Top 3 Long Term Forex Trading Strategies You can Follow in 2019

While many prefer trading on smaller windows, some players opt for the longer ones. Long-term Forex trading in Vietnam lasts anywhere between a few weeks to a few months! Traders opting for this strategy have to exercise a disciplined approach and be incredibly patient. These trades have the potential to bring in tremendous profits, but bagging this demands that a trader be meticulous in his methods. Unlike what many think, longer trades are less stressful and keep you in a more comfortable spot throughout. 

In essence, it can be said that one good long term trade is equal to multiple shorter ones!

Here are 3 proven strategies you can employ on your trades and see towering success:

3 Long Term Forex Trading Strategies in 2019

 

1) Trend Trading: Trend trading is the most basic of Forex trading strategies, but also one of the most successful long-term trading strategies. Simple in its approach, all you require is a good set of indicators to catch a trend, and an educated methodology. With enough research done, you will be able to get a hold of the profitable trend, from whereon it is smooth-sailing. Place your stops and take-profits aptly, and let the trend grow in value. 

When it matures, you will see yourself reaping many a benefit from it.
 

2) Position Trading: A strategy that will require adeptness and a lot of patience, position trading is definitely not for the faint-hearted. Additionally, it is one of the longest a Forex trade can go. Some trades might even last years! This is why to become a position trader; you will need to be fundamentally and technically sound. However, just as it is slow, it is rewarding. As a position trader, you will hold a particular position in the markets and this hold will last for a long time. 

Once a profitable point is reached, you cash in and make profits!
 

3) Swing Trading: The easiest and simplest long-term Forex trading approach for beginners, swing trading is rewarding and easily learnable. Unlike the previous 2 methods, swing trading doesn’t demand much from you. All you have to do is keep a keen eye over markets and spot trend swings to cash in on!
 

Equipped with these stellar Forex trading strategies, you will climb all the way up the charts! Forex trading in Vietnam will get amply challenging on the way; get yourself the assistance of a reliable broker like WesternFX. Our experts will provide you with all the guidance you need to make your trades and return with profits. With a variety of platforms to choose from and an arsenal of amazing strategies, victory will be yours!

Top 6 Reasons Why 90% of Traders Fails in Forex Trading

Numbers from different sources might vary, but at the end of the day, the truth stands that off the several traders who start Forex trading, only a few make it out successful! From the other side of the glass, things are seen differently. People perceive currency exchange as a field that is incredibly rewarding, easy to start off with and one where thriving comes effortlessly. While Forex is undoubtedly a lucrative, undemanding and a sustainable venture, it is risky all the same.
 

It is often the small mistakes that cause big repercussions. 

Here are the 6 core reasons you see large losses in your trades:
 

Ultimate Reasons for Forex Traders Failures

1) Implementing a Poor Strategy: The importance of a good trading strategy is insurmountable in Forex trading markets. What traders fail to realize is every move they make has to be pre-planned and drafted into the strategy they implement. The first way you lose money is when you employ a poor plan in your exchanges. Not only does this fail its main purpose of reeling in profits, but it also does the opposite and drowns you in losses!

2) Lack of Loss-Management Measures: The inevitable truth is that losses can't be avoided! So the next best move is to employ measures to contain and minimize them. With something as simple as a stop-loss, you can curb the impact caused by much of the risky moves made. Traders, however, find adventure in treading into the chaotic grounds of Forex trading in Vietnam without these safety measures! A stop order is meant to stop losses and take you out of bad trades; without this in place, thriving in Forex markets is impossible! 

Always have stop-losses employed, be it a small trade or a big one and irrespective of the potential risks.
 

Foreign exchange is tricky in that one minute your trade will seem fine, and the next minute everything goes lopsided! Don't get caught in this tricky mess; employ stop orders.
 

3) Not Adhering To A Healthy Risk-Reward Ratio: Veterans, professionals and even experienced Forex brokers in Vietnam claim that no more than 2% of your trading capital should be risked. The irony of Forex exists in the fact that bigger profits are usually a result of bigger risks. However, getting carried away and crossing the line leads to risking beyond necessity and losing a lot of money. To be on the safer side, obey the traditional risk-reward ratio of 2-3%. 

