Top 5 Ways to Protect Your Forex Trading Capital

In Forex, stocks or any other trading market, the one salient requirement is capital. You can't make money without owning it in the first place. The lucrative domain of Forex trading doesn't give profits away as freebies; they have to be earned by trading right. Being the risky field that Forex is, it sees many a trader lose money on risky trades. Unable to manage their investments, these players burn out all their cash quickly and are left with no choice but to stop trading!
 

Managing your trading capital wisely will help you go a great mile in Forex. 

Here are 5 amazing tips to keep your investments secure:
 

Ways to Protect Your Forex Trading Capital

1) Avail The Right Brokerage: Without the assistance of a professional, managing your capital will be difficult. Your focus will be on trades while there are no eyes on your capital! With a reputed Forex broker to help you, you will be able to trade and ensure your capital stays secure through trades good and bad.
 

2) Demo Practice Before Going Live: Get yourself a good Forex demo platform and begin demo trading. One of the main reasons traders lose money early is because they dive headlong into trades without any practice. With a demo trading platform, Forex traders are able to learn how to invest right and make the best use of their capital
 

3) Know When To Call It Quits: If you want to save money, avoid spending it unnecessarily - it's just that simple! As Forex traders, it is natural to be tempted on many an occasion to trade a bit longer, but that's only going to be more detrimental. It is of paramount importance that you know where to draw the line. 
 

4) Keep Stop-Losses In Your Trades: With a stop order in place, you can mitigate a huge majority of the losses that come your way. Stop-loss orders essentially take you out of trades once some amount of loss has been incurred, thereby keeping you from incurring any more.
 

5) Never Get Too Greedy: The idea of making more money is never a bad one, but you have to look at the underlying costs. Earning $100 at the cost of $500 isn't profit! And getting greedy will put you in a spot where you lose more and earn less, so keep your greed in your pockets.
 

Perfect your approach on an amazing Forex demo platform today and start with live-trading right away! Be it proven Forex trading strategies or world-class trading platforms, we've got all you need at WesternFX. Our experts will design approaches to fit your trade style and ensure you have fun trading and making profits! Reach out to us today and let's have a talk!

How To Keep Away Loss While Practicing in Forex Trading

Practicing strategies is an essential part of every Forex trader's career. Down the line, after ready-made strategies have been employed long enough, you will have to start making your own strategies. Practice plays a key role in growing as a trader. Many an approach will have to be tested out before employing it on real-time trades. However, a live trade market is extremely volatile with no saying what'll happen next. Implementing a strategy for the first time directly on a real-time trade might leave you incurring heavy losses!
 

Here are 3 ways to limit your losses while practicing in Forex:
 

Ways to Limit Your Forex Trading Losses

1) Test It Out With A Paper And Pencil: With some basic Forex trading knowledge, you will be able to test out your strategy on a paper easily. The simplest and easiest approach, a paper-pencil testing demands nothing of you! This is also perfect for beginners who don't have access to sophisticated software and want a simpler method. Similarly, traders who have yet to avail brokerage can first test their Forex trading strategies on paper before taking it to the live-trade markets.
 

2) Practice On A Demo Account: A platform where trades are simulated to resemble real-time trades, on a demo trading account you can practice all you want. You can get a demo trading account from brokers. On this Forex trading platform, you're provided with virtual money to see and learn how trades function. With a demo account, you can learn more than just the trade mechanics! You can implement your Forex trading strategies and see how it plays out, and also get used to the trading platform and learn how it works. 

With a reliable broker by your side, you can even avail in-trade guidance to correct your mistakes then and there. Forex demo platforms are a great way of learning in a risk-free environment without having to waste a single dime.
 

3) Try It Real-Time But With Low Capital: A risky approaches but effective nonetheless, once you have mustered a good amount of confidence, you can move towards real-time Forex trading in Pakistan. Keep in mind that testing a strategy in a live trade is risky, which is why you do so with minimum capital. Trade just enough so that even if you lose money, it isn't a monumental loss.
 

