Online Forex Trading – 4 Simple Tips to Make Money Fast
Here are some simple tips to help you make money fast in online FOREX trading that are simple to do and will help you build wealth quickly.
So what do we mean by make money fast?
Here we are looking at tools that will help you make triple digit gains annually, which would put you up with the top traders and in the elite 5% who win consistently in online FOREX Trading.
We are assuming here that you know the basics of FOREX Trading so here are your tips:
1. Be realistic
We all want to be millionaires overnight but be realistic.
If you aim for gains consistently of 100% per annum your up there with the best traders in the world.
Don’t be in too much of a hurry; if you are then you will wipe yourself out.
2. Accepting Risk
Most novice traders who trade FOREX try to restrict risk so much that they actually give themselves no chance of winning.
Their stops are to close and GUARANTEE they will lose.
Online FOREX Trading is all about taking calculated risks.
This means if you want to make money fast you should risk up to 10% of your equity per trade.
Many people will tell you to risk 2% but if you’re a small trader trading $10,000 that’s just $200!
This will simply guarantee you’re stopped out most of the time.
3. Running profits
It’s a fact that most traders simply cannot run profits.
Many traders are fantastic at picking market direction but lose because they take profits to early!
This is a major problem.
A trader gets a profit and gets excited, the bigger the profit becomes the more he is tempted to take it before it gets way – eventually, the trade is snatched and banked.
The trader makes a thousand dollars and then sees it run onto to make 15 – 20,000 or more and he’s not in.
If you want to make money do not move stops to lock in profit quickly.
Make sure your stop is far enough back to take into account normal market volatility – You need to take short term swings in equity against you and focus on the longer term.
3. Trading Method
There are many different methods to make money in online FOREX Trading and if you are looking for a method that works well – then a breakout method looking for long term trends is ideal.
The advantage of using a breakout method is you have relatively low risk and great rewards.
If you are trading then you can’t hurry the markets.
They will give you opportunities but they can’t be forced and you can go weeks or months without seeing any.
Learn to be patient and only trade when your system tells you to.
To make money fast you must keep risk low but you must also run profits for all they are worth to emerge a long term winner.