The forex tips below are all easy to do and all will help you accomplish one aim addition your extensive profitability. So here are 5 forex tips for greater profits.
1. Use the Weekly Chart
I am amazed that most traders never bother finding at weekly charts but if you want to isolate out "the wood from the trees" the weekly chart gives you a much clearer perspective.
The big trends are clearly descriptive on the weekly chart and if you are long term trend follower, start with this chart first and you will have a clearer view of support and resistance levels and entry points.
2. Cut Your Trading Frequency
This Forex tip addresses a major question that most novice traders have - they trade too much.
They think they have to be in the shop all the time and chase profits but the fact is, if you cut your trading frequency, you stand a best chance of success. Keep in mind; you only get paid for being right in forex trading - Not for your effort and how often you trade!
By cutting your trading back, you can consolidate only on the high reward, high odds trades which give the best inherent profits.I know traders who only trade a few times a year yet - they make in the middle of 120 - 430%! Annually.
Their simply trading the cream of the trades and ignoring the low odds, high risk ones and there are fullness of those.
If you cut your trading, you will probably see your profits soar.
3. Risk More Per Trade
This is directly associated to the above point.
If you have a high odds trade take this tip and risk more.
You will read a lot of nonsense on the net about risking 2% per trade and no more.
Well, that's fine if you are trading 100k but if you're a small potato trader, trading 10k or less, that's a maximum of 0!
If you have a small catalogue you need to load up and risk 10 -20% on the high odds trades. Keep in mind if you don't risk much you won't make much!
To make meaningful gains you have to take risks - if you don't like taking risks don't trade forex.
4. Don't Diversify
If you are trading a small catalogue don't diversify!
You need to load up as we have said above and consolidate on one trade only.
Diversification is simply another word for diluting behalf inherent and is something a small trader should not engage in.
5. Use an catalogue behalf Target
What s a realistic target to make per annum in forex trading?
You may have your own ideas - but if you made 100% that puts you up there with the best fund managers in the world.
You will often see people look at risk per trade but finding at your catalogue extensive and using a behalf target is extremely effective.
You will often see trades that give you big profits in short periods of time and if they are a gigantic - i.e. More than 25% of your 100% bank them.
Have a break and start again.
If you hit your behalf target for the year early - settle whether you should trade again at all or at the very least give yourself a deserved break.
The tips above are well saying:
Focus only on the best trades with the best odds, load them up and have a target -if you do the above, chances are you will make bigger profits.
Forex Tips - 5 easy Ones to growth Your Profits
