3 Key Differences Between Day Trading And Night Trading In Forex

Forex trading has been considered by many to be an incredible investment domain and even a full-time career option! With a value of $5 trillion in the markets, it is no wonder that thousands flock to the Forex trading space. Equipped with carefully-planned Forex trading strategies and top-tier trading platforms, traders gear up to face the unforgiving volatility in the currency markets and hope to bag healthy profits. 

Forex Trading In Vietnam

One of the reasons why many people shy away from trading is because of the erratic nature of currency exchange. Despite of the meticulous strategies and risk management tactics followed, there is a huge chance for losing money. Apart from the losses, profiting in Forex takes a lot of dedication! 

 
Most intraday Forex Trading methods are complex to understand, and more so to implement. However, night trading is an option many traders fail to consider! End of day trading doesn't have the ironclad rules day trading does, making it a relatively lenient strategy for traders. 

Here are some of the prominent differences between intraday trading and end of day trading:

 
1) Volatility: 

 
The volatility in the night trading markets isn't the same as during day. During the day, the number of traders is several times larger than the night. The more the traders, the more the volatility. While some view low volatility as a disadvantage, it can be turned around in your favor. Even in minimal volatility, you can work your way towards profits by compounding small wins. 

 
2) Entry/Exit Times: 

 
Needless to say, during the daytime, you will be entering and exiting in different timeframes when compared with the nighttime. You have to keep in mind that your entries and exits are well-planned. Even though your trades will be done in a low-volatility timeframe, when you enter and when you exit will define your profits. 

 
3) Time Consumed: 

 
Day trading is often done full-time, since it takes up your whole day. A restraint with day trading is that you only have the daytime markets to work in, meaning you have to commit to it completely. But with a night trading system, you can work a day job and trade at your leisure!

 
Before you move to night trading in the real-time markets, try your hand at Forex demo trades. Risks exist even in low-volatility zones and can leave you incurring hefty losses! Get yourself the best Forex Demo in Vietnam - call WesternFX! One of the leading Forex brokers in the game, we provide traders with impeccable trading guidance. With our expertise backing you, you'll be able to bag big profits as a night trader in no time!  

3 Psychological Characteristics That Will Hinder Your Forex Trades

Foreign exchange is often presented as a domain where profits rain in plenty and everyone gets to see riches. However, that's far from the reality. Forex trading can be a terrifyingly difficult financial market to thrive in. Aside from the market risks and erratic events, there are a number of elements within you that can hinder you from emerging successful in your exchanges. 

A trader's psychology plays a vital role in his/her career. Several times, traders blame their losses on market movements and strategies when in fact the problem lies within. Since many approach Forex trading with a lot of predefined misconceptions, finding success becomes hard. 

Here are 3 psychological characteristics responsible for affecting your Forex career:

1) Biased Opinion-Making: 

As a Forex trader, you will have an abundance of sources to pull information from. Be it charts, news or other traders' opinions, there's always something to influence your opinions. While most traders end up believing in their opinion formed on abstract grounds, they are often mistaken. Forming opinions based on one observation of news or one viewing of the charts will only lead to your inevitable downfall! Forex trading is a field of unpredictability, and your Forex Trading Strategies have to be made keeping the latest of market movements in mind. 

2) Sticking To The Comfort Zone: 

To succeed at Forex trading, you have to be ready to take risks. When you take a handful of well-planned risks, you can reap big profits. The downside here is that you also stand a good chance of losing a lot of money by risking, which is why risking has to be done keeping the repercussions in mind. Additionally, you have to prepare yourself for the risks with stop orders and other loss management means. 

3) Expecting Unrealistically: 

Expecting unrealistically from the markets will lead to you building castles in the air and then watch them come crashing down. Always keep things real when it comes to Forex trading. Getting your hopes up will affect how you judge your trades! Employ strong Forex trading strategies and leave the rest to the markets.

Forex trading is without doubt a tricky field to be in. There are a number of dangerous risks present in the markets. To dodge the risky obstacles while simultaneously building yourself to be a good trader, you will need the backing of an expert. Partner up with WesternFX, the best Online Broker in Vietnam, and avail our top-tier brokerage! With our experts by your side, you will become mentally adept in no time. Call us now to get started!

5 Truths That Forex Traders Seldom Know When They Start

A topic as vast as Forex trading can't be learned overnight. It isn't possible for beginners to know everything about currency exchange as they start. However, there are certain fundamentals that ought to be known before beginning one's career as a Forex trader. Many beginners tend to overlook some basics and end up housing catastrophic misconceptions about Forex trading. These myths lead towards losses that one can seldom make up for. 

