What is Copy Forex Trading? | Pros and Cons of Copy Trading

There are a few Forex brokers in the markets that facilitate copy trading. Copy trading is a technique where traders imitate the trades made by successful traders in hopes of getting the same outcome as the latter. Once a professional trader publishes his/her trade, the settings are mimicked on other traders' accounts. An approach growing in popularity, copy trading opens up a number of windows for traders in Forex trading markets!
 

However, is copy trading viable as a long-term trading approach? Let's find out. Here are the major pros and cons of Forex copy trading:
 

Advantages of Copy Trading:
 

Pros and Cons of Copy Forex Trading Strategies

1) Learn How The Professional’s Trade: Mirroring another trader's moves will allow you to observe how professional traders function. Doing so consistently will allow you to imbue yourself with those qualities and implement them in your own Forex trading approach.
 

2) Make Use Of Other Traders' Knowledge: When an expert trader is at the wheel, you can gain a lot of contextual knowledge, which would on a normal day be a very intensive job. Understanding how trades function and responding to them in real-time is something you can observe first-hand while copy trading.
 

3) Perfect For The Busy Trader: Some dedicate a lot of time to Forex trading and pursue it full-time while others like students or office-goers prefer participating part-time. For part-timers and busy traders, copy trading is an incredible approach to follow.
 

Copy Trading Disadvantages:
 

1) Mimicking Doesn't Always Bring In Identical Results: What works for someone else might not work for you. Mirroring the Forex trading strategies a professional follows is viable, but only up to a point. If you blindly follow another trader without the necessary stops and measures in place, any sort of backfiring will cost you a lot!
 

2) Lack of Proper Brokerage Might Cost You: Many times shoddy brokerage has led to traders following the wrong trades to mirror - which ultimately ends up bringing in losses. 
 

3) Mirroring Risky Traders Will End Up Badly: Not all traders follow a steady approach; some are erratic, and copying these traders won't work out too well at the end of the day.
 

With a good Forex demo account, you can see how to copy trading works and if at all it'll work for you. A number of such stellar approaches exist for traders to follow and succeed! Our experts at WesternFX provide traders with world-class, tailor-made strategies to make sure they love their trades. Backed by us, you will be able to zero in on profits and bag them swiftly. Call us now to know more!

A Book or B Book in Forex Trading? Which is Better & Why?

We seldom worry about the growth of coffee beans or the milking of cows, all that concerns us is the quality of the coffee we drink. Forex trading follows a similar analogy. As a trader, you don't think about the underlying brokerage processes, only about the smooth conduction of currency exchanges. Traders don't feel the need to understand the functions going in the background, but is such a mentality beneficial?
 

A books, B books - these must be sounding unnecessary to most Forex players. However, these are substantial elements that will help see the bigger picture in a much clearer fashion. A very simple reason is that as a Forex trader, you should know how your trade is executed. Since the trading majority is ever-keen on improving strategies and analyzing trends, not much focus can be driven towards seeing how the trade is made by the broker.
 

Some basic level of transparency should be strived for. Else, as you start making increasing profits, you will end up shelling just as much, if not more, too fishy brokerage processes. Fortunately, however, traders are beginning to see the importance of being aware of what goes on once their trades are placed. 

A Book or B Book in Forex Trading in Pakistan

A Book Trading:
 

An A book isn't a book in case you were wondering, it is a trading model (Straight Through Processing) aimed at trading without having the broker as the counterparty. When trading with this model, your order goes directly to the liquidity pool - here there are a number of bodies to serve as your trade's counterpart. A big chunk of Forex traders don't like trading with their broker as their counterparty since there isn't a conflict of interest.
 

Despite there being a transparent brokerage method available, why do the majority of Forex traders go for the more dubious ones? This is because a book brokers tend to charge higher spreads in most cases. Spreads can be tight when availing the brokerage provided by a book brokers, more so when trading exotic pairs. The problem with this isn't just the expense, it is the risk held by open positions that are the bigger issue.
 

B Book Trading:
 

The opposite of A book Forex trading, B book trading essentially allows you to avail brokerage where your broker is the trade counterparty. What this basically means is that you will sell to and buy from your broker. Doing so puts you in a position where your broker is more or less aware of your trading styles, the information of which can be used against you.
 

What's beneficial, however, is that the spreads are fixed in this type of brokerage. This means that irrespective of market hours, you will be paying the same amount to your broker for the trades. Another advantage of B book Forex trading is the guarantee of fills. Be it liquid markets or completely stagnant ones, with your broker acting as the market maker, you can bank on the fact that a good number of orders will come by.
 

Hybrid Model:
 

A subtly advantageous mix of A and B, this Forex trading model is of incredible benefit to the broker. By taking selective elements from either style, the hybrid model essentially allows the broker to decide which style of brokerage to follow with a particular trader. This means that depending on their decision, you can be subjected to STP brokerage or fixed spreads, and you won't be able to find out which! Traders who are working with a large capital are typically given the B book brokerage since this is more advantageous to the broker.
 

