Reasons Why Forex Trading Will Be Perfect For You

A thrilling experience and one that is equally profitable, Forex trading can be pursued as a hobby, taken up as a part-time job or become a full-time career path. The 9-5 slog isn't meaning for everyone; some people truly do enjoy what they do, no matter how strenuous. But, for the ones who don't, working a boring job can be a struggle! 

Additionally, many people find themselves toiling endlessly only to make a handful in earnings. For such individuals, Forex trading can be the perfect career line. A field with high profit-potential and an endless stream of opportunities, you will not only find yourself immersed whilst inside, but will surface to see hefty profits come your way!

Forex Trading Strategies

Here are 5 reasons why a Forex trading career will be perfect for you: 

1) Be Your Own Boss: 

As a Forex trader, you are under no one but the global economy. You can trade as, when and where you want to! Being one's own boss is a dream for many, and you can realize this. Similarly, no one will force you to follow a predetermined set of techniques; you get to choose how you want to trade!

2) Trade From Anywhere You Want To: 

Be it at a cafe, a beach or in the comfort of your home, you can start Forex trading in Nepal from anywhere you find right. This freedom is one of the biggest advantages of Forex! All you will need is a laptop with internet connection and a good trading platform - and you're all set to go. 

3) Forex Is Extremely Flexible In Its Working: 

Be it strategies, platforms or currencies, Forex trading allows you to work within boundaries you set, not those determined by any other factor. Choose from a variety of Forex Trading Strategies, employ either major, minor or exotic pairs, and place trades on timeframes you find to work best for you! 

4) Huge Window Of Opportunities: 

There are no fixed intervals where profits can be seen; Forex is a very volatile market with trends surfacing every now and then. With proper analysis done, you can zero in on some very lucrative trends and capitalize on them perfectly. 

5) Trade Part-Time Or Full-Time:

If you still want to stick to your day job but also want to trade currencies, worry not! Forex trading can be done part-time as well as full-time; there are many approaches you can follow to accomplish this. Either by employing trading bots or by working on smaller trades with simpler Forex trading strategies, you can comfortably trade part-time, work a day job and enjoy the benefits both worlds offer! 

Many people have already started Forex Trading In Nepal for a living, and they're having a great time! Getting started will not be as difficult as you think; get yourself a trading account from WesternFX, and our experts will start guiding you to make successful trades immediately. 

Backed by our veterans, you will be able to grasp in-depth concepts swiftly and find a place for yourself in the markets in no time! Call us today and talk with us to know more. 

Advantages And Drawbacks Of A Career In Forex Trading Markets

Depending on your perspective and a number of reasons that follow, Forex trading can be as disadvantageous as it is advantageous. One of the biggest financial markets today, foreign exchange is without a doubt tremendously lucrative, be it on a part-time or a full-time basis. A successful Forex trading career is a dream for many; the risks imbued in each trade make currency trading a daunting challenge. 

If you're new to the game and are pondering over whether or not it's worth it, go through these pros and cons: 

Advantages Of Forex Trading: 

1) Flexible Markets: 

Currency markets are incredibly flexible and give you immense freedom. You can work on timeframes short, medium and long, and employ from a variety of Forex Trading Strategies on a number of different currencies. This makes Forex trading very advantageous since there are no preset restrictions for you to obey! 

2) Easy To Start: 

Getting started with Forex trading in Nepal is easy on you and your wallet. A couple hundred dollars will be more than enough for a starting capital, and other than that a laptop and a trading platform will do. As you go ahead, you can gradually leverage your trades and increase your account threshold. 

3) Variety Of Options: 

You can pick any currency pair you think will bring in profits; be it major, minor or exotic! As a Forex trader in Nepal, you can design your trading technique as you like it, rather than letting the markets shape it. 

Disadvantages Of Forex Trading:

1) Leverage Is Risky: 

Leveraging trades is easier said than done. Losing a leveraged trade will prove immensely expensive, leaving you to incur the losses of your capital as well as the added leverage! If not traded with caution, you can subject yourself to huge risks. 

2) Forex Markets Are Volatile: 

It is close to impossible to predict how the markets will move. Even with the necessary loss-management mechanisms in place, the markets can grow volatile to the point where they bypass all stops and still lead to you incurring losses!  Foreign exchange is scarily volatile and demands that you be amply knowledgeable prior to trading. 