 
As a Forex trader, you have to segregate myths from realities, and ascertain the important truths that Forex houses. 

 

Forex brokers in Vietnam

Here are 5 key aspects to keep in mind:

 
1) Forex Isn't A Get Rich Quick Scheme: 

 
If you enter the currency trading markets thinking you will make money overnight, you will end up disappointed. Forex trading is a field where profiting takes a long time, but when you make profits, you win big. A lot of effort goes into winning trades; from devising Forex trading strategies to analyzing the markets - you have to do your homework beforehand.

 
2) There Are No Guaranteed Systems For Profiting: 

 
You will come across a number of Forex Trading Strategies labeled as "guaranteed to succeed". However, there are no such guarantees in Forex. To profit in trades, a lot of market analysis has to be done and proper risk management measures have to be implemented. Even with meticulous steps taken, you always stand a chance of losing your trade! 

 
3) Losses Can't Be Avoided: 

 
One of the biggest mistakes Forex traders make is trying to avoid losses. This takes up a lot of energy which can otherwise be used to better your trades! Try as you will, Forex trading is a domain where losses and profits both knock your door. 

 
4) Trading Doesn't Happen Without Investments: 

 
Though Forex trading has minimal starting requirements, it is a field where you need money to make money. There are no freebies in foreign exchange! Strict measures have to be followed to manage losses and reinvest profits to make the most out of Forex. 

 
5) Forex Markets Aren't Consistent: 

 
What seems like a profitable market trend one moment will become erratic and volatile the next! Forex trading markets are known for their high liquidity and volatility, and low consistency. 

 
At the end of the day, practice is what leads to success. To see profitable results come by, you will need the assistance of knowledgeable Online Brokers In Vietnam and provisions to best employ your skills! Reach out to WesternFX today and ace your exchanges. Assisted by our experts and equipped with the best of trading facilities, you will find swift success in your trades. Call us now to get started!

All You Need To Know About Hedging In Forex!

Hedging in common terms is to protect yourself from big losses. We get warranties and insurances on the products we buy, to ensure that we are protected in the event of any expensive mishap. Financial protection is what hedging offers, and in the world of Forex trading, you will need financial protection on one too many occasions. While trading currencies, the money lost isn't in hundreds, it often reaches thousands. Losing such big money overnight can be a huge problem, and you shouldn't let your trading capital suffer such a dent. 

Forex Demo

That's where hedging comes in, hedging a trade is essentially placing a new trade in the opposite direction to your initial one, and in doing so you are making sure that if one trade fails, the other succeeds, hence keeping you from losses. Even if you do lose money, the amounts will be nominal or you might even end up with a breakeven. This is one of the more defensive Forex Trading Strategies in Vietnam.

Depending on the broker you have partnered with, you can also place a direct hedge. A direct hedge is essentially placing both a buy order and a sell order on the same currency pair. Now if you're able to time the market right, you can make big profits from both orders!

How Is Hedging Different Than Closing?

When the topic of hedging pops up, many traders suggest just closing the trade on a loss instead of taking risks with another one. As a Forex trader, this is also a choice. Hedging is supposed to be carried out backed by a lot of research, if you're new to Forex trading or still learning, cutting losses is the best option! In doing so, your capital will definitely take a hit, but it is still better than hedging without knowledge and losing both your initial and hedged trades! 

What If The Hedge Is Ineffective?

Many times it so happens that the hedged trade sees market reversals against its favor. Keep in mind that you can lose a lot of money if you hedge carelessly! Your job here is to place a stop-loss in your hedged trade or close it right away. 

Hedging Isn't For Everyone

You might be fascinated by the way hedging works and even brew up a misconception that hedging will help you dodge losses completely - but that's not the case. Hedge wrong and both your trades will end up in losses! Only once you have knowledge of market swings and timings can you hedge your trades.

Master Forex hedging with the leading broker by your side - call WesternFX today! One of the top Forex Demo in the game, we house incredibly talented traders who will provide you with world-class guidance. Guided by our stellar Forex Trading Strategies in Vietnam, you will see swift success. Call us today to know more!

Finding The Perfect Start To Day Trading In Forex!

One of the most commonly seen Forex trading strategies, day trading is an approach that requires resilience and adeptness. As a day trader, you will only have till the end of the day to finish your trades. While this does seem like very little time, it's quite the opposite. 

Day trading when done right can leave you seeing stellar profits! Contrary to what many think, implementing and working with this strategy is more complicated than the long-term approaches. Don't mistake the short-term nature of day trading to be less risky. Huge losses can be incurred if this approach is fumbled with! 

