you to learn better methods, hone your approach and avoid them the next time you trade. The first thing to do is finding why you lost. 

 

A plethora of reasons will surface, and some trades are lost solely due to the markets being aggressive! Analyze the causes and move on to the next step.
 

2) Draft the Possible Solutions: Once the possible reasons have been figured out, Forex trading get a lot easier from thereon. Draft out possible solutions for each cause generated. Only when you know the mistake and the way to avoid it, can you go on to trade without fear. Losses will continue to repeat unless and until you take measures to keep them at bay!

 

And the best way to do this is by devising approaches to avoid them. 
 

3) Employ Refined Strategies: The techniques you implement should evolve with each loss made. For example, if you lost one trade due to a poorly placed stop, your next trading strategy should have proper stop orders in place! 
 

Many traders who start off Forex trading in Pakistan spend too much time worrying about their losses! Shift your focus from them and prioritize improvement. Losses are the best way of learning, and with this experience, you will join the ranks of some of the best Forex traders in Pakistan! Call WesternFX today, and give yourself the best trading environment. With our experts by your side, you will evolve swiftly and incredibly!

3 Key Factors to Become Successful in Forex Trading 2019

You might have started Forex trading out of passion or due to the lure of money, or maybe as a hobby; but now that you're here, the road ahead is long and arduous. Many Forex traders believe currency exchange to be a simple act of exchanging two currencies and magically reaping profits. It isn't that easy. Foreign exchange, though globally known to be one of the most profitable fields, is just as difficult. While it does indeed have very minimal starting requirements, allowing you to enter the markets easily, it isn't as lenient when it comes to making money. 

Your approach will have to be disciplined and honed to see any sort of Forex trading success!
 

Here are 3 of the most important factors that decide the outcome of your trades:
 

3 Common Factors to Become Successful in Forex Trading

1) Precision: Just like salt in food, your measures have to be accurate otherwise you end up with unfavorable results. Forex trading in Pakistan is a field of heavy analytics and demands that you be sharp in your approach. Keeping in mind that the markets move ever so erratically, it is you who will have to watch out for fluctuations and act accordingly. Right from your entry to the exit, each move has to be planned meticulously and you have to implement some solid Forex trading strategies!
 

2) Humility: Greed is one emotion you definitely have to watch out for in your tenure as a Forex trader. Temptations are obvious and with a market value in trillions, who wouldn't want to make money? The key is to draw the line between need and greed. Forex traders often tend to overtrade in an aim to keep making money, or sometimes even to make up for past losses. Avoid trading more than necessary, and find contentment in the small profits. Growth is a process that should come gradually and humbly.
 

3) Patience: Much like greed, impatience is another trait many traders seem to house. There is absolutely no need to be hasty in your approach; the Forex markets aren't going anywhere! In fact, with a hurried means, it is you who goes further away from it. Study the markets patiently, act only as needed and don't let "one more trade" tempt you.
 

When you start off Forex trading in Pakistan, much will be unknown to you. Don't worry about it. Take things slow and let advancement come with consistent learning and gradual improvement! Sign up with the best broker in Pakistan - WesternFX, and get started on the right note! Call us today to know more.

7 Forex Trading Tricks of a Successful Forex Traders in Pakistan

The market might confuse you often, and lead you into thinking that Forex trading is an easy ordeal, but the fact remains that foreign exchange are one of the toughest trading markets today. Success comes but requires an immense amount of dedication. With each passing year, the competition is growing in massive numbers and thriving in this stifling environment is becoming increasingly difficult! Along with learning the various trading techniques and understanding Forex markets' nuances, you will have to be disciplined as an individual and keep honing yourself to climb to the top.
 

Transitioning into a profitable trader will come with time and experience. 

These 7 tips will help you view the world through an established trader's eyes and gain a better perspective:
 

Forex Trading Tricks to Learn in 2019

1) Sign Up with a Trustworthy Broker: A reliable broker will not just provide you with the necessary trading requirements, but will also help you learn the art of trading. Foreign exchange is a field with one too many sub-categories to focus on. If you want to be successful in the long run, you will require a strong grip over the working of all the Forex trading elements. Having an experienced broker by your side will help you avail their expertise and master the intricacies.
 

2) Pick a Trading Strategy and Stick to It: Don't make the mistake of switching strategies at your whims. When you strategize, put a lot of time and thought into it. Timeframe, currencies, expected results - consider all the various elements you have to and then pick fine Forex trading strategies. Being hasty here will be of no good. And once you have picked out a strategy that goes well in accordance with your trading approach, stick to it. Some trades won't show results at the pace you expect them to, this often leads to 

Forex traders changing their strategy midway. Avoid jumping plans and stick to your main approach!
 

3) Decide on a Good Timeframe: A Forex trading strategy is only effective when it has been used on the right timeframe. To put this into a simple example, consider scalping - a short-term strategy, and swing trading - a longer strategy; when you play out the swing strategy on a day-trading timeframe, results will never show! This is because for a swing trade to be successful it takes time; you have to wait out for weeks to months to see a profitable price swing, significant enough to cash in on. The same can be said for the opposite scenario. 

Scalping is best when applied on a minute scale rather than a long one! Pick the timeframe you prefer best while Forex trading in Pakistan.
 

4) Assess Your Risks: It is always better to know what lies ahead, than taking the chance of falling in deep. Risks are a non-removable part of Forex trading, with every trade carried some amount of risk in it. As a smart trader, your job is to assess the risks and take them in calculated quantities. Starting with your capital, don't risk more than 3-4%. When you try to cross a certain line, the volatility of Forex will effortlessly topple your earnings and leave you on losing trades! 
 

5) Take Losses Positively: Losses are once again, an element of Forex that you can't avoid. It is impossible to have a Forex trading career filled with only profits. At one point or the other, a Forex trader has to make some losses; because bad trades come by every now and then! Let these losses be a learning lesson for you. See why you lost and try to work on them; all the while keep in mind that even the most secure trades sometime have to bend to Forex trading volatility, leaving no room for profits.
 

6) Maintain a Trading Journal: Keep a track of your trades in a trading journal. Self-analysis will take you a long way! Maintaining a trading journal helps monitor trades, asses their results and analyze why the said result was reached. Some exchanges will be profitable, some not so much when you are Forex trading in Pakistan; but with a neat journal, you can maximize your profits and keep the losses minimal.
 

7) Cut Losing Trades: When you have the right indicators in place, a losing trend can be spotted from a mile away. Forex traders often try to be adventurous and hold on to losing trades, thinking they will get back on track. Cut your losses and cut the bad trades as they come!
 

If you're able to follow these 7 tips, the path to becoming successful won't seem too complex! Start off on the right note while Forex trading in Pakistan; sign up with the established WesternFX. Our arsenal of professionals will make sure you get impeccable brokerage, timely tips and the best of platforms and strategies to work with! Assisted by our experts, you will take off in no time!