Get started with Forex trading in Pakistan today by employing your own tailor-made strategies! With the experts at WesternFX by your side, you needn't fear any loss! Our seasoned veterans will support you with constant guidance and help bounce back after bad trades. Backed by their expertise, you will be able to make profitable trades in no time. Call us today to know more!

5 Novice Mistakes To Avoid While Forex Trading in 2019

Saving the money earned is more difficult than earning itself, in Forex markets. An erratic trading domain, foreign exchange is mighty profitable today. Several try their hand at Forex trading in Pakistan, a good portion of them stick around long enough, but only a handful succeeds. Success in Forex can be a very confusing concept. Some traders see minimal profits, but a greater number of wins as a success. Others see profits as defining criteria. Regardless of how one measures success, the path to achieving it is always hurdled.
 

Forex traders often wrongly believe that foreign exchange is for the rich, that only people with big money can trade currencies. With just $500, you can get started right away - that's how easy Forex trading has become today. The start is never the problem here, it is what follows that becomes difficult. Mistakes once committed become expensive, and some errors can cost a good amount. To thrive as a Forex trader it is of paramount importance that you understand mistakes are natural and that some mistakes shouldn't become repetitive. 

Here are some fatal errors currency traders make that you should be aware of and try to avoid:
 

Forex Trading Mistakes by Novice Traders

1) Not Analyzing The Markets Enough: Analysis lies at the heart of Forex trading. Without knowing what's going on around you, in the markets, profiting is but a far-fetched dream. This is why professionals urge newcomers to spend more time learning than earning. A poorly-made trade might fetch you a few extra dollars, but one backed by thorough research can net thousands. The foreign exchange markets are known to be scarily erratic and chaotic beyond compare. Trading on such shaky grounds requires you to have more than just a Forex trading strategy. 

Give time to market research, trend analysis and back your trades up with knowledge.
 

2) Absence Of Stop-Orders: Winning Forex trades is impossible without mastering stop-loss placement. Maybe your first few trades will see profits come by even without a stop order, but when you enter the high-risk exchanges, the absence of a stop will drain your account completely. A stop order is a simple mechanism - when in play, a stop-loss order will pull you out of a trade once a certain limit of losses has been incurred by you, or if a bad trend is speculated. This gives you a lot of control over your trades. You can monitor multiple charts and multitask with a stop order to guard your exchanges!

Not placing a stop has resulted in more losses than countable at this point - don't make that mistake. 
 

3) Letting Emotions Run Rampant: Emotions play a huge role in life itself, leave behind trading and the other stuff. They make us more human! This is exactly why a good amount of control has to be exercised on them. An example of letting emotions get the better of you is when you lose a trade and that loss turns into fear immediately. This fear becomes desperation, and before you know, you're holding on to losing trades and making rash exchanges in an aim to win back the lost money. 

Govern your feelings and think rationally - this alone will take you a good many miles ahead while Forex trading in Pakistan.
 

4) Leveraging More Than Required: A very powerful ally in Forex trading is leverage. It will either help you reach the very top, or throw you off into the abysmal bottom. Leveraging has to be done in healthy amounts, not too generously, because when you lose a trade, you lose all the money put in by you and your broker, and the losses have to be borne by you alone. 
 

5) Lack Of Originality In Trading Approaches: Following another, probably better Forex trader's approach might give you some early mileage. However, as you keep trading on, you will realize that you don't have a style that belongs to you. Another thing is that the Forex trading strategies and methods someone else uses might not necessarily work out for you! So always try to add some flavor of your own. While professional trades offer a lot of guidance and insight, they shouldn't become something you blatantly mirror all the time.
 

Hardships are a part and parcel of the package. While you progressively improve at Forex trading in Pakistan, mistakes and their repercussions are all an element of the journey. Let mistakes only be a teacher and let the lesson learnt never to be forgotten. Partner up with a mentor you deserve! Someone who will assist you through bad trades and guide you towards good ones - partner up with WesternFX today. 

Backed by our veteran traders and their years of experience, you will find your path towards success illuminated - and you will reach your goal in no time. Call us today to know more!