2019 so far looks like a great year for Forex traders. All you need to get started is the assistance of a reliable Online Broker In Nepal, and you're set to fly sky-high! Reach out to WesternFX today, and equip yourself with the best-in-class currency exchange solutions. From devising strategies to implementing charting tools, we will teach you the A-Z of Forex trading in Nepal, and ensure you see stellar success! Call us today to know more. 

4 Tips To Find Yourself An Amazing Forex Broker in Nepal

The $5 trillion dollar market of Forex needs no effort luring in traders; its sheer liquidity reels in the crowd! With currency trading accounting for such a mammoth value, every trader wants to pair up with an amazing broker and make good money. However, money attracts all sorts of evil. There are several brokers who play nice and will scam you the first opportunity they get. Getting a reliable and trustworthy broker is one of the first steps to your Forex trading success. 

Here are different aspects that will help you find an amazing Forex broker:

How to find a best suitable forex broker for your trading

1) Demo Account Provision: Novice traders underestimate the power of demo trading accounts. Without a good account to practice with, learning the real-time market is impossible! Even the best online traders have learnt from demo accounts. Trying to enter the market directly, without prior practice will lead to severe repercussions! A good broker will provide you with a demo account loaded with all the necessary features to learn the art of trading.

2) Spreads Charged: Spreads and transaction fees are the main source of a Forex broker's income. In Forex it is common to come across brokers who claim to not charge any commission; don't fall for such scams. Similarly, a broker will fool you by offering high leverages. Although leverages can be beneficial, in the event of a losing trade you will end up paying a hefty sum to your broker! Be wise with the spreads and leverages offered.

3) Quality of Customer Care: New traders are ignorant to the fact that down the line, their broker will play a prominent role in their trading career. Customer service is substantially important when it comes to Forex trading. With such a volatile market and large amounts of leverages on the line, precision in speculation is necessary. During tough trades, you will need your broker's assistance more than anything!

4) Currency Pairs: There are several currency pairs in Forex, and no two pairs are always trending. Some brokers only offer specific pairs. However, the predominantly trending pairs are sometimes left out by brokers. Ensure the broker you partner with provides the pairs you wish to trade in and has impeccable support facilities.

Aided by a good Forex broker, trading will be a cake-walk! From strategies to currency pairs, make sure you get the best. At WesternFX, we strive to provide our customers with perfect trading solutions and services. From helping them devise plans, to providing 24x7 support, we offer a complete package! Call us today to avail our online Forex Trading services.

10 Simple Yet Amazing Tips To Have A Successful Forex Trade

Though the concept of Forex isn’t too complicated, to have good deals consecutively poses a tough challenge. Many Forex traders often delve in without knowing simple concepts such as the role of a broker, the concept of leverage and the importance of strategy. A good Forex trader is one who knows Forex like the back of his hand!

Here are 10 amazing tips for newbies and pros alike, to succeed at Forex:

1)Establish your limits and choose your style: Always have styles best suited to your trading interests and expectations from it. Know when to trade and when not to. Establishing this control will make you a wiser trader!

2)Choose the best broker: Each style demands for a specific broker. Brokers play a huge role in determining the outcome of a trade. A good Forex broker will be patient with you, tell you the rights/wrongs and help you learn from your mistakes. Choose well.

3)Stick to the plan: In trading it is very easy to get carried away and lose track of the goal. When you establish a trading plan, stick to it till the end. You never know when the tides will rise in your favor.

4)Don’t overinvest/overtrade: A few consecutive profits are enough to lure a trader into pouring all his savings into the trade. Having self-control is very important in trading – profits and losses aside. Try going overboard and you will lose all the money you’ve made!

Forex trading in Nepal

5)Learn from losses: A huge reason lots of newbie traders back out is because they encounter a loss. Trading is not something you can always succeed at! No matter how careful you are, a trade might not go in your favor. Take it in your stride and prepare for the next one.

6)Don’t scatter: Though the common belief stays that being a trader you ought to try a hand in every trade; while starting off, sticking to one would be the best move. Till you learn a particular trade fully, don’t scatter.

