Forex trading looks easy yet few succeed and it’s a fact over 90% of traders lose.
Some of the forex tips we are going to give you are not seen as conventional wisdom but as the bulk of traders lose that’s no bad thing!
Here are your tips for making money fast in forex trading.
1.Get a simple method you understand
If you trade you need a method that will enable you to liquidate losing trades quickly and run the big profitable trades.
Regardless of whether you buy a system from a vendor or build your own, you must understand the logic of how and why it works.
This will give you confidence.
From confidence you get discipline that will enable you to follow your trading method through inevitable periods of losses.
If you don’t have discipline to stick with your method you have no method!
2. Use a technical method
The best way to trade is to use a long term technical trend following system.
Forget day trading.
All short term volatility is random and you have no reliable data to work with and will get killed.
I read about how day trading is a low risk way to trade, but there is simply no better way to lose your money.
Ever seen a day trader with a real time track record of profits?
Neither have I – It’s the dumbest way to trade, so don’t do it.
The big profits come from the big trends and they are the ones you should focus on.
3. Trade independently
Don’t give advice and don’t seek advice.
Also, avoid reading the papers, listening to news or experts spout on about where currencies are going.
There more often than not wrong and are simply interested in a good story.
Listening to a good story won’t make you money.
4. Be patient
Don’t try and trade all the time .
There is no correlation between how often you trade and how much money you will make.
You get rewarded for being right not how often you try!
5. Money management
Set your stop when you enter a trade.
Do NOT try and trial stops too quickly to lock in profits.
If you are trading longer term moves you need to have your stop far enough back to take into account volatility.
Most traders are so obsessed with locking in profits they end up never following the big moves to their full potential.
Taking small losses requires discipline, but so to does accepting big gains and taking swings against you in the short term while you hold on for the bigger long term profit.
Many traders are right about market direction yet still lose, because they can’t hold a trend due to poor stop placement
6. Work smart and be humble
You get a lot of smart traders who think their clever.
They believe the more complicated they make their trading and the more effort they put in, the more money they will make – This is simply not true.
A humble trader who knows his limitations will more often than not beat an arrogant trader who thinks he’s smart.
7. Know your Edge
To win at forex trading you need to have “an edge”.
If you don’t have an edge or cannot explain why you will beat the losing majority you don t have one!
Final words
Trading is a lot simpler than most people believe.
Acquiring the traits needed to succeed such as confidence, discipline and the courage of conviction to stand alone are harder, but if you follow the tips above you can get these traits and get on the road to making money fast in forex trading
Got a Question? Ask.
Ask the community a question about this article:
Q&A Powered by:
Latest Currency Trading Articles
Forex Trading - the Reason Most Traders Can't Accept Big Profits and Bank to Soon
By: Kelly Price | 06/10/2008
It may seem odd but traders who get trend direction right, bank their trades to early for a marginal profit, when they could have had a huge one and the reason this happens is they make fatal mistakes that are routed in their mindset...
Forex Mistakes - Why Ego Problems Cause Most Traders to Fail
By: Kelly Price | 06/10/2008
One of the biggest forex mistakes you can make is letting your ego get involved in trading. While it is not seen as a major problem it is and causes the demise of most new traders. If you want to win, understand ego problems and how to combat them...
Emerging Currencies and Forex Opportunities
By: Anthony Wayne | 06/10/2008
Forex markets are the world's largest markets trading approximately 2 billion dollars daily. With the US financial crisis looming large there has been increased interest in the FX opportunities provided by emerging currencies.
Earmarks in the Bailout Bill
By: Anthony Wayne | 06/10/2008
Wednesday evening, October 1st, the US Senate passed the revised bailout bill. The bill had many earmarks added to it. For those not familiar with the term earmarks-an earmark is a totally unrelated amendment added to a bill usually added surreptitiously.
FX Opportunities Require Education
By: Anthony Wayne | 06/10/2008
Many small investors in both Europe and the US are interested in Forex trading but have little or no understanding of how Forex markets work and how to invest.
Reasons for US Opposition to the Bailout
By: Anthony Wayne | 06/10/2008
There are many reasons politicians oppose the bailout of Wall Street and financial institutions. Some are based on ideology, and many politicians are responding to constituent opposition to the bailout.
The Dollar and US Prestige
By: Anthony Wayne | 06/10/2008
The current financial crisis will affect many aspects of the life of the average person in the foreseeable future. Investors will see shrinking portfolios, job prospects will dim, and retirement funds will dwindle.
Advanced Trading System
By: Aneliya Dimitrova | 06/10/2008
Advanced System
In this system, we use the following components:
More from Sacha Tarkovsky
Facelift Costs – the Secret of Reducing the Cost by 70% Instantly!
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Many people would love to have a facelift ( Rhytidectomy) but cannot afford the cost of around $10 – 15,000, however informed patients are getting face lift costs reduced to as little $3,000!
How are they doing it? The answer is quite simple they....
Breast Enlargement - Get a Womanly Sexy Look at a Cost That May Well Suprise You!
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Breasts are one the major identity features of the women and all women are concerned about this area and many want a breast enlargement operation.
Until now many have been put off by the cost, but the cost of breast enlargement has recently fallen dramatically in price.
This article is all about getting the operation of your dreams at a cost that may well surprise you.
Liposuction Costs – Why you Should Consider India to Get the Look you Desire
By: Sacha Tarkovsky | 11/08/2007 | Women's Issues
Tummy Tuck or abdominoplasty, Liposuction of fat deposits has become hugely popular as an instant way of improving physical appearance.
Many patients are however put off by the high prices in Europe and the US and are traveling to India to get the same treatment at vastly reduced cost of 60% are more!
Arthritis - Cure it Now at a Cost That May Surprise You!
By: Sacha Tarkovsky | 11/08/2007 | Diseases and Conditions
Arthritis is a debilitating disease that causes severe physical pain and emotional turmoil for millions of people who suffer with it.
Many do nothing about it, simply because they feel the cost of joint replacement surgery is too high...
Overseas Property Investment - Choosing the Best Destinations
By: Sacha Tarkovsky | 23/07/2007 | Real Estate
When looking at overseas property you need to first be careful in the country you pick to invest in and you also need to be careful in terms of location. Let's look at some points to consider and a great destination, recently voted one of the top ten in the world.
A Novice Forex Traders Guide to Fundamental Analysis
By: Sacha Tarkovsky | 23/07/2007 | Currency Trading
If you are new to forex trading you have access to a lot of fundamental analysis as the click of a mouse from banks brokers and news wires you can look at and trade upon it – let’s look at forex fundamental analysis and how to use it.
Primorska Property – Slovenia an Investment for Above Average Growth
By: Sacha Tarkovsky | 22/07/2007 | Real Estate
Slovenia property is attracting more foreign buyers than ever before, as it has emerged as one of the worlds best investment property destinations and was recently voted as one of the top ten, with estimated growth in the next 10 years being as much as 300%!
Slovenia Houses - Why Savvy Investors are Buying
By: Sacha Tarkovsky | 22/07/2007 | Real Estate
Slovenia is a country that many people are unaware of as a property investment destination however this is all about to change, as Slovenia has recently voted one of the top 10 places in the world to buy investment property and buying houses in Slovenia is "hot" and becoming more popular with overseas property investors.
Finance 
| Posted: 21-03-2007 | Comments: 