Forex Trading Strategies

Here are some easy day trading tips you can follow to see success:

1) Manage Your Capital: 

Starting off, you won't have a million dollars to trade with, and even if you do, managing said million dollars is important! One bad trade is all it takes while Forex trading to lose your entire capital. Day trading will have you work with relatively small amounts of money, but on a more consistent basis. Each trade you make counts, and each loss incurred will be heavy - so it's best you invest wisely. 

2) Research The Markets: 

The day trading markets, though short-term, are packed with risks. To stay ahead and make profits, a lot of analysis has to be done. Analysis in Forex Trading Strategies can be of different types, you can analyze the news, the economic conditions or historic data. Ultimately, the information derived has to carry weight and help you make winning trades. 

3) Stay Disciplined: 

It is easy to lose control of oneself while Forex trading. When there's so much money on the line, discipline is what will ensure you win more and lose less. Day traders often get carried away and end up overtrading or investing too much. Doing this will only reel in losses! 

4) Cut Losses And Reinvest: 

When the trade you're in is going south and you've lose money, hoping for things to get better won't magically make it work. Bad trades ought to be cut off immediately; else the losses start piling up! 

Mastering day trading won't take you long, with one of the top Forex Brokers by your side. Reach out to WesternFX to get Forex Demo today! Known globally to be a leading Forex player, we offer our traders with some of the latest platforms to trade on, and proven strategies to work with. All of this paired with our stellar guidance and success is bound to come by swiftly! Call us today to get started

Why Mental Fortitude Is The Key To Winning Forex Trades?

Indomitable willpower and razor-sharp focus are the primary requirements to succeed as a Forex trader. The modern-day Forex trader is so hungry for profits that he/she gets let down by the smallest of losses. To thrive in the Forex trading market and stay consistently profitable, a strong mind is mandatory. 

Bad trades, losses, low-volatility markets - such events shouldn't deter you from trading! Mental fortitude will help you don a positive hat and face the many challenges of currency trading without budging a bit. 

Forex Trading Strategies

There are thousands of Forex traders in the markets today, many incredibly smart and many more who work harder than you can imagine. To several Forex players, trading is their full-time job and they treat it with the necessary respect. You will be up against such people! This is why you have to be mentally strong. 

An unfair domain, Forex trading will put you up against traders who have years of experience. The grounds are even for all players, there are no extra benefits for others to avail, but if a trader has more knowledge than you, he/she has an innate advantage.   

With the odds against you, achieving victory will seem impossible - but that's exactly where having a strong mind helps. Resilience is what makes a Forex trader whole. Even when you're up against the impossible, being able to hone your mind and exercise absolute control over it will allow you to turn the most dangerous of trades around in your favor. 

There can be no room for comparison or pessimism. A smart Forex trader is never daunted by an exchange; he/she is only ever looking to turn things around and capitalize completely on an opportunity. 

At the end of the day, it isn't the trader with tens of indicators or hundreds of Forex Trading Strategies that's going to win trades. The trader that has the patience, resilience and fortitude to stick through bad trades will without doubt emerge successful. 

Finding mental toughness won't happen overnight. It takes a lot of harsh learning to mould oneself into a firm-minded trader.

Reach out to WesternFX, one of the top Forex Brokers in the world, and learn the basics of becoming a successful Forex trader! Our battle-hardened experts will provide you with on-trade and off-trade guidance, ensuring that every step of the way, you take the right decision and move towards becoming a more balanced trader. Sign up with us today and get started!

The Disadvantages Of Using Forex Demo Accounts

For a long time Forex traders have pondered hard and deep about the usefulness of demo trading. While some rely on it a lot and find demo accounts to be a boon, some traders feel that live trades are the best way to learn Forex trading! When all is said and done, preference is what matters. Different traders have had different experiences with demo trading, hence the variety in opinion. The fact however remains that live trades provide a completely different perspective on trades and equip traders in ways that demo trading doesn't!

Forex Trading Strategies

Here are 4 reasons why demo trading might not work out for you:

1) Real Money Isn't Involved: 

So long as you don't trade with real money, you won't understand its value in a live trade. Demo trading involves working with virtual money, which has no real cap on it! On a Forex demo account, you will have limitless capital to play with - this can seriously hamper your Forex trading career. In real-time trades, you will be investing what you own, and that isn't infinite! Demo accounts don't teach you how to manage real-time investments.

