Currency Trading Techniques - 4X Techniques The Millionaire Traders Use For Bigger Profits
If you are looking for the best Forex trading techniques, then there are 4 tips enclosed which the millionaire traders use and if you use them too, you can make bigger Forex profits - let's take a look at them.
I thought about writing these tips when I was reading the trading strategies of 4 of the true trading greats - George Soros, Jimmy Rogers, Larry Hite and Bill Lipschutz who have between them made trillions of dollars of in FX profits.
1. Trade with the Fundamentals
"The financial markets generally are unpredictable. So that one has to have different scenarios... The idea that you can actually predict what's going to happen contradicts my way of looking at the market." George Soros
All the great traders know the long term fundamentals and trade with them - sure they use charts to see value and time entry but the they never trade without knowing the long term supply and demand situation. If you blend both techniques together you will trade with more confidence and always be able to trade with the long term trend.
Today, most traders believe the ridiculous message of Forex robots which says you can trade for huge gains, with little or no draw down well, our four super traders above can't do that and neither can you. All these traders focus on the long term and have the patience to trade with discipline and ride out draw down periods which can last for weeks or months.
3. Use Positive Carry
All currencies have different interest rates and you should always focus on buying currencies with high interest rates and selling ones with low ones, when the differential is significant - Bill Lipschutz is seen as the best currency trader of all and he stresses this in his interviews sure its a simple idea but most traders don't maximize positive carry.
4. Play Great Defence First
There are a lot of ways to make money but a sure fire way to lose it and that's to let losses get out of control. All the traders above have rigid money management systems and focus on playing great defence first - you need to stay in the game to be able to bet when the big trends come around - again an obvious thing to do you may say but how many traders think money management simply consists of placing a stop? Most of them but its much more than that which I will focus on in a separate article but for now, I will leave you with some quotes.
"There are two basic rules about winning in trading and life. One, if you don't bet you can't win. Two, if you lose all of your chips you can't bet." Larry Hite
"My basic advise is don't lose money" Jimmy Rogers
Final Words
Today, traders tend to think currency trading is a walk in the park and they try and predict the future with robots but Forex success is a based upon knowing and trading the odds. You are going to lose but if you keep your losses under control, understand true value and catch the big trends and hold them you can make huge gains.
The advice above may sound obvious but the great traders focus on it and practice it and if its good enough for them, it's certainly good enough for you.
Questions and Answers
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trading techniques
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The trouble in many fresh traders believes that type of publicity, and go on to wipe out their accounts in less than a week. Forex mini trading is the great medicine for that.
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