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.

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!

Why You Should Become a Forex Trader – Advantages of It

If the daily 9-5 slogging is starting to wear you out, Forex trading might just be the perfect solution for your troubles! A field becoming prominent today as a career opportunity but for many comes with a vast set of advantages that makes it so alluring. For some traders Forex acts as a retirement plan, for others, it's an exciting and daring venture to undertake. Either way, the profits are always there. With a well-planned approach, you will be able to catch profitable market trends ahead of time and make good money in your trades!
 

Here are 3 reasons why Forex trading is a great job opportunity today:
 

Benefits of Becoming Forex Trader

1) Starting Requirements are Basic: Don't have $10,000 to begin with? No problem! You can get started with Forex trading using amounts as minimal as $100. One of the greatest benefits of Forex trading is the low starting capital and the added leverage provided by Forex brokers. Many traders believe in the myth that currency exchange is for the rich, and a lot of money is needed to see good returns - it is not such! You can make a stellar winning with nominal capital and a planned approach; so if you are looking to get started, don't hesitate!
 

2) Ample Research Material Available: Research and education is the key to winning Forex trades. You will have to spend a good amount of time studying how trades function, the theory of each currency and how a trade goes on from start to finish. Luckily for you, a lot of research material is found online - and you can avail it for free! Many experts and Forex brokers post blogs, videos and trading tutorials for you to learn from.
 

3) Flexible Trading Mechanisms: Some traders aren't comfortable with long-term trades, and some want to trade longer. As a Forex trader, you can choose the approach you wish to follow. Short-term traders can scalp, swing trade or day trade their way out; and long-term traders can relax with a good position trading strategy in play.
 

Still shaky on your standing? Talk to one of our experts at WesternFX today! Proficient beyond comparison at Forex trading, our arsenal of professionals will be more than glad to provide you with the details and information you need regarding online trading or just normal currency exchange. And be it a practice Forex demo account or a live-trading platform - we will provide you with all the necessities! Call us today to know more.

What Should You Ask Yourself before Starting Forex Trading

Forex trading is an incredibly profitable career option, surely. However, it isn't a venture you can embark on blindly. There are several nuances to it, and you will need a firm understanding of foreign exchange to see success as a trader. The markets today are tremendously competitive, with both brokers and traders fighting it out for a piece of the $6 trillion trading value! With a risky field such insights, you will have to ask yourself some questions if you are considering pursuing it.
 

Ask yourself these 5 questions before you get started with Forex trading: 

Top Questions to Ask Yourself Before Starting Forex Trading

1) Am I Financially Equipped for This?
 

Having enough capital is important if you want to take part in Forex. Don't confuse this with richness! You don't have to be a millionaire, but you definitely need to have at least a few hundred or thousand dollars to start off. Before you consider Forex trading in Vietnam, ask yourself if you can handle financial requirements with comfort. Entering the markets and then realizing you are running short on cash can prove very harmful down the line!
 

2) How Efficient is My Strategy?
 

The quality of your Forex trading strategies has to be top-notch, and you should asses this before going live trading. Be it a simple approach or a complicated one, quality testing has to be done to make sure it doesn't fail when you are carrying it out in real-time!
 

3) Do I have the Necessary Market Knowledge?
 

You have successfully demo traded and are no moving to real-time trades, but do you have the market knowledge necessary? A live trade carries a lot of constraints, but the biggest risk is volatility. Without knowing how economic factors can disrupt your Forex trading exchanges, you are putting yourself at unimaginable levels of risk!
 

4) Am I Protected from Volatility?
 

Risk management is a concept you should brief yourself before trading. Be it studying stop implementation or going through large case studies, be aware of the consequences Forex trading volatility brings so you can avoid it!
 

5) Do I Want To Do This on a Long-Term Basis?
 

Lastly, the most important question, do you want to trade full-time? You can always opt for a half-time approach or have trading bots do your work for you. Take this decision with enough thought put in, it is life-deciding!
 

Many traders start Forex trading in Vietnam without any sort of backing and end up burning their capital swiftly. Don't make the same mistake as them! Call WesternFX today, and have a talk with one of our experts. We will patiently discuss with you about the prospects of the markets and guide you accordingly. With us by your side, you can go on to see success in your trades! Come partner up with us and let's get started!

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!

What Makes You a Good CFD Trader in Vietnam | CFD Trading

To have a successful run in any trade market requires experience. This experience comes with patience and learning, learning in turn, comes with research. The ladder that takes you to the top is long! Contracts trading are one of the most profitable fields in trading today, and everyone wants to run up this ladder as quick as can be done. However, one thing eager traders fail to realize is, the higher you go, the harder you fall. Success should be chased wisely, and it is something that comes with time. 

In a rush to make good money, CFD traders make rash decisions and end up taking a fall.

Tips to Become Pro CFD Trader in Vietnam

Of the several requirements for becoming successful, these are the 4 most important:

1) Recurring Practice: Excellence is said by many, to be a habit, not a state of being. When you put in long hours working hard and working smart, excellence comes within reach! Practice is one of the most important aspects of CFD trading, and one you will need till the last trade. With so many strategies and timeframes to work on, practice is a must to land at the perfect trade condition. Success comes with practice and hard-work!