2) There Is No Element Of Risk: 

Risks are healthy and necessary in Forex trading. When you take the right risk, you make good profits. But the trick here is that risking isn't learnt on demo platforms. You learn how to take affordable risks by risking on a live trade! Since Forex demo accounts let you trade on simulated environments, there are no risks to guide you and teach you the dangers of losses and the importance of risking healthy. 

3) Losses Aren't As Scary: 

Losing money that you don't own doesn't instill the same fear as a real-time loss does. In Forex Trading, losses play the crucial role of teaching you the viability of a move. Demo trading accounts however, don't let you witness this importance! 

4) Money Management Can't Be Learnt: 

The ultimate lesson every Forex trader needs to learn is money management. Without investing wisely, you won't see consistent profits. Live trades will put you in difficult exchanges and on tough markets, here, you will be able to master money management simply through the fear of losing! But on a Forex demo account this doesn't happen. 

If working on a Forex demo account isn't your thing, you can start trading live! Although risky, live trading will teach you a lot more and a lot faster. Get started right away with one of the top Forex brokers by your side - reach out to WesternFX today! Our experts will equip you with the best of Forex Trading Strategies and platforms, and guide you through to victory. Call us today to know more!

Forex Trading Risk Management Strategies – Beginners Guide

When you take healthy risks while Forex trading, the rewards see a significant increase in value. Many Forex traders are led to believe that risking in itself is detrimental, but that's not the case. When you take a risk, you aren't committing a crime, simply leaving yourself prone to some damage. Now the question is, is that damage worth the risk? In Forex, every risk you take will either leave you profiting big, or incurring losses bigger.

Since the currency markets are volatile beyond compare, it often becomes difficult to speculate on the impact of a risk beforehand. Hence leading to several traders losing a good deal of money.
 

Here are some incredibly effective ways to manage your risks without losing too much money:
 

Forex Trading Strategies Risk Management Tips

1) Don't Risk More Than 4%: Risking more than 4% is a very dangerous thing to do while trading currencies. 4% might seem very less, and often you might feel tempted to go higher. However, crossing this boundary will lead to nothing but losses. There's a reason Forex trading professionals have kept 4% as a threshold! One truth in Forex is that risks are necessary, but it is incredibly important to not go overboard and lose every penny invested.
 

2) Keep The Leverages Healthy: Leveraging is an amazing way to improving your profits. Your broker will provide you with money depending on how much your trading account has, this is called leverage. Powered by leverage, you will be able to hold positions of high value and see bigger profits. However, the downside of leveraging is that it amps up your loss potential just as much. Losing a leveraged trade will put you in a very tight spot - so keep it healthy!
 

3) Always Have Stop Orders In Place: Stop-loss orders are an amazing provision, with stops in your Forex trading strategies, your trading position will be withdrawn automatically every time you lose money, thereby ensuring you don't lose in big amounts.
 

4) Hedge Your Trades: Hedging is one of the strongest risk management strategies. Here, you will place a trade in the position opposite to your first trade, in order to hedge the losses. So essentially, if your first trade loses, your second hedged one is bound to win! 
 

To avoid losing money right off the bat, start off with a Forex demo to test your methods before taking them to the real-time markets. Join hands with one of the top Forex brokers today - join hands with WesternFX! Assisted by our experts who have years of experience, you'll be swift to perfect the art of trading currencies. Call us today to get started!

10 Key Tips & Tricks for Forex Trading Beginners in Vietnam

It isn’t a cakewalk to pursue Forex trading. However, it need not be all that difficult to. Employing the right Forex trading strategies, you will be able to effectively reap benefits and establish a successful career too! Nevertheless, in this fast-moving world, several beginners tend to dive right into the field and eventually observe loss and misery. Remember, you can easily avoid this scenario if you take enough time to understand the nuances of Forex trading, how professional Forex traders make investments, the art of risk management, and so on.

There are a great many guides which walk you through the transactions in length. Moreover, signing up for a risk-free demo account is also a brilliant solution to try the system out first-hand!

Here are 10 killer tips that will dramatically improve your performance in Forex trading!

1. Getting Rich Quickly Is Still A Fantasy:

Forex Trading Tips and Tricks for Beginners

Often times, novice players make the mistake of striving for the wrong goals in Forex trading. They seek simple and short ways that will lead them to richness quickly. Unfortunately, this bubble needs to be broken and they must realize that such a thing is far from real and one big fantasy within this realm. Instead, sincere attempts must be made for long-term gains which are always lasting and more reliable.

2. Don’t Let Your Emotions Play While Trading:

It is important to not be too excited with an observation unless you really know what is going on in the given scenario. Remember, there are way too many factors at play and you can’t have your emotions get in the way. Keep a calm mind and focus on all the relevant events. It is understandable that there are spurs of moments where you would just feel like making a quick decision. However, stressing again, don’t let emotions influence your reaction.

