Here we are going to look at making money fast in currency trading and some tips to do it.
Much of this advice is not conventional but most currency traders dont make money fast!
Here are your tips
We are going to assume you trade already, and you have a method you are confident in, and can apply with discipline.
With simple changes in trades taken and money management we will show you how to increase your capital gains.
The trading tips below will work well for traders who want to catch the big profits from the big currency trends that last months or years and will help you make money fast in forex trading.
1. Accept Volatility and Risk
All good FOREX traders understand that volatility and risk mean big money making potential.
You can't have a profitable FOREX trading method without taking risk, you need to risk more to gain more. .
Risk though is misunderstood by most currency traders and they try and limit risk so much that they actually have no chance of making any profits.
They always get stopped out.
The perfect example is the day, or intra day trader, trading in one session with a tight stop.
If you are after a big gain give the trade room to breathe and place a stop that takes into account market volatility.
Also dont trail your stop to quickly leave it far enough behind not to get stopped out by volatile reactions within the long term trend.
You cant predict volatility in the day so dont try.
Look longer term take bigger calculated risks and go for bigger profits and trade less.
2. Trade Infrequently
Many traders trade frequently and always like to be in the market, they fear they will miss a move, or that by trading more frequently, they will make money.
There is no correlation between how often you trade and how much money you make, so learn to be patient.
The big moves in FOREX trading, with the best risk to reward, come a few times a year, and you should trade infrequently.
Focus on the trades that make the really big gains and be patient while you wait for them.
3. Dont Diversify
Diversification is a great way to make money slowly not fast you simply are diluting your gains, if you are trading a small forex account.
Focus only on trades that you are confident can make big money in and dont hedge or take other trades. If you think the trade is going to be big back your judgment.
4. Money Management
We are looking at the BIG opportunities that allow us to make big gains, and this is actually, where money management becomes important.
Where taking calculated risks here not just taking risk for the sake of it.
The tips below are a great way of controlling risk
1. Buying options at in or close to the money, they will give you staying power and stop you getting taken out by volatility.
Be careful not to buy out the money options and make sure that you get plenty of time on your side if using this method.
Many traders lose, not because they were wrong about the trend, they simply got stopped out.
Options overcome this problem and will give you staying power.
2. Many traders start trailing their stops to close as we said earlier to lock in a profit, more often than not they get stopped out.
The trade runs on to make thousands more in profit and there not in it!.
Keep your stop in its original position and let the move develop without the temptation to move your stop up.
Youre looking to make money fast, and youre trading selectively so have the courage of your conviction .
Consider this
The fact is in currency trading or any other venture in life that involves making big gains you have to take a calculated risk at the right time and have the courage to go for it.
I read all the time about risk management in trading and some traders become so obsessed with not losing they will actually never win and lose their equity over time.
Dont make the same mistake.
MORE FREE BETTER TRADING INFO
On all aspects of becoming a profitable trader including info free articles, systems and PDF downloads as well as an exclusive Gann Trading Course visit our website at http://www.net-planet.org/index.html