Tips to Double or Triple Your Profit Potential
If you want bigger forex trading profits, then you will like the enclosed tips – there simple to understand easy to apply and can make any forex trading system more profitable so, lets look at them…
1. Under Trade
Most forex traders naturally get excited about trading but the fact is you don’t get rewarded for how often you trade you get rewarded for being right and that’s it. Another fact is – the high odds trades don’t come around everyday and you should never trade for the sake of trading.
I know traders who make triple digit gains yet, only trade a dozen times a year or so.
If you are interested in making money under trade compared to the losing majority of traders. Many traders actually trade for the adrenalin rush not profits, if you are one of these curtail these trait or lose.
2. Increase Risk per Trade
You will read a lot of nonsense about risking 2% per trade and no more. If you do this you will simply lose if you are a small retail trader. Consider this if you have $1,000 dollars on a trade and risk 2% that’s $20.00, so you are almost guaranteed to be stopped out by random volatility.
It looks a low risk on paper – but it’s a high risk in reality as you are certain to get stopped out and you will never make any meaningful gains.
Forex trading involves taking calculated risks at the right time so risk meaningful amounts. If you want to make a big reward you need to take a risk, this isn’t being rash, its taking advantage of high odds trades and staying with them.
Risk up to 20% ion high odds trade and remember, f you cut risk to much, you will make nothing and guarantee yourself losses.
3. In relation to the above don’t Over Leverage!
Sure you can get 200 or 400:1 but you should never leverage up to the hilt, as you cannot place your stop outside of random volatility – its to close and you will get stopped out. 10 – 20:1
Leverage is enough for most small accounts and the most common cause of losses on retail accounts is over leveraging.
4. Don’t Diversify!
For small traders we have already said to gear up the high odds trades so concentrate on that trade only and don’t trade marginal trades that can dilute your profit potential – focus and risk as much as you can on the high odds ones.
Diversification is actually another word for diluting profit potential
Be Patient – Trade High Odds Trades – Hit Them Hard
So there you have 4 tips to increase the profit potential of your forex trading strategy.
Most traders wont agree with them but most traders don’t win. Today, everyone tries to play down the risk of currency trading however, its risky that’s why the rewards are so high but if you calculate the odds correctly, hit high odds trades and place your stop in a sensible place, you can pile up huge gains and enjoy bigger forex trading profits.