3. Maximize Trading Opportunities Through Discipline:

Many times, there is a tendency to go astray and get mislead in the course of Forex trading. When you do not employ the right Forex trading strategies, you may not observe desirable results for a very long time. It is therefore important to identify key factors which drive successful investments and then make a routine which will help you get disciplined with how you perform trading. This is absolutely essential as it reduces the risks that you will undertake and minimize losses for you.

4. Random Decisions Can Cost You Heavily:

Depending on a particular system, figure out where you would like to open and close a position before setting foot onto any market. Being able to predict your stance and setting this option before time enables you to prime your focus and avoid guesses. Also, implementing the stop-loss orders, it is very much possible to reduce losses.

5. Too Much Leverage Is Probably Not Good:

While selecting a trade size, you must make sure you do not overdo making small initial deposits that could possibly open up relatively large positions. This is often done to pursue something called ‘leverage trading’, which is trading on margin. This can work both for and against you. So, exercising caution is crucial. It is, therefore, a sincere suggestion to have a responsible approach to trading.

6. Use Stop-Loss Orders Effectively:

There are cases when certain traders hold on to losing positions for a very long time hoping for the market to turn to their favor. Also, they tend to get out of winning positions very quickly in pursuit of an immediate short-term profit, missing out on the bigger pot at a later stage. While you may be tempted a number of times, it is key to hold it together, analyze your options, and then proceed with the stop loss orders.

7. Take Time And Learn The Market:

Beginners often don’t realize the importance of choosing a currency pair. They don’t know how the currencies influence global events. Unfortunately, this will pose a huge challenge in Forex trading. It is imperative to understand the influencing factors involved in order to formulate strong Forex trading strategies. The more informed you become, the better decisions you will make.

8. Manage Your Money Well:

Money management is extremely important when it comes to Forex trading. Most experts are very cautious about how they invest in this field. Seeking professional aid from Forex traders is not a bad idea. In fact, you will have good support to help you as you get yourself into this realm of trading. As a beginner, there is no need for you to invest heavily and increase your stakes. Play it safe and focus on learning the different skills required to excel later on.

9. Monitor Your Positions Properly:

Having an eagle’s eye on your trades will help you gain insights into the market’s movements. This will help you identify the windows where you can potentially invest or possibly withdraw from making a trade. Remember, the Forex trading market is open round the clock and you can’t be lazy or offline when changes are happening so frequently.

10. Develop A Working Trading Strategy:

Spending enough time studying the working mechanisms of Forex trading, you should devise a strategy first before making your first trade. This will give you a good direction to move towards and you will have a good focus on market events. Don’t be hasty and dive right into it. Without a proper strategy in place, you are most likely to take losses which are undesirable.

Experienced developers mainly focus on the process of trading rather than the profits that can be gained. This tunes them and enhances their concentration, not having their judgments clouded by the earnings that can be gotten. WesternFX houses a professional team of Forex traders in Vietnam! Get in touch with our experts and Kickstart your Forex trading venture with a bang! We’re just a call away!

The Importance of Forex Trading Psychology & Money Management

If you ever passed by a casino, you'd notice how hundreds of people stay glued to the games there, that though rewarding, have no guarantee of giving them money. Addiction sets in soon and before they realize, their wallets have been drained empty. It isn't limited to gambling; acts, like smoking, drinking, playing games, eating - pretty much anything, can grow to become addictive.
 

Once an addiction sets in, no matter what kind, it brings nothing but distress! Your focus becomes singled out and several personal and professional aspects of your life are affected. This is why balance is crucial to one's life. Much like other addictions, Forex trading can also become a compelling habit. While it is definitely a lucrative domain and one that can be pursued as a career, letting it consume you can be harrowingly dangerous.   
 

Two positive emotions, confidence and ambition, morph into fear and greed the second you fail to contain your desires. Traders find themselves addicted to Forex trading for one of two reasons, either they lost a lot of money and want to win it back, or they have made a lot of money and want to make more. The sane trader is the one who knows where to draw the line. He/she finds contentment in profits as they come naturally, and doesn't chase money!
 

Money Management
 

Importance of Forex Trading Psychology & Money Management

 

 

The literal definition of this is how efficiently one manages money. Be it spending or saving, investing or earning, when a trader is able to call the right monetary shots, he/she is bound to see huge success. An adept trader with $1000 can bring in ten times the invested amount while a greedy trader with $10,000 will do nothing but burn the money!
 

