3 Reasons Why Demo Trading Account is Essential in Forex Trading

Forex trading can't be learnt through reading alone, its practice that really hones a trader. Live markets are too risky to jump into without any practice! Forex demo accounts were created for this reason, so traders can practice trading without risking any real-time money. Real-time markets have a lot of risks and frequent fluctuations which can disrupt a new trader's learning process. 

Demo trading accounts are the best start to every trading career. Here's why:

Reasons Why Demo Trading is Essential Before Live Forex Trading

1) Accustoming with the Trading Ecosystem: Entering Forex trading without practice is like diving into the sea without knowing swimming. Firstly, the pressure will be overwhelming; secondly, you will be clueless as to what to do! However, once you start off with a Forex demo account, you will gradually learn how to use the platform and how the market functions. Demo accounts simulate a realistic environment, as close as it gets to live markets, this helps you learn everything first-hand without losing actual money. Even professional traders use demo accounts before going live! 

2) Demoing Strategies: Trading strategies are substantial in all genre of trading. From entering a trade to exiting it, your trade plan will govern the outcome. Demo platforms provide the perfect grounds for testing out your strategies. Since there is no real money lost, be it a good outcome or a bad one, you can test and compare trading strategies to your heart's content without suffering backlashes. With different trends dawning each day, the need for new and unique strategies is always high!

3) Testing Customer Support: As a new trader, you should always check the quality of customer service your broker provides. Several brokers just give a trading platform and provide no follow-up after that! In trades, you will need consistent support from your broker. Additionally, during nick-of-the-moment trades, you will heavily rely on them! Demo accounts don't just provide a simulation of the market; they also let you experience your broker's customer service first hand. 

Practice makes perfect! Demo trading accounts aren't just for new traders, even professional traders use demo accounts to test out their strategies, risk management measures, etc.       Aided by WesternFX's amazing demo account, you will learn trading in no time! Our Forex demo accounts are designed skillfully, to make sure every trader - new and capable, gets to experience trading at its finest! Call us today to get an amazing demo trading account.

4 Stellar Tips To Keep In Mind While Investing in The Stock Market

Traders are relentlessly drawn by the stock exchange. The liquidity of stocks and the promise of steady returns make them the perfect take for several traders. The only downside being long durations of holding trades. Starting off, every trader has the same question - "Is it worth investing in stocks?"

It definitely is! With a value well over $30 trillion, the stock market offers excellent trading grounds for the adept. 

Here are 4 tips to keep in mind while entering the stock market

1) Avoid Following the Crowd: As quoted by Andy Hunt - "Only dead fish go with the flow." In stock trading, never practice herd mentality. A typical trader's mentality is to invest in stocks that others have invested in. Each trader has a particular trading strategies and an outcome to achieve; trying to fit in those shoes will do you no good in the long run. Let other traders only motivate you, not lead you altogether.

2) Plan for the Long Run: Though stock exchange market has high liquidity, they are not a means of quick money. When you plan on investing in stocks, brace yourself for the long run. Stocks have an erratic and volatile nature; this means that there's no guarantee your investments will present themselves to you when you need them. Ideally, stocks help save for retirement, college or participating in a real-estate purchase.

3) Plan Thoroughly: Stock Trading is built on a strong plan. Without the necessary foundations, success is a dream! Every great trader has a plan of his/her own to conquer the game. Devise your own! A good plan doesn't simply help you make the most out of a trade, but it also helps you avoid losses. Planning ahead, you can make sure measures are in place to keep losses at bay and profits multiplying.

4) Never Time the Market: Timing the market is like swimming against the flow - the latter is always stronger. Even trading legend Warren Buffet advises strongly against it. Returns don't obey you, they obey the market. Though speculations are a necessary skill in trading, in stocks it is advisable to let time call the shots. 

Patience and practice are the mantras to success in stock trading. Equipped with a solid trading platform and driven by a stellar strategy, you can never falter in stock trades! At WesternFX, we provide our traders with an impeccable trading platform to work with and our experienced traders will offer aid with excellent strategies. If you're looking to rock the Stock Market in Malaysia, call us today!

How To Avoid Getting Scammed By Your Forex Broker?

Forex trading becoming popular, people will always find a way to make money the wrong way. What tops the list in Forex scamming. Online trading has skyrocketed since its advent; along with it, even scammers found a leeway! The Forex industry is bustling and in the rush of the hour, people make hasty calls choosing the wrong brokers. Avoiding scamming takes a bit of focus. To be able to differentiate a legitimate broker from a fake one and to know what to do when caught in a trap is something a trader learns as times goes on!

Here are 3 things to keep in mind to avoid Forex scams:

1) Compare the price: Get a complete control over the trading platform so you know exactly what actions the broker takes! With all the price feeds in your control, any decision called will come to your notice. Several traders are provided with only one feed, which is essentially useless without the others; doing so gives the broker complete control over market moves and leaves you tied and blind! Don’t end up chained, always make sure you are on the driver’s seat with your broker only providing assistance. 

Forex brokers in Malaysia

2)Keep a physical account of everything: With digital applications allowing you to monitor happenings, you forget the importance of a pen and paper! What helps you fight against a scammer is the account you have of what happened. Digital information can always be manipulated. By keeping a track of all trades, you can pull one on a scammer before he does on you! Several financial institutions exist to help with such cases, but to prove your innocence there you’ll need to show concrete evidence. Additionally, maintain records will aid in having smarter trades and help you speculate fluctuations better.

3)Read through reviews: The simplest method of differentiating good online broker from bad one – see what others have said! It is no doubt that a good broker agency will be reviewed positively. Always pick a broker who is reviewed well, and additionally has his service reviewed too. It is always an advantage to know everything about your broker – the facilities, spreads and what makes him better, before partnering up!

These will help you keep scammers at bay and profits running! Once signed up with a good broker, your trading life is set to cross all seas. Partner up with WesternFX, the best brokerage agency! Our expert Forex traders will make sure you have a consistent track record. For getting the best Forex brokers in Malaysia, call us today.