What's The Right Type For You?
 

When choosing a good brokerage solution, first importance has to be given to your expectations from a trade. If you are trading on stable grounds with little to no volatility, a brokerage with fixed spreads will work perfectly for you. Likewise, another aspect to be kept in mind is the trading expense borne; commissions and spreads aren't in your control but are mandatory. Sign up for services that charge honestly and don't rob you in broad daylight. 
 

How Do I Find The Right Broker?
 

Start off by going through user reviews. One of the best ways to study a broker's efficiency is by filtering out reviews. Be aware of the fact that some reviews, good or bad, are going to be fake! So having just one measure will not suffice. Take a demo test from the broker and avail their live assistance - this will give a clear idea of whether or not the broker is sincere in his/her approach.
 

Be it A book or B book, WesternFX strives to always be in your good books by providing you with high-quality brokerage! Of the various Forex brokers in Pakistan, we continue to be the crowd favorite. How? By keeping our promises and delivering excellence. Try a demo with us and see for yourself, call us!

What is Trendline & How to Trade with Trendline in Forex Trading?

"The trend is your friend." - You will come across this saying a lot in foreign exchange markets. As a Forex trader in 2019, you have to be extremely meticulous in your approach and have a keen eye on the charts. Opportunities, though plenty, have to be caught properly to make the most out of a trade. The competition is getting stiffer by the day, and traders have to be immensely adept if they want to have a profitable run! 

This is what makes catching trends an important aspect of Forex trading in Pakistan. Being an extremely volatile and liquid market, trends are always on the rise. The challenge is to net in ones with healthy strength and momentum, so you can ride them long enough to see good profits.
 

What's a Trendline?

 

Forex Trading Using Trendlines

Take a candlestick chart and draw a line through a point, and voila - you have a trendline at your disposal. What makes trendlines a substantial element of every Forex trading strategies are a simple fact that they are used to construct several other technical concepts. Once you start employing trendlines, it becomes a subconscious act after a point of time, allowing you to visually study charts and observe Forex trading movements swiftly.
 

A simple example would be working with candlesticks, with the sticks all moving downwards like a flight of stairs. When you draw a line between the first candlesticks on top, all the way till the one on the bottom, you can gauge the momentum and also deduce what's obvious - that the market is seeing a downtrend.
 

With a trendline to work with, you can land profitable trades and avoid letting erratic market movements catch you off-guard. The simple knowledge of a trend's strength and momentum can help you decide if it's going to be profitable, and if you should invest in it.
 

Why Trendline Trading is Advantageous?

You might wonder at this point, that if a trendline is just a simple line, why to spend so much time reading about it when one can just draw a line across the chart. A point fair enough; but how will you measure the value of a trend when it sees continuous ups and downs? When the Forex trading markets are seeing a mix of uptrend’s and downtrends, that's where a trendline truly helps. You can figure out if you should go long or short, or not trade at all! Likewise, the strength of a trend will show you if it's a valuable investment to make.
 

Want to get more tips on finding profitable trades while Forex trading in Pakistan? Sign up with WesternFX today! Our seasoned veterans will help you perfect your approach and see increasing profits in no time. Call us today to know more.

How Does Forex Bonus Helps Forex Traders to Make Profit

This year 2019 is turning out to be one of the greatest periods for trading Forex. The markets are seeing an increase in liquidity, meaning the profit potential has gone up. Though incredibly profitable, the competition is stifling by the minute on currency trading grounds, and beginners are the most affected of the lot. Forex trading is a field that gets better with experience. When you have more knowledge and a better understanding of the markets, you can get past the hurdles with ease. However, beginners lack this experience and fall prey to market volatilities right at the start. 
 

Another big hurdle experienced by Forex traders while trading in Pakistan is the lack of trustworthy brokerage. Due to the stifling competition in the brokerage market, firms have to come up with means, good or bad, to make sure they stand out - and what most do is a lure in beginners with false claims of profits! A novice trader upon hearing claims like "100% profit guarantee" immediately signs up, alas, only to lose money.
 

As a beginner, you have to be more adept than the pros. Here are 3 reasons why you have to sharpen your senses when you step into currency markets as a beginner:
 

Know How Forex Traders Benefited from Forex Bonus

1) Fake Claims Are An Easy Lure: Don't get caught in the web woven by scammers. It is impossible to have a 100% win ratio, and getting double, triple returns is incredibly rare! Pick a broker by studying how efficient the firm is, the extensiveness of services provided and the quality of the same. Profits can be made once you are experienced, on your own; so don't let money drive you while Forex trading in Pakistan.
 

