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Thread: Forex Trading Tip - 2 Simple Powerful Ways to Increase Your Profits

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    Default Forex Trading Tip - 2 Simple Powerful Ways to Increase Your Profits

    Powerful Ways To Increase Your Profits

    If you want to trade forex and want regular profits then following these simple tips can change an average or losing trader into a trader earning triple digit profits. Most forex advice would not agree with them but that's no problem 95% of traders lose! Let's look at them and how they can change your profit potential.

    1. Understand the 80 - 20 Rule

    We have covered this in greater detail in our other articles but in brief it postulates that 80% of our results come from 20% of our efforts.

    This is true in many areas of life and is true for most traders in forex , they simply over trade and lose. The lesson is cut - you're trading down and only take the best high odd opportunities.

    Many traders think they need to trade all the time like day traders, or always need to be in the market, just in case they miss a move.

    Well traders that are in the market all the time and don't tend to win they tend to get a wipeout for their troubles.

    The high odds trades don't come around very often.

    When they do you can execute your trading signal - but not until conditions are ripe to enter.

    To give you an example, I know a trader that trades less than once a month and makes triple digit annual profits.

    High trading frequency does not mean you will make more money in forex trading, on the contrary it improves your chances of losing.

    2. Do NOT Diversify

    You here a lot about diversifying cuts risk and all manner of technical equations are bought out to support the view - but its not so.

    Diversification in most cases does not cut your risk but simply dilutes your profit potential dramatically. If you have a small account under $50,000 dollars you don't have the luxury of diversifying anyway, so don't bother - you will end up risking so little your guaranteed to lose, as normal volatility hits your stop.

    If you see a good trade, load it up and risk as much as you can afford.

    If you have the odds on your side then hit it and have the courage of your conviction to trade it for all its worth.

    FINALLY

    These are simple tips but they make total sense they make you focus only on high odds trades and they make sure that's all you focus on without the distraction of other marginal ones.

    Try these two tips, there simple and they will help you enjoy currency trading success
    by:kelly Price
    forextradingweekly.com

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    can anybody is using fibonacci for trading?
    plz reply?
    I found it to be useful to see retracement & continuation of trend

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    i like the way you see it to trade as there are traders who make so many trades but very less profits and there are some who trade once and walk away with tremondous profits

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    At the end, only trader who entry at the right time (momentum) and the right place (value) with the right reason (money management) will earn the good profit.

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    I once thought a nice entry is most important, now I think a nice exit is more important than a nice entry.

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    bisaddkunlevics
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    Good entry and exit points are very important in FOREX Trading, both must be carefully understood with specified indicator.

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    Hi, nice tips after reading your article I come to realise that quantity of trades is not important but we need to go all out for quality trades.

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    hmmm ... useful tips article ... will write it down in my notes ... thx

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