While Forex trading, if you're able to manage your capital well and leverage wisely, there is no trade you won't be able to win! Failing to leverage properly is what leads several aspiring Forex traders to an early downfall. Leverage is an element that can break your trade as fast as it can make it. Since this borrowed sum allows you to hold high-value positions easily, there has to be a catch. And the catch is that if you lose a leveraged trade, you lose the borrowed money as well.
 

5 Important Money Management Points:
 

1) Cut Your Losses: The one lesson time will teach too late in Forex, is that you should have cut your losses while you had the chance. Traders often hold on to slim chances of a positive turnaround and believe an efficient Forex trading strategy will magically work. A trade once it starts going downhill may on occasions climb back up in your favor. However, this is where intuition comes in. Is the risk worth holding on to? Should you continue to stand your ground while the trade collapses, you'll end up losing a lot of money! 

 

Hence the reason behind experts always advising traders to cut their losses.
 

2) Don't Risk More Than 4%: Risks are a very tricky element in Forex trading markets. You risk too much, you'll end up neck-deep in losses, and if you don't risk at all, you'll see no big profits. A fine line has to be drawn between the two and treaded upon if you want to succeed in Forex without losing what you earn. Keep the risks healthy but minimal!
 

3) Reinvest: Be it a $100 profit or a whopping $10,000 win; always reinvest your winnings back into the game. Out of the excitement and joy of having profited, many traders blow away their earnings and are forced to begin from scratch. Keep a portion of your capital dedicated for reinvestment. You never know when a trade will move against you. Wisdom lies in being prepared for a rainy day.  
 

4) Employ Stops: Some chances are too expensive to take, which is why stop-losses exist. They allow you to trade risky trends without having to fear the repercussions. Make sure your Forex trading strategies has stops in play.
 

5) Diversify Your Approach: The final and the most effective way to make sure you profit more than you lose is by diversifying. Many traders find early contentment. They stick to just 2-3 currencies and keep circling about. However, there's a lot more the market has to offer! Don't limit your palette, try out different currencies and you will have an incredibly successful Forex trading career.
 

How smartly you invest will define how long you thrive as a Forex trader! Today's competitive markets have made currency exchange a challenging domain. Making profits shouldn't be your first focus, optimizing your investments should be. Foreign exchange can be very generous on days, but getting carried away will eventually lead to losing a lot of money.
 

Partner up with an adept broker and multiply your profits! With the ever-amazing WesternFX by your side, succeeding as a Forex trader won't be as intimidating as you think. Our seasoned veterans will equip you with the most effective Forex trading tips and provide you with unparalleled guidance. Call us now to know more!

Forex Trading Truths Revealed - Myths To Avoid in 2019

Success in Forex trading can be boiled down to be presented as the transition that happens when you go from novice to professional. Every beginner wants to hit this transition at the earliest and make a grand entry into the big league. While risks and market volatilities might be an enemy, there exists a bigger foe that is much simpler - a myth. Myths float all around Forex and divert the ambitious from achieving their ambitions. 

Novices who lack experience fall prey to these misconceptions easily and are thrown off-course!
 

As a Forex trader, apart from maneuvering through the twists and turns of currency exchange, you will have to dodge the myths thrown around. 

Here are 4 false beliefs seen most commonly:
 

Forex Trading Truths Revealed - Myths You Need to Know

1) Forex is a Gamble: Truth be told, it does look like a gamble. There's a lot of money involved, most trades are "win big or go home" and there is an element of randomness. However, Forex trading is far from gambling. It takes rigorous practice and constant researching to make sure your trades are placed right and have a healthy profit potential.
 

2) Forex Can't Be A Full-Time Job: There are thousands of Forex traders in the world who pursue trading as a full-time career option. The analysis, intensity and the overall nature of currency exchange appeals to several, and they have made it a very viable career! If a full-time doesn't work out, Forex trading can also be pursued part-time while pursuing other activities.
 

3) More Indicators Mean Better Results: The more the indicators, the more the confusion. Many traders have this misconception that loading charts with indicators will help them hit the bull's eye on trades and bring home big wins. You need only 2-3 good indicators that work in a synergy and the right Forex trading strategy, to help you reach your goal!
 

4) Forex Trading Is Only For The Rich: Traders climb to the top with only a few hundred dollars to start with. So long as you know your way around trades and follow a disciplined approach, the sky's the limit! On the contrary, Forex has the potential to make one poor, due to its volatility. So make sure you're equipped with the right Forex trading strategy and the necessary tools before trading. 
 

