Forex Trading Guide For Novices

By: Sacha Tarkovsky

If you want to make money fast in FOREX Trading this article is for you - Even if your novice trader you can build wealth quickly with low risk simply incorporate these simple tips in your trading plan.

Let's look at how to make money fast in FOREX trading:

1. Follow long term trends

The big trends last for months or years and these are the best ones for making big profits - Use a simple long term trend following system.

2. Learn to buy breakouts

If you are not familiar with breakouts then you should study them and how to take advantage.

Fact:

Most major trends start from new market highs NOT market lows, so by buying breakouts, you will catch the really big trends and