Monday, August 4, 2008

Forex Trading Profits - Simple Tips For Triple Digit Profits Any

Author: kelly Price

If you want to make big triple digit profits in forex trading,
these simple tips will help you even if you have never traded
forex before...

Here we will give you the basis of a simple forex trading
strategy which is simple to understand, can be implemented in
just 30 minutes a day or less.

There is a big misconception in forex trading that you get
rewarded for effort - you don't, you get rewarded for being
right with your trading signal and that's it.

You also don't get rewarded for trading often in fact, this
causes most traders to lose which leads me into the tips.

1. Trade Infrequently

Be patient, the big trends and high profit trades don't come
around every day and you need to be patient. I know traders who
trade about once a month and make triple digit gains, because
they are so selective with their trades.

2. Learn to Trade Long Term Trends From Breakouts

It's a fact selling breaks to important new highs or lows on a
forex chart, works as most trends develop from them. If you want
to know more about breakouts, simply look up our other articles,
it is one of the most simple and profitable ways to trade.

Focus only on the big trends which last for many weeks or months
and forget short term trading. The reason for this is you don't
have the risk to reward on your side and will lose.

3. Hit High Odds Hard and Don't Diversify

This will simply dilute your gains and on a small account and
most traders don't have enough money anyway, to diversify
properly. When you have a trade you like, focus on it and don't
be tempted to take other trades on.

4. Risk 10 - 20% Per Trade

If you are trading a high odds trade you need to hit it hard,
risk 10 - 20% of your equity on it and don't make the mistake
most traders do, of trailing a stop within normal volatility.

Most traders get a profit, bring the stop right up, get taken
out and then the trade goes back the way they thought and makes
thousands or tens of thousands of dollars and their out.

I have always maintained picking the long term trend is easy,
entering it and staying with it, is the hard part.

Tail your stop slowly and outside of normal volatility, sure you
give a bit back when the trend changes but you will get far
bigger profits overall doing this.

Keep in mind if you could get just 50% of every major trend you
would be very rich.

Remember This to Win

In forex trading does not require you work hard, it requires
that you work smart and get the right education.

If you have a simple robust forex trading strategy, are
selective with your trading and have the discipline to follow
long term trends, you can make a lot of money and enjoy currency
trading success.

About the author:


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