Make sure you don't get caught in these lies that are quick to spread around Forex markets. There are enough hurdles for you to face as it is, these distractions will only make it worse! Clear the path ahead of you and zoom to the top with WesternFX. Our experts will assist you through every step of the way and make sure you ace your trades. Try a Forex demo today and see for yourself, call us!

3 Reasons Why Every Trader Loves Forex Trading

Forex trading - the apple of every trader's eye! Thousands and thousands of traders worldwide participate in currency exchange; some as part-timers, some as full-time Forex traders. You might think it's the profit prospect that draws the crowds in, but there's more to it. Forex trading holds a market value of $5 trillion, and it is undoubtedly one of the apex alluring factors. Apart from the obvious benefit, the foreign exchange still carries a plethora of advantages for traders to benefit from!

 

Here are 3 reasons why traders love Forex trading:
 

Reasons Why Traders Loves Forex Trading

 

1) Its Exciting: The absolute fun and excitement Forex trading creates is unmatched! As a Forex trader, you participate in exchanges that are fuelled by chaos and volatility. While some trades might end up badly, the experience you gain is rich and the act of trading in itself grows to become extremely thrilling. It is impossible to predict which direction the market will move in next; Forex trading is very volatile and a trader can only speculate at most. What happens after trades are placed is all up to the market, which is exciting and risky all the same.  
 

2) The Profit Potential Is Huge: Forex trading markets hold a huge trading value. There is no shortage of profits here! However, it is making profits that are the difficult part. If you are an adept Forex trader with a thorough understanding of currency exchange, you will see massive profits come your way consistently. However, for the more novice traders, learning should be the first priority. Once some experience is gained and more knowledge fuels you, you can make the most out of the profit potential Forex carries.
 

3) It Lets You Be Your Own Boss: The quintessential advantage Forex trading has, is that it lets traders be their own boss. For many, working 9-5 under someone is a troubling thought and most want to earn money doing what they love, at their own pace. Forex trading is the perfect field for that. On currency trading grounds, you make the calls. Be it profits or losses, you are responsible for the outcome! And similarly, you get to enjoy the results without owing anyone a dime!  
 

New to currency exchange and looking to get started? You've come to the right place! Sign up with WesternFX and avail our Forex demo service. Assisted by our seasoned Forex brokers, you will find your calling true, and soar high in no time. We will equip you with the latest platforms and game-changing strategies. With WesternFX by your side, raging success will be yours to hold. Call us today, talk with us, and let's get started.

How To Scalp in Forex, Futures and Stock Trading Markets

One of the most powerful trading strategies across the grounds of Forex trading, futures trading and stocks - scalping is a short-term approach that when implemented right can work wonders. This strategy is extremely demanding in terms of time and effort, but it pays off incredibly at the end of the day.
 

Scalping Forex Trading Strategies:

A short-term strategy where traders work on the smaller timeframes extending anywhere between a few seconds to a few minutes, scalping is aimed at making smaller profits, but ones with a higher surety of occurrence and a healthy frequency. The idea of scalping is that on smaller Forex trading timeframes, the chance for price movements to happen are high, though they carry a minimal value; so as a scalper, you get to make multiple small trades that are bound to bring in profits (when done right) and they can be compounded into a big profit eventually!
 

Here are 4 tips to win as a scalper on Forex, futures and stock trading grounds: 

Tips to Scalp in Forex & Futures Trading in Vietnam

1) Try To Work On Varying Timeframes: Scalping, though it has only up to a few minutes long of a timeframe, is plenty. Tweak things and try to experiment with your strategy depending on how the stock trading market it, to see which timeframe works best personally and works in accordance with your Forex trading strategies as well.
 

2) Do Your Homework: Firstly, don't be misled that scalping is easy because it is implemented on smaller timeframes. Secondly, always do your research, because, without ample knowledge, scalping will work against you and bring losses to your door! Make sure you are aware of current market conditions and have currency, trade information on your fingertips.
 

3) Demo Practice Before Going Live: Get yourself a demo Forex trading account and test out your approach on it. While it may not replicate precisely and behave as a live-trade would, it will give you a rough idea about your strategy's viability.
 

4) Place The Right Indicators: Pick a handful of indicators that best help you with your approach. Depending on the trends you want to bag, ask your broker to equip you with 3-4 indicators that go well with each other.
 

With a solid scalping strategy, Futures trading in Vietnam will be a tremendously profitable venture! Top this off with the world-class brokerage our experts at WesternFX provide, and you can go on to ace your trades and pile up profits. Reach out to us today and learn how to better your approach; with our professionals guiding you undividedly, learning and earning will happen simultaneously! Call us now to know more.

