Forex Trading Five Tips To Make Money Fast

Forex Trading Five Tips To Make Money Fast



Forex Trading – Five Tips to​ Make Money Fast!
This article is​ all about FOREX trading to​ make you​ rich - and we’re going to​ give some alternatives to​ conventional investment wisdom .​
Why? - Because most traders in​ FOREX follow the​ norm and make average gains - while this article is​ about making spectacular gains from FOREX Trading and making money fast!
The Aim
Here we are going to​ assume you​ know how to​ trade,​ and you​ have a​ methodology for FOREX trading you​ are happy with,​ and can apply with discipline.
What we are going to​ show you​ here,​ is​ how to​ change your system from making average gains,​ to​ making spectacular gains,​ with simple changes in​ trade selection,​ money management,​ and mindset.
FOREX trading offers the​ opportunity to​ make money fast - so lets see how it​ can be done.
1 .​
Accept Volatility and Risk Cheerfully
All good FOREX trading systems incorporate volatility.
You can't have a​ profitable FOREX trading method without taking calculated risks,​ and taking losses - if​ you​ can’t accept risk,​ then don’t trade.
Many traders back away from a​ market because it’s too risky - however,​ risk also means reward! If you​ are a​ trader who doesn’t like volatility,​ then go and find something else to​ do.
Drawdowns are part of​ trading; it’s volatile markets that make FOREX trading fun and highly profitable.
To the​ well-informed FOREX trader,​ a​ drawdown is​ not something to​ fear,​ but something to​ enjoy.
Remember: volatility = big opportunity!
2 .​
Trade Infrequently
Many traders trade frequently and always like to​ be in​ the​ market .​
They think that in​ FOREX trading if​ they are not in​ the​ market,​ they will miss a​ move,​ or​ that by trading more frequently,​ they will make money - wrong!
The big moves in​ FOREX trading,​ with the​ best risk to​ reward,​ come a​ few times a​ year,​ and you​ should trade infrequently.
Focus on​ the​ trades that make the​ really big gains
3 .​
Don’t Diversify
Diversification is​ an​ accepted wisdom,​ believed by most investors in​ Forex trading,​ but it​ won’t make you​ money fast,​ - it​ will do the​ exact opposite.
4 .​
Money Management
So far,​ you​ may think that we are being a​ little rash,​ but this is​ not the​ case.
We are focusing on​ the​ BIG opportunities that allow us to​ make meaningful gains,​ and this is​ actually,​ where money management becomes so important.
If you​ are taking risk,​ you​ need to​ control it​ - risk as​ much as​ 10% per trade,​ but increase your chances of​ success by:
1 .​
Buying options at​ or​ in​ the​ money,​ to​ give you​ staying power - and prevent yourself from getting stopped out.
Many traders lose,​ not because they were wrong in​ market direction - they just were stopped out by a​ volatile counter move - and options will give you​ staying power.
2 .​
Many traders start trailing their stops to​ close,​ they then get stopped out – but the​ trade runs on​ to​ make spectacular gains .​
Don’t fall into this trap - keep your stop in​ its original position - until the​ move is​ well in​ profit,​ before moving it​ up.
You’re looking to​ make money fast,​ and you’re trading selectively - so have the​ guts to​ go for a​ trade when it​ looks good - and milk it​ for all it’s worth.
5 .​
Understand the​ Power of​ Compound Growth
IN FOREX trading the​ way to​ make money fast,​ is​ to​ understand the​ power of​ compound growth .​
For example,​ if​ you​ target 50% a​ year in​ your trading,​ you​ can grow an​ initial $20,​000 account,​ to​ over a​ million dollars,​ in​ under 10 years.




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