This is all about making a fortune with Forex. Most traders just go with the flow and make average gains, with this article you will learn what makes some traders stand out and a lot richer than others!
We are going to assume that you know how to trade, and has quite an experience in trading.
With simple changes in your trade selection, money and risk management, and mindset, you can change that average gains into larger ones!
Fast money is in Forex, it is a lifestyle. here is it how its done.
Tip 1 . Embrace Changeability and Risk With a Smile
Forex systems have instability.
If you cannot manage and calculate your risk, then don't ever think about trading in Forex. Many traders back away from forex because of this ( why do you even traded in the first place?). But taking manageable risks has its rewards.
It's just simple, you know what your losing if ever it doesn't work out, yet what you gain is unpredictable but sure is high! That is what I call excitement, my friend.
To a well-educated Forex trader, this is something you shouldn't be afraid of, might as well embrace it.
Tip 2. Trade Less, gain more
Most traders think that if they don't trade, another door has closed, or miss some move. The tendency, they trade frequently. Most of the trades that come big come a few times in a year. Focus on the trades that make the really big gains. Be alert, and informed.
Tip 3. Diversify is a no-no
Most Investors accept the fact that diversification can make money fast - in reality it does exactly the opposite.
Tip 4. Money and Risk Management
This article has been concentrating on the Big gains, because this is your money, so every penny should be controlled, this is where money management kicks in.
Control your risks, but increase your chances of success:
- Give yourself staying power by buying options at or in the money, this prevents you from getting stopped out. Many traders lose not by the market direction, but because they were stopped out by a instable move, and options will give you staying power.
- Keep your stop in its original position - until the move is well in profit, before moving it up.
- Trading fast and selectively - have the courage to trade when you feel it is good. and enjoy the cash.
Tip 5. Compound growth has its benefits
The way to make money fast in forex, 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.
Break the norm, and gain more. Follow some of these tips and make your way into the big gains!
by Ryan Joseph Ferrer