7)Analyze and reflect: Good trades call for a drink, so do bad ones! With every deal closed, see where you went right, not just wrong. No trading pattern is so diverse where you need to build a new plan every day; analyze each trade and perfect the next one.

8)Don’t get greedy with leverages: Though a huge profit might seem tempting, understand that bigger investments don’t guarantee bigger returns. Leveraging can be good, just not always.

9)Maintain a record: What makes a good Forex trader good is his ability to keep records. This will help you realize where you went wrong and what has to be done!

10)Learn, day in and day out: Trading can never be mastered in a single day. To be good at it, you need to learn new tricks every day and devise the perfect plan for each trade deal you make!

Keeping these in mind, you can boldly venture out into the trade! Our executives at WesternFX strive to provide the best tips for traders and help in preparing the ultimate plan for every trade. Call us to avail our Forex Trading services in Nepal. 

How Can Traders Identify Trends in the Forex Market?

The process of identifying trends in the market is a highly crucial activity as it has high relevance in technical trading. Technical Indicators are metrics that are used to indicate the trends and directions of the market based on the past patterns. Their usage can help traders extrapolate the trends and forecast future movements. For traders who are engaging in forex trading in Nepal, using these trends indicators can help them trade without depending on market news.

These Are The Significant Trend Indicators:

Highs And Lows

Following the highs and lows of a trade can help forex traders identify whether their trends are gaining in terms of momentum or losing. Analyzing the candles can help traders understand the points of entry and exit and discern the price point where a trade may go up.

Moving Averages

The moving average convergence divergence (MACD) is an indicator used to signal the trend and momentum behind a security. It comprises two exponential moving averages (EMA), each covering two different time periods, which help to measure momentum in the security. This is valid for short-term forex trading.

The ADX Indicator

ADX, short for Average Directional Index, is a trend indicator used to measure the strength and momentum of an existing trend. It indicates the momentum and directional strength of a trend. The value of the indicator defines its upper trend or the lower trend. 

Line Graph Method

Line graph is a very simple, yet practical tool that allows the forex trader to look at the bigger picture of the chart. The line graph helps traders identify the overall trend along with specific details such as price action and number of pips gained. 

Technical indicators such as the ones mentioned above are useful in identifying the trends and the direction of the market. They help traders gain insight into the supply and demand of securities and use the information to place informed positions. For novice traders who are still getting the hang of such indicators, partnering with reputed forex brokers in Nepal such as WesternFX can be helpful in the long run.

How Trade Management and Stop Losses can Boost Profits?

Trade management is undoubtedly among the most vital factors of profitable trading practices. Most successful participants of online trading in Nepal use logical evaluation to enter the market and have a sound plan that they follow. While most strategies would need the basics of trade management, there are different aspects that one would need to incorporate into his trading system to maximize chances of profit. 

Stop loss

One of the most important elements of management in a trading strategy would be locating a stop loss. Stop losses are meant to be positioned before one enters the transaction, for they could determine the outcome of a trade. This is a critical part of the entire procedure and one would need to position his stop loss within the right range of pips to avail the right outcome. Most novices would place stop loss by just a few pips’ distance in the hope of seeing the price values move in their favored direction. However, this needs to be avoided and a more accurate method of placing the stop loss needs to be implemented for ensuring minimal losses. 

Trading sessions and their impact

Within a single 24 hour day, the online trading market transitions through three separate trading sessions. One needs to be aware of the impact that each of these sessions has on his transactions. Knowing when a new session is about to be initiated is important, especially for someone trading in the London session. 

When you carry transactions over from one session to another, then the alternations of the coming sessions are sure to impact your trade. To guard from this, you can either terminate your trade before heading into the next session, or position the stop loss in an appropriate manner prior to the arrival of the coming session. 

Risk and reward ratios in trade management

Someone unable to make profits would need to re-evaluate his risk and reward ratio. Implementing the right risk/reward ratio helps to optimize chances of success and regulate the risks involved with a particular transaction. A general rule that traders apply is setting a risk to reward ratio of 2:1. This enables them to win more than thirty percent of the time without having their account’s value diminished. 

Conclusion

These are some time-tested techniques any trader can use to enhance his overall trading performance. If you need more help in this regard, then get in touch with leading Forex brokers in Nepal. WesternFX is a leading international brokerage with our headquarters in North America and clients around the world. Team up with is to deepen your understanding of this field and lift profits!

