If you want to make big triple digit profits in forex trading, these simple tips will help you even if you have never traded forex before...
Here we will give you the basis of a simple forex trading strategy which is simple to understand, can be implemented in just 30 minutes a day or less. There is a big misconception in forex trading that you get rewarded for effort - you don't, you get rewarded for being right with your trading signal and that's it.
You also don't get rewarded for trading often in fact, this causes most traders to lose which leads me into the tips.
1. Trade Infrequently
Be patient, the big trends and high profit trades don't come around every day and you need to be patient. I know traders who trade about once a month and make triple digit gains, because they are so selective with their trades.
2. Learn to Trade Long Term Trends From Breakouts
It's a fact selling breaks to important new highs or lows on a forex chart, works as most trends develop from them. If you want to know more about breakouts, simply look up our other articles, it is one of the most simple and profitable ways to trade.
Focus only on the big trends which last for many weeks or months and forget short term trading. The reason for this is you don't have the risk to reward on your side and will lose.
3. Hit High Odds Hard and Don't Diversify
This will simply dilute your gains and on a small account and most traders don't have enough money anyway, to diversify properly. When you have a trade you like, focus on it and don't be tempted to take other trades on.
4. Risk 10 - 20% Per Trade
If you are trading a high odds trade you need to hit it hard, risk 10 - 20% of your equity on it and don't make the mistake most traders do, of trailing a stop within normal volatility.
Most traders get a profit, bring the stop right up, get taken out and then the trade goes back the way they thought and makes thousands or tens of thousands of dollars and their out. I have always maintained picking the long term trend is easy, entering it and staying with it, is the hard part.
Tail your stop slowly and outside of normal volatility, sure you give a bit back when the trend changes but you will get far bigger profits overall doing this. Keep in mind if you could get just 50% of every major trend you would be very rich.
Remember This to Win
In forex trading does not require you work hard, it requires that you work smart and get the right education. If you have a simple robust forex trading strategy, are selective with your trading and have the discipline to follow long term trends, you can make a lot of money and enjoy currency trading success.
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