4 Killer Reasons To Become A Forex Trader in Vietnam 2019

A domain with fame that is much-deserved, Forex trading is a hobby for some and a full-time career path for many. With a trader count in thousands and its financial market value in trillions, foreign exchange can be the perfect field for you to thrive in. Working the plodding 9-5 day in and day out can leave you completely devoid of satisfaction, and this isn't the right state you deserve to be in! Your dreams of becoming your own boss can be made a reality. Forex trading in Vietnam puts you in the driver's seat and lets you chart the course to success!
 

Here's what you get to do as a Forex trader, that the myriads of mundane jobs are keeping you from:
 

Reasons to Start Forex trading career in Vietnam

1) Be Your Own Boss: Isn't this a dream for everybody? Forex allows you to make it a reality! When you are Forex trading in Vietnam, how you trade, what you trade and when you do it is all up to you. The field is in fact known world-wide for providing traders with stellar levels of flexibility. You have the complete freedom to choose from a variety of trading strategies, currencies and timeframes, and make sure they are just as you prefer!
 

2) Avail From a Number of Frequent Opportunities: There never will be a shortage of opportunities in the currency markets! Given the volatility it sees, there is always a trend to profit from or a new development to capitalize on. So long as you are adept enough to catch these as they appear, you can make a good winning from the various opportunities that rise.
 

3) Trade in Your Own Style: There is no ironclad set of rules you have to follow or brackets you should limit yourself between. As a Forex trader, the trades are all yours to make! All you need to ensure are you managing your capital wisely and not fall prey to the lure of overtrading.
 

4) Make Consistent, Hefty Profits: The ultimate benefit, and the most lucrative one, literally, is that you get to walk home with huge profits in hand! While not all trades you place will end well, with proper research and practice, you will be able to make profitable exchanges gradually.
 

If you're feeling shaky still, about Forex trading in Vietnam, talk with one of our experts at WesternFX! Our professionals have guided several beginners through the process of getting started with currency trading and will provide you with in-depth insight over the field. Assisted by us, you will find a game-winning start and have an impeccable trading experience thereon. Call us now to know more!

Forex Trading Strategies Using Hammer Candlestick Patterns

Most textbooks are found to recommend you to go long as soon as you spot a hammer candlestick pattern. This, unfortunately, is not a piece of reliable advice as the pattern is not as straightforward as you may think it is, or rather as you are told it is. You may use it for direction and confirm with more key factors before you go for that long which you want to.

For those who aren’t familiar with the hammer candlestick pattern, let’s first try to understand the basics. The hammer is a single candle bullish reversal pattern which normally takes shape after a price pullback. It has a small or no upper shadow. The price is usually observed to close at the top ¼ of the range. The lower shadow can be two or three times the length of the body. When you see this on your chart, it generally means that sellers drove the price lower in a way that the buying pressure raises at the selling climax which then causes the price to dramatically increase. 

The buying pressure is normally strong enough to close above the opening price. In essence, all the lower prices are rejected in such a scenario and that’s the real catch to this pattern.

Now that we’ve understood what a hammer candlestick pattern is fundamentally, here are some of the key Forex trading strategies which include such patterns for maximizing opportunities.

Hammer Candlestick Patterns Forex Trading Strategies

1) Trade along the Trend’s Direction:

To determine if something is trending, you may use the moving average as an indicator. For instance, a price below 200MA denotes a short bias while that which is above 200MA denotes a long bias. A good way to improve the chances of successful Forex trading is to go along the direction of the trends instead of going against it. More often than not, it does result in profits.

Forex Trading Strategies Using Hammer Candlestick Patterns

2) Look for the Areas of Value:

On your chart, you will notice an area where the buying and selling pressure is lurking around, based on the support & resistance, channels, trendline, and more. This is known as an area of value (AOV). The crucial action here is to enter your Forex trades close to a potential AOV. This can be considered a calculated risk which yields favorably by rewarding you with profits. The stops are tighter here which improves the odds of a price hike.

3) Identify Entry Triggers:

To be on the safer side, you want to identify repeating patterns which show potential for successful Forex trades. Once you’ve spotted repeating nature, your conditions are for Forex trading setups are met with. Now, you proceed to look for entry triggers with your candlestick charts and make the trade only after having found a good one.

Using these key Forex trading strategies, you will be able to achieve immense success and dramatically augment your ROI! WesternFX houses an expert team which deals with Forex trading in Vietnam. We are known to deliver A1 solutions which yield amazing profits! If you require professional assistance with your trading, don’t hesitate to connect with us! We will be waiting to get in touch with you!