Money Management and What it Means in Online Trading

This article will explore the concept of risk management and money management for those pursuing Forex trading in Nepal. Successful traders earn their edge in this field only with stronger money management skills when compared to the others. Most failures that one goes through in this business could be attributed to a lack of this quality rather than any other. 

The importance of money management 

The problem with most online traders is that they often underestimate the importance of money management and risk management. However, this is crucial in positioning one’s entry and exit in the market, as well as making the right transactional decisions with respect to one’s trades. Money management is a diverse and comprehensive field consisting of a multitude of aspects. This includes managing capital, allocating the right position size, risk mitigation, damage control, regulation of cash flow, equity management, selection of the right transactions and much more.

Relation between money management and risk management

Although these two areas are both interconnected and of equal importance, it is important to distinguish both of them to better understand and apply both of them. Money management would relate to taking the right position size and ensuring the right investment of capital. Meanwhile, risk mitigation or risk management, is more centered towards implementing controls to the outcome and ensuring that the chances of loss are reduced.

Often, the term ‘money management’ could be inclusive of risk management as well. If one takes a broader view of this term, it could spawn a broader approach around the entire forex trading process that includes having the right education and being able to accurately analyze the market, making predictions, etc.

Steps to take:

With money management, one would need to channel his efforts towards maximizing his usage of investment and capital to carry his portfolio forward. The process would include two major steps:

1) Determining what designated fraction of an account’s total equity to invest and to risk on any trade that is conducted in the US Dollar, Japanese Yen or British Pound. 

2) Calculating how many contracts one should hold in his transaction once an entry is conducted. 

If one manages to master these two vital steps, he or she would possibly be more successful at regulating their capital flow and determining positive outcomes on the transactions in the future. 

Conclusion

Many beginners to online trading in Nepal utilize weak money management structures, and this leads to bad performance. One needs to dig deeper and to flesh out better strategies for controlling the outcome of investments. If you require assistance in this area, then get on-board with WesternFX. We are among the leading international brokerages in this scene, with clients across the world benefiting from our quality services. We can show you the path towards better risk management/money management for improving your chances of profit in this space. 

Qualities of Professional Traders that You Must Emulate

Becoming a professional in the field of online trading in Nepal takes years of experience and hard work. Successful traders are adept at using the flow of currencies to make profits, and there are countless qualities that define their prowess. In this article, we’re going to be examining the traits that professional traders exude and how to apply them in regular trading. 

Strategic Approach

There are classes of traders who attempt to make money out of this sport with a more callous approach. In other words, they believe things would begin to fall in place as they move along with the transactions. However, with any market, be it the FX market or the stock market in Nepal, there are countless ways to fail without a seriously thought out plan. A well strategized, pre-mediated approach is the only way one can win in this field. 

Professional traders have a clear vision of what they’re about to do, and their actions are based on a clearly outlined strategy. This helps them identify the areas of entry in a transaction, as well as process the risk behind the trade. Having this verified approach towards trading is the only way one can manage their risks well and regulate the outcome in the right manner. Having a pre-mediated strategy helps to remove the emotional temptation behind trading transactions, and therefore, helps to bolster chances of success. 

Understanding the Arithmetic Aspect of Trading

The science of online trading is grounded in probabilities and arithmetic. Professionals in the field are aware of the chances of their success with each trade, and can work to reduce risk and bolster the positive outcome. In order to win in this field, one needs to look at it as a field grounded in mathematics. 

Focus and Discipline

With a professional trader, there is a clear understanding that the outcome of a trade depends on the discipline and the focus exerted over it. In order to remain faithful to the strategy and block out the emotional impulses, a trader needs vigorous focus above all else. Success in this area needs a constant supervision of the news and the events surfacing on a daily basis. This, as a result, cannot take place with a lack of discipline. 

Ability to Face Losses

One of the essential elements of trading is the capacity to manage losses, for they are a crucial component of trading. Professional traders aim not to avoid losses altogether, but to learn from them and use them as a chance to further refine and hone their strategies. 

If you want to learn more about the qualities that you need to master to give your trading game a more professional edge, then get in touch with us. WesternFX is an online broker with clients in Nepal, as well as countless other countries. We can reduce your burden and lift your profits with the best tools.