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!