Crossing this might seem tempting like money always is, but it will cost you a good deal once on the other side of the line!
 

4) Over-leveraging: Leverage is a provision given by your Forex broker so you can hold higher positions and potentially make a good winning. Remember to always bite of what you can chew. Driven by the mad hunger to make money, traders end up leveraging high positions. While the fact is that a high leverage can bring high profits, it can take from you the same it promises to give. When you lose a trade that has been leveraged, you will lose the borrowed money and the investments you put! 

This will add up to a colossal sum, one which you don't want to owe back. Leverage in healthy amounts and keep away from vile temptations.
 

5) Letting Greed Get the Better of You: Greed will be your constant enemy for as long as participating in Forex trading in Vietnam. Confidence resides on the right shoulder of yours, and greed resides on the left! Money is undoubtedly a necessity, and a window to make more money is quite often impossible to resist. This is why it is suggested that you let greed empower you to trade better! Typically, a greedy trade would blindly chase money and hold losing trades. 

A greedy trader, who is also smart, will pick the most profitable of positions and make the most out of each; know the difference!
 

6) Trading to Make Up For Losses: Let lost trades remain in the past. A common mistake several traders make is trading to make up for lost money! Crying over spilt milk will do you no good. While losses are a devastating happening, letting them lurk around is a foolish thing to do. Instead, be motivated by them and see how you can avoid them and simultaneously improve the profits you make! 
 

Mistakes are natural and evolving from them is the wisest thing to do as a Forex trader. Having the assistance of currency trading veterans will not just help you avoid these mistakes, but will also help evolve as a trader! Sign up with the global leader WesternFX today, and join the league of professionals! We will empower your trades with top-notch trading strategies and provide you with the most stellar platforms to work on; call us today and let's get started with Forex trading in Vietnam!

Swing vs Day Trading | Forex Trading Strategies Pros & Cons

With Forex trading strategies being as important as they are, it has become a challenge picking the best one. Each plan is effective in its own way, and this causes heavy confusion as to which one works best. Though there are quite a few methods to work with, swing and day trading strategies see very close competition. Both of these approaches are contrasting to one another but are amongst the few plans that are employed most. 

As a Forex trader, implementing a powerful strategy is key to winning trades, and day, swing trading strategies are two of the bests in the game today!
 

Like every coin, these approaches have their own two sides of pros and cons: 

Swing vs Day Trading Forex Trading Strategies Pros & Cons

1) Timing The Trade Right: Timing your entry, exit and trade in itself is the most crucial part of Forex trading. Additionally, this is deciding factor between swing and day trading plans. The former is a long-scale approach which doesn't require you to monitor charts every minute, whereas the former is a minute to hour-long approach that demands you to study the charts continuously! So if you are up for an intense trading session, day trading is for you; if not, the swing will do just fine.
 

2) Capital Requirement: Long-term trades require larger capital when compared to smaller ones. Swing trading strategy is relatively longer than day trading. The capital needed for this is times more than the money you would invest in a day trading scheme! Depending on your investment freedom, pick the plan that works best.
 

3) Making a Consistent Winning: A market laden with risks, Forex trading in Vietnam is no easy endeavor. Every trader wants to make money, and money is the first factor when choosing a strategy! Day trading strategy being short-term, reels in profits lesser than its swing trading counterpart. Swing trading, however, is riskier, but also has more profit potential!
 

4) The Cost To Pay: At the end of the day, you invest more than just money; you're investing a lot of time and effort. This ultimately leads to stress. To have a successful career, stress should be in relatively lower or considerable amounts. Day trading is an extremely fast-paced and intense methodology, whereas the swing trading strategy is more relaxed. According to your stress threshold, pick the best!
 

Amply lucrative and in trend currently, the day and swing trading strategies are both incredibly powerful. Equip yourself with the best of Forex trading strategies, and race your way to the top! Call WesternFX today, and avail from our arsenal of hand-picked drafts that we will curate according to your trading style. With our experts by your side, you will reach the top of Forex trading in Vietnam in no time!