Do you want to make triple digit gains? Then these simple forex tips will help you if you’re a novice or an experienced trader. There simple but many of them don’t conform to majority opinion, don’t let that worry you though, the vast majority of traders lose.
Here are your forex tips.
1. Trade Less to Make more
You can trade less than once a month and make triple digit gains – trading frequency has no bearing on how much money you make. In forex trading you get rewarded for being right with your trading signal – NOT the effort you put in.
People who day trade and scalp for example simply trade low odds trades, pile up transaction costs and get nowhere, don’t make this mistake.
Only trade high odds trades and be patient.
2. Trade High Odds breakouts
Most major moves start from new lows or highs so trade breakouts that are considered valid by the market.
This means numerous tests, in different time frames and if possible wide apart. We have covered breakout trading in our other articles so look them up, for more information on this timeless way to trade and catch the big trends.
3. Don’t Diversify
This is simply a way to dilute your profit potential.
Why add in some low odds trades to diversify a high odds trade? – It doesn’t make sense. All you will do is make smaller gains.
Concentrate on one high odds trade at a time.
4. Load Up The Trade
I often hear traders say you should only risk 2% per trade but this for most forex traders means you won’t make big gains. Why?
Because your account is too small. Consider this – if you have a $1,000 to trade 2% of that, you risk $20.00 un leveraged. You won’t make much on that, as you will probably have your stop to close.
To make money you need to take calculated risks at the right time.
If you’re confident risk more 10 – 20% and make your money work for you. Your better off to be patient and trade one big high odds trades, than lots of smaller risks on low odds trades where your almost certain to lose.
If you want to make money, you need to take a risk – just make sure you risk it at the right time.
5. Don’t Lock in to quickly
This goes with the above tip.
Most traders are so concerned about restricting risk they actually create it, by moving their stop to soon and getting stopped out by random volatility.
Don’t do the same with your forex strategy, give the market room to breathe and take short term losses in open equity and keep your eyes on the bigger prize.
The big trends last for weeks, months or even years, milk them for as much as you can.
You may say the above strategy is high risk – but risk is not just related to how much you risk, it’s related to your chances of success. Most traders think if they take a small risk that’s great – but its not so great if your odds on to lose.
The above forex trading tips are for the trader who knows that to make money you need to risk it. There is a big difference though, between taking calculated risks at the right time and simply being rash.
The above forex trading strategy will work with a robust long term forex trading system and is not designed for excitement – but to make bigger long term gains.
So if you want to make big long term gains in forex trading, the above tips will help lead you to forex trading success.

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