So, let’s look at how to make money fast in
online currency trading.
1. Take responsibility
If you think you can buy success from a mentor
or guru and get rich, forget it.
Most of the advice sold on the Internet is from
marketing organizations, and failed brokers. If their advice was good, they
wouldn’t be selling it – they’d be too busy trading, and raking in the cash –
they wouldn’t have time for anything else!
If you want to make money in online currency
trading, then you need to take responsibility and learn Forex trading for
yourself. The good news is that FX trading it’s easy if you focus on getting
the right Forex education.
2. Acquiring the RIGHT knowledge
It’s a fact that currency trading is simple, but
few traders succeed at making money. This is usually because they try too hard
- and think that the more Forex education they have, the better.
These traders spend far too much of their time
building complicated systems that are clever - but simply don’t work.
If you want to win at Forex trading, you need to
keep it simple. Simple systems are far more likely to make money than
complicated ones - as they have fewer elements to break.
Another advantage of a simple currency trading
system is that it’s easy to understand the logic - and from this flows
confidence. Confidence is a vital ingredient for success, as it leads to
discipline - which all traders need in order to continue to follow their
systems through the losing periods.
3. Take risks
Many traders try to restrict risk so much that
they actually create it. These traders try methods that can never work - like
day trading, or putting their stops so close that they’re sure to lose money.
If you want to win at currency trading, then
confront risk cheerfully - and if you see a trading signal that looks good,
risk as much money as you can afford.
Small accounts should risk up to 10% of equity,
also don’t diversify. Also, remember that if you have a small account, it will
simply dilute your profit potential.
Focus on one trade - and hit it hard if you
believe it’s a winner.
You need to make sure that your Forex strategy
catches the big trends. This is what makes the big profits - so make sure that
you milk the big trends for all they’re worth.
4. Have the courage to accept the big gains.
It may surprise you to learn that most traders
simply don’t have the courage to make the big gains. Of course all traders want
to make big gains from their online currency trading – but they lack the
courage to accept what is staring them in the face.
When most Forex market traders see a profit
mounting up, they get excited - and the bigger it becomes, the more they want
to take it before it gets away. When these traders see volatility eat into
their open equity they panic - and bank a marginal profit.
What usually happens next, is that the trade
goes on to make $10,000 to $30,000 and they’re not in!
If you want to make big profits from currency
trading, then you need to hold the big trends - and its not easy hanging on,
while volatility eats into your open equity by thousands of dollars a day.
However, if you focus on the longer term, you can bank extraordinary profits –
rather than the mediocre gains of the average trader.
So, don’t have stops to close or move them too
quick. Have the courage to go for the big trends – and the big money they
Forex trading is all about taking calculated
risks at the right time - and having a plan that you have confidence in, and
can execute with discipline.
If you want to learn online currency trading, or
how to make bigger profits from your existing trading, following the tips
outlined here will help you – good luck!
By Stephen Todd