2) Controlling Leverage Right: What makes CFDs truly interesting is the provision to avail a borrowed sum, and hold larger positions in trades. With a leverage of 100:1, you can start with $100 and hold up to $10,000! The twist, however, is that when you lose, you lose $10,000, not $100. This is what makes leverage control crucial and a decisive factor in most trades. Without proper risk management measures in place, CFD traders can easily lose their earnings!

3) Taking and Cutting Losses: While losses have to be kept at bay, they can't be completely avoided. No matter how solid a Forex trading strategy, losses can always creep in. Learn to cut losing positions; don't hold on with hopes that the trade with a turn in favor! When a loss is made, cut the trade, take the loss and move on.

4) Performing Ample Analysis: CFD trading is a field driven by technical analysis. Without comparing past and future market trends, it is difficult gaining control over present movements. Technical analysis combined with a strong strategy can work wonders!

Forex trading in Vietnam today holds an incredibly high value. Traders from around the world are participating in these markets and winning, you can too! With an established broker like WesternFX by your side, victory is assured! Call us today and avail our stellar brokerage; be it CFDs, stocks, or CFD trading in Vietnam, with our assistance, you will emerge successful in all ventures!

5 Critical Aspects That Will Define Your Forex Trading Career

Though it seems immensely complex, filled with risks, and an intimidating field, Forex trading is an incredibly interesting domain, with plenty a gain to make. Every trade market can be broken down into parts. Once you have a clear understanding of each of these segments, winning trades is a cakewalk! As a beginner, traders find themselves overwhelmed by the various aspects a single Forex trade houses. The primary reason for FX traders losing is the fact that they delve into trades without a proper understanding of foreign exchange markets, and the nature of currencies.
 

Here are the 5 core aspects as every Forex trade: 

Tips to Improve Forex Trading in Vietnam

1) Market Control: To win at Forex trading, a keen understanding of its markets is required. One of the reasons several traders prefer currency trading over other branches is because of its immense flexibility. From time-zones to platforms to strategies, you decide them all! So ensure you pick a market that is not too volatile and a strategy that best fits the timeframe.
 

2) Trade Quantity: Albeit Forex is generous and allows traders to hold positions of high value, as an adept trade, you will have to know for sure how much you to buy or sell. Money management is an aspect of Forex trading that seldom gets the respect it deserves. Decide beforehand, the quantity you will invest, to prevent last-moment hurdles!
 

3) Entry Points: You can't simply enter a trade; you have to enter at the most profitable point. Entry signals will show the most lucrative conditions, follow those to make the most out of a trade.
 

4) Exit Positions: Just as entry points are important, exits are too. If you want to maintain a winning position, knowing the best exit point is of paramount importance.
 

5) Cutting Losses: While losses are truly inevitable, they don't have to be held on to! As a trader, you control what happens in a trade. Cutting losses is a key part of every online trading; holding on to a losing position hoping it will magically become better is no wise act.
 

From CFD trading to Forex, the backbone remains the same. With these 5 points noted, your trading career can transition into that of a professional's in no time! Call the world-class broker - WesternFX today, and hire from our arsenal of Forex brokers. With our unparalleled brokerage, you will dominate Forex trading in Vietnam.

4 Latest Forex Trading Tips for Beginners in Vietnam

Traders from stocks, options and futures often look to migrate to the Forex market. It's incredibly huge value, and immensely lucrative nature makes Forex a massive opportunity for minting good money. However, the foreign exchange market is no small place to cover by foot! It is a domain governed by chaos, unpredictability, and huge amounts of risks. Several novice traders make the mistake of jumping into currency trading without a hint of information as to how to thrive in the grounds of foreign exchange.
 

Are you a beginner to Forex trading? 

Here are 4 amazing tips to help you through:

Forex Trading Tips for Beginners

1) Know Yourself Before You Show Yourself: Something traders fail to do, understand their own goals. Some might want to work in an intense environment, while some might want to take it slow. Not knowing your goals will lead to confusion midway, and leave you stranded! Without understanding your requirements, you will trade aimlessly. Jot down what you want to achieve, and then go get it!
 

2) Plan Your Trades: Planning isn't an improvisation done halfway through, to survive in the chaotic markets of currency exchange; you will need a solid Forex trading strategy! From making precise entry points to keeping stop orders, to exiting on a profitable note, your trading strategy should cover every aspect. Without a proper trade plan, there will be no goal in sight and path to achieve one even if there is!
 

3) Start Off Small: "But smaller investments mean smaller returns, right?" Wrong. The misconception that investing more rewards more is one that occupies every beginner's mind. Profits are made in Forex as a result of a good strategy, and calculated decisions. Invest small amounts, starting off; once you have a firm grip over the market, you can gradually increment the capital!
 

4) Keep One Egg In One Basket: Diversification is a necessity in Forex; however, this transition comes after you've become a better trader. As a novice, your focus should be on one or two currency pairs at the most. Each currency has a certain behavior, and all pairs are influenced by factors like the global economy, politics, etc! Work with a few pairs and master them before branching out.
 

To become a successful Forex trader will take time, experience and consistency! Only 10% of the traders make profits in foreign exchange markets that are how stifle FX trading is. Join the ranks of professionals today, sign up with WesternFX! Our brokers will guide you through all hurdles, and ensure you master Forex trading in Vietnam.