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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 a Contd...
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.
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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.
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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.
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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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