Forex Tips - How to Double Your Profits When Making Money Online

Author: Daniel S.

Do you know that a good forex trading system can turn into a losing system if you do not have good money management? On the contrary, a good money management rule can turn an average trading strategy into a winning one. Let's look at some forex tips on how to double or even triple your gains when making money online.

1. Reduce trading frequency and don't overtrade

Many novice traders just got too impatient to wait for quality trades. Therefore, they trade too much and the worst is they take any kind of low probability trades. I have mentioned that forex trading is all about probabilities no matter what kind of forex strategy you use.

Though I also said that good trading opportunities will come easily, you must still observe the rule of taking only quality rather than quantity forex trades. There are traders who only trade 3 or 4 times a month and it is already enough for them to make a living in the forex market.

2. Diversify your forex trades

Diversification does not only have to apply to stocks, you can use it in forex trading too. If you have a small account and you think that you will only need to concentrate on one currency pair e.g. EUR/USD to make a living as a forex trader, then you are missing out something.

To become successful in trading and become a full time trader, you will need to trade more than one currency pair because while one pair does not gives you forex signals, the other pairs may have trading opportunities.

3. Forex money management is about calculated risk and probability.

The fact that many traders try to avoid risk in forex trading is totally wrong! How can there be no risk in the forex market? The solution should be how you are going to handle risk and not how to avoid it. Some forex trading tips here is that you should have a good risk to reward ratio as a money management rule.

Imagine that you risk 200 pips just to get the 20 pips profits, then you will have to get 10 trades right to breakeven if you have lost one! This is not the correct way of trading. Instead, if you risk 30 pips, then target 60 pips or more as profits, so that one winning trade is already enough to cover if you have 2 lost trades. And good risk to reward can lead you to achieve triple times your forex profits!

Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-how-to-double-your-profits-when-making-money-online-842395.html

About the Author

To learn how to double for forex profits using a simple, proven forex trading system, download my FREE 56-page ebook at http://www.forextradingpower.com now.

The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.

Forex Tips for Beginners - the 3 Indubitable Principles of Currency Trading

Author: Daniel S.

As I look back on my career in the forex market, I really had no clue what I was doing when I first got into it. I had a few ideas, but when the professionals is the market at the time told me that I had to have the right mindset about things, I really didn't understand what they meant. Well after years and years of successful trading, I have developed exactly what these individuals were trying to clue me in on. I just wish I had the forex tips laid out for me that I am about to share with you.

If you want to learn how to trade forex right, you will have to realize that there are three indubitable principles that are the key to being successful in the forex market. They are mindset, risk management and strategies. Get a grasp on all three of these early on in your career and you will find that you have a much better chance of being successful.


Mindset is the first and probably the most important of the three. Having a mindset that you are only in the trading market to make a lot of money is absolutely the wrong thought process. Of course, we all know that is why you are ultimately in the market, but having the mindset that you are going to be in the market to set up profitable deals rather than a set amount of money is a much better approach. By having this approach, the profits will come naturally and you will not necessarily be obsessed with a specific amount on your deals.


Once your mindset is straight, you need to adapt a good risk management philosophy. You have to set up a range that you are willing to risk on each and every deal that will set the boundaries for your trades. Personally, I like to use a 5% line. If I take a loss at that point, I know I have to get out of the deal and get my money to work somewhere better. Establishing a good risk management philosophy is a large key in protecting you when you make a mistake in a deal.


Finally, your forex strategy is the last of the three keys that you need to have in order as you enter the forex market. One example is forex scalping, where you look to get in and out of a deal quickly and make a quick profit.. The forex strategy that you implore is going to take advantage of the way that you analyze the market and get involved in deals. This is actually a bit of a culmination of your mindset and risk management philosophies. You are going to find that patience will be your biggest asset when developing good forex trading strategies. Following these three keys will have you way ahead of any new trader jumping into the forex market. Understanding why these are important is just about is necessary as developing good philosophies. Take the time to get your head straight and you will have no problem being successful in the forex trading market.

Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-for-beginners-the-3-indubitable-principles-of-currency-trading-769611.html

About the Author:
To learn how to trade forex successfully using a simple, time-tested and proven forex trading system, download my FREE 56-page "Forex Trading To Riches" ebook at http://www.forextradingpower.com.

The author, Daniel Su, is the founder of http://www.ForexTradingPower.com where you can get free premium forex trading tips and resources. Daniel Su specializes in teaching real people how to trade the Forex market for long term financial success.

Forex Tips – 5 Simple Ones to Increase your Profits

Author: Monica Hendrix

The forex tips below are all easy to do and all will help you achieve one aim increasing your overall profitability. So here are 5 forex tips for greater profits.

1. Use the Weekly Chart

I am amazed that most traders never bother looking at weekly charts but if you want to separate out “the wood from the trees” the weekly chart gives you a much clearer perspective.


The big trends are clearly visible on the weekly chart and if you are long term trend follower, start with this chart first and you will have a clearer view of support and resistance levels and entry points.

2. Cut Your Trading Frequency

This Forex tip addresses a major problem that most novice traders have – they trade too much.

They think they have to be in the market all the time and chase profits but the fact is, if you cut your trading frequency, you stand a better chance of success. Keep in mind; you only get paid for being right in forex trading - NOT for your effort and how often you trade!

By cutting your trading back, you can concentrate only on the high reward, high odds trades which give the best potential profits.I know traders who only trade a few times a year yet - they make between 120 – 430%! Annually.

Their simply trading the cream of the trades and ignoring the low odds, high risk ones and there are plenty of those.

If you cut your trading, you will probably see your profits soar.

3. Risk More Per Trade

This is directly related to the above point.

If you have a high odds trade take this tip and risk more.

You will read a lot of nonsense on the net about risking 2% per trade and no more.

Well, that’s fine if you are trading 100k but if you’re a small potato trader, trading 10k or less, that’s a maximum of $200!

If you have a small account you need to load up and risk 10 -20% on the high odds trades. Keep in mind if you don’t risk much you won’t make much!

To make meaningful gains you have to take risks – if you don’t like taking risks don’t trade forex.

4. Don’t Diversify

If you are trading a small account don’t diversify!

You need to load up as we have said above and concentrate on one trade only.

Diversification is simply another word for diluting profit potential and is something a small trader should not engage in.

5. Use an Account Profit Target

What s a realistic target to make per annum in forex trading?

You may have your own ideas - but if you made 100% that puts you up there with the best fund managers in the world.

You will often see people look at risk per trade but looking at your account overall and using a profit target is highly effective.

You will often see trades that give you big profits in short periods of time and if they are a substantial – i.e. more than 25% of your 100% bank them.

Have a break and start again.

If you hit your profit target for the year early - decide whether you should trade again at all or at the very least give yourself a deserved break.

The tips above are really saying:

Focus only on the best trades with the best odds, load them up and have a target -if you do the above, chances are you will make bigger profits.

Article Source: http://www.articlesbase.com/currency-trading-articles/forex-tips-5-simple-ones-to-increase-your-profits-213138.html

About the Author:
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