2) Market Volatility Will Be A Huge Pitfall: When you are starting off, the market volatility might work in or against your favor, and most times it works against. Forex trades can go erratic in the blink of an eye; so it is crucial that you are very sharp!
 

3) Minimal Starting Capital Limits You: The main reason why beginnings are difficult in Forex trading is because of the capital inhibitions. As a new trader, you will have to work with minimal capital, so be money-smart! You can multiply your investments with the right approach, and go on to take bigger risks gradually.
 

The environment is seen while Forex trading in Pakistan is incredibly competitive, but with a honed approach, it will become all the more lucrative and you can walk back home with hefty winnings! Get yourself the best Forex trading start today, with the experts at WesternFX by your side. Reach out to us now and talk with us to know more!

How Forex Traders Loses Money Easily in Forex Trading

Often times you might think it is the big mistakes that end up eating your account balance up, and you ignore the smaller and sillier ones made! The magnitude of a mistake isn't to be measured by its size, but rather by an impact. In your quest to achieving Forex trading success, there will be many steps you take, some right and some wrong. Mistakes made definitely serve as a stepping stone, however pushing down the wrong domino will leave your career tumbling!
 

Having a perfect track record is impossible and in all honesty, won't help you evolve as a trader. 

But some mistakes might prove to be too expensive and you should try to avoid them:
 

How Traders Loses Money in Forex Trading Easily

1) Risking More Than You Can Afford: Every Forex trading account has a risk threshold beyond which money can't be invested. Trying to chase profits with money you don't have will cost you a lot! This is how many Forex traders lose their hard-earned profit on a single bad trade. Risks are definitely necessary to realize good profits, so take risks you can manage if you were to lose the trade. Always give some room to the negative perspective on these grounds! 
 

2) Not Getting Enough Rest: Trading day and night, literally, is another mistake many make! Committing this hard only works counter-productively. While you're spending long hours straining and Forex trading in Pakistan, you only tire yourself and this stress that builds up inhibits you from making good trades. Make sure you rest amply; the markets aren't going anywhere and there's no hurry!
 

3) Absence of Limits and Stops: Limits have to be kept mentally and physically in trades if you want to make consistent profits and minimize losses. Forex trading in Pakistan is a domain that is scarily erratic and will throw your trades off in an instant. To make sure the volatile markets don't catch you off-guard, stop-losses are necessary. These mechanisms pull you out of a bad trade automatically, whenever a losing trend shows up, making sure you don't lose any more money than you already have. 
 

These mistakes are a one-way ticket to losses! While the process of evolving as a trader comes with mistakes, you should try to keep away from the expensive kind. With the backing of the experts at WesternFX, you can see consistent results and make hefty profits swiftly! Our goal at WesternFX is to help trader’s novice and professional, to get to their goal and to do so with minimal losses. Call us today, talk to our professionals to know more!

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.

Advantages of Forex Trading – Yes It will Make You Rich*

From the outside, you might be wondering as to what makes Forex trading such a lucrative market, and why traders flock to it! Currency markets boast a trading value of around $6 trillion today, and this massive number serves as a lure that reels in traders in hundreds, by the day. While many assume that the money is what makes Forex alluring, the truth is in fact much simpler. As a Forex trader, you get to enjoy several small but impactful privileges, which make the entire ordeal worthwhile! To add to it, there’s also good money involved.
 

4 Reasons Why Forex Trading is a Catch:

Advantages of Forex trading - yes it will make you RICH*

1) Immensely Liquid Markets: Currency markets are constantly moving, making it extremely liquid. This can be a double-edged sword! Liquidity comes with profits but it also brings in risks. However, all you need is proper risk-management and you can reap the benefits this field offers!
 

2) Round-The-Clock Access: Forex markets are open for 24 hours and for 6 days. This means that irrespective of the time-zone you live in, you can participate at Forex trading in Pakistan. The 24x7 nature makes currency trading one of the most profitable markets globally. Keep in mind, however, that the value of a currency pair also varies with time-zones. It might see a profitable trend in the American region but drop when Tokyo markets open.
 

3) No Starting Difficulties: Unlike many investment fields, you can start Forex trading with a few hundred dollars! Several zero-capital and micro accounts are available for you to choose from, that require minimal capital. This investment along with a laptop and internet connection will leave you set and ready to trade!
 

4) Leverage Trades: Leverage is the provision to increment your usual investment with some more money that will ultimately help you hold positions of larger value. Leverage is as risky as it is helpful; while it does boost your position, it can easily bring you down as well. This is why stop orders are prioritized by several Forex traders and capital-management is always focused on.
 

If you’re thinking about starting Forex trading in Pakistan, now’s the right time! With a plethora of advantages to its name, the currency market has more rewards than just money. Sign up with the world-class broker WesternFX today, and conquer your trades! Assisted by our professionals, you can avail everything from trading platforms to Forex trading strategies, and soar all the way to the top. Call us today to get started!

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!