A Simple Guide for Timing your Trades

Having the right timing is an essential element in Forex trading, both here in Malaysia and worldwide. Apart from locating the right trade, one needs to be able to position his entry and his exit in the most accurate manner possible to widen the chances of success. Trading when the charts are poised against you is sure to bring you loss. In this article, we’re going to be exploring the importance of good timing, and identifying methods where traders can strengthen their timing in the Forex market. 

Examine the markets

Most professional traders understand that there are only specific zones in a day when transactions would be most fruitful. It is important to comprehend that the stock markets of countries have a great impact on the currency movements around the world. When multiple stock markets are open, there is bound to be more turbulence in the Forex exchange for someone trading in Malaysia. It is estimated that when only one market is open, the range of price movements could be around 30 pips, which is a modest level of volatility. Keeping an eye on stock exchanges with a prominent stature can deepen your insight into trading. The US dollar is the most heavily involved currency in the Forex market, and is, therefore, the currency that one needs to monitor most closely. Therefore, to grasp the best setting for a transaction, one needs to study the New York Stock Exchange as it is also the largest stock market in the entire world. 

Understand the necessary overlap timings

The time zones when stock markets overlap brings volatility into the Forex exchange, thereby creating a ripe environment for both profit as well as loss. The largest of these overlapping periods occurs when the New York Stock Exchange and the stock market in London open. During this period, the two major currencies, the dollar, and the euro, are triggered. As a result, the currency markets would be at their most active and volatile state. For those attempting to aggressively interact with the movements and make profits, this would be the ideal time to begin trading. 

Adhere to the news

Large scale news breaks can bear a massive impact on the markets. News of country’s economic updates, along with new policies on currencies by their respective central banks can also affect the market. It is important to keep an ear out for economic, geopolitical and political news relating to major countries. This helps to be more wary of the appropriate timing to enter a trade. 

These are some of the basic ways in which a trader can learn to foresee and determine the right avenue to enter a trade. If you want more insight into Forex trading, then joining hands with a leading brokerage firm could help your cause. WesternFX is a leading international broker with clients in multiple countries. Contact us to polish your understanding and lift your skills in the world of Forex. 

Mastering the Right Order Type for Forex Trade

There are a host of order-types that a trader needs to be aware of, inorder to master the Forex Exchange in Malaysia. Orders need to be placed at the appropriate time and instance in order to maximize a successful outcome. Those that are placed outside of their right bounds can drive your trades off track and limit your chances of profit. Here are the major order types in Forex trading, and all you need to know about them.

Market Order

This is the most prevalent type of order in CFD trading in Malaysia. It is used to immediately execute an order at the price of that time.

Notes

This type of order can be used to enter a new position or to come out of one, either of which through buying or selling.

Stop Order

This type of order is meant to be pinned to a particular price. When this specific price value is reached, it initiates a market order. The order can be used for buying, as well as selling. When buying, this order purchases a currency pair when the price reaches the value specified. Meanwhile, when selling, this order sells the currency pair when the market value reaches the designated price or lower.

Notes

This order can be used to manage and reduce the extent of your losses. Before stepping into a transaction, a trader roughly knows where he needs to position his exit if the market goes against his wishes. Through this order, if the market does turn against him, the trader can exit the trade at a specified price, thereby eliminating the chance of an uncontrollable dive.

Stop orders can also be used to protect profits. In the case of a profitable trade, the function of a stop order can be utilized so as to guard the profit made. When a long trade has been rendered positive, you can situate a stop-sell order in the area of profit so as to prevent loss in the case of a sudden market swing.

Limit Order

This is an order that is instated when a trader looks to step into a new position at a particular price level, or to step out of his current position at a certain price. This order results in the purchase of a currency pair when the price value reaches the specified level.

Notes

These are used to pre-define and reach a range of profit. With a long trade, you can use a limit-sell order to set a profit point, while with short trades, you can use a limit-buy order to do the same.

Apart from having good skills, one needs to have a robust education with the Forex exchange. Understanding the various types of orders is vital to optimally using the tools available for a profitable response. You can get in touch with WesternFX to gain expert insight on the subject.

Choosing the Right Broker: What WesternFX Offers that Others Don’t

Choosing Right Forex Broker

Conducting Forex trading in Malaysia needs the partnership of a skilled broker. Among the more well-known names is WesternFX, a brokerage firm based in Canada. The organization has carved a name for itself through years of service, and in this article, we’re going to be looking at what sets this broker apart from the rest.  

High-Speed Execution

The corporation has in place a robust working structure that guarantees almost immediate processing of transactions with traders’ orders directed to the liquidity providers at the best speed. In other words, the man conducting the trade has less time taken away during transactions, and more time to devote to refining his strategy and skills. 

Ethical Working and Solid Regulation

Unlike others in the field, the corporation does have fair dealing. This means that they do not cut a share off the other end of their clients’ trade. In addition to this, the corporation adheres to all of the regulations in place, having procured its license from the Vanuatu Financial Services Commission (VFSC).

Flexibility

The company offers many accounts, allowing their traders to examine each and select the one that appropriately suits their needs. 

Higher Leverage

The maximum leverage in place, with the firm’s account profiles, is a whopping 500:1. This, consequently, guarantees more opportunity for traders and increases avenues of earning. 

Trading Through Multiple Platforms

Apart from trading over the internet, traders can operate through iOS, Android and Windows phones, giving them ease-of-functioning and convenience. 

Ease-of-Usage and High-Performance Interfaces

The trading account is built on strong architecture, providing high-speed performance and eliminating the chances of crashes and other troublesome glitches during the trade. In addition to this, the platforms are user-friendly and easy to navigate through for those familiar with the internet, as well as those alien to it.

Additional Tools and Strong Support

WesternFX keeps its traders updated on the trends molding the market, with news, market analysis, and other insightful material. They also provide assistance to learners with a range of learning/training material, all of which are free of cost. Customers can also reach the firm at any time, with a twenty-four-hour customer service system that includes email, chat and messaging.

Account Manager

For premium account holders, the broker offers an added aimed at improving the entire trading experience. A Dedicated Account Manager would be assigned to you, specifically addressing the needs of your trading account. The Account Manager keeps in touch with the client, bolstering performance as well as productivity for his trading process. 

Trading Strategies

WesternFX outlines different trading strategies to the customer, allowing him to adopt one according to his needs. The company has years of experience and a robust skill set which assist the client through the journey, giving him better prospects for success. 

There are numerous brokers to choose from in the field of Online Trading in Malaysia. However, it is imperative that you choose the right guide for handling the ups and downs of the business. WesternFX is the preferred contractor for many not just for their proficiency but the trust that they build with their clients.