Questions Every Aspiring Forex Trader Should Ask Oneself

When you see Forex traders who mint big money on the regular, wanting to be in their shoes is a natural thought. But do you want to be a Forex trader or just a rich chap? That’s the more important question to ask yourself. There is a difference between being successful and being a successful Forex trader. Forex trading is a field that requires months of practice and experience before profits can be seen. Many novices make the mistake of getting consumed by the idea of money and delving into currency exchange with no practice! Though money is the primary motivator, it shouldn’t be the only reason you start trading.

Forex Trading

Here are some important questions to ask yourself if you’re an aspiring Forex trader:

1) Do You Have Clear Expectations From Your Trades?

A goal has to be established before you can think of trading. Wandering aimlessly and making namesake trades will get you nowhere! Everything from your Forex trading strategies to the indicators needed has to be planned thoroughly, but most of all, you have to establish what you want from your trades. 

2) Are You Willing To Spend Time Learning?

Learning today will help you earn tomorrow. Forex Trading, being the research-intensive domain that it is, requires that you spend a lot of time researching market trends, economic conditions and currency viability. If you’re in it for the long haul, willingness to learn is one of the most crucial things. 

3) Will You Treat Forex Like A Gamble?

Forex trading isn’t purely luck-based. Unlike gambling, currency trading requires a lot of analysis, research and nick-of-the-moment adapting! If you plan on treating Forex like a gamble, you will find nothing but losses in your path. Only when you respect the difficulties that currency exchange carries will you be able to adapt to them.

4) Do You Have The Discipline And Patience?

Many a trader has tumbled down due to impatience. While profits can be made in big amounts, they aren’t seen overnight. A lot of work goes in, be it on a small trade or a big one, and only with dedicated efforts can you make money. 

Once you have a positive answer to these questions and are sure that you belong in the Forex markets, all that’s left to do is avail the assistance of a knowledgeable Forex broker! With the backing of our experts at WesternFX, you will have everything from platforms to Forex Trading Strategies at your disposal. Cement your standing as a top-tier trader with our brokerage; call us today to get started! 

Forex Demo Trading vs Live Trading - Why Both are Necessary

Demo trade, live trade, this battle just adds to the preexisting pile of confusion you carry as a Forex trader. As a Forex trading beginner, traders are often confused if they should demo practice first or start trading on a live account right away. The reason behind this confusion is simple - a Forex demo account doesn't account for real-time risks, which demo traders are left unaware of. On a live account, you can place trades without the safety of a demo platform; meaning, the risks are all around you and you get to learn first-hand. Both methods have their own pros and cons, but as a newbie, differentiating between them is easier said than done!
 

Here are some points for you to keep in mind when this particular dilemma strikes:
 

Why Both Demo & Live Trading Account are Essential

Demo Trading Is Convenient When Starting Out: Beginners don't have much leeway as they start. A live trade is too volatile to learn on! There's a variety of information to be consumed and this gets overwhelming. On a Forex demo account, you need not worry about the market risks getting in your way. Trade all you like with virtual money, on a simulated environment designed to show you how the markets work!
 

Emotional Control Is Learnt Better While Demo Trading: Losses and risks are a part of Forex trading, and this is an expensive lesson when learnt. Not having the necessary emotional control can cost you a lot while Forex trading in Malaysia. Getting too scared or greedy, or confident, has led several Forex traders to their downfall! On a demo account, you'll be able to hone emotional control steadily since the entire environment is virtual, with no repercussions to fear.
 

 Live Trading Helps Manage Risks Better: While demo trading has said advantages, live trading helps manage real-time trade risks better. You can't learn risk management with virtual money - there's no risk involved in that! On a real-time trade, however, there is a plethora of risks to stay wary of and learn to avoid.
 

Trading On A Live Account Gives A Better Market Feel: No matter how much you trade on a Forex demo account, it's ultimately just a practice. To get a good grip over the markets, you have to trade live. Real-time trades give you the full display of how the chaotic world of Forex trading is.
 

Before you start Forex trading in Malaysia, you will have to decide your training method. Both demo trading and live trading are fruitful, it all comes down to preference. And at WesternFX, we have all the provisions you'll need to get started with Forex trading! Reach out to us today and we will equip you with the best of facilities needed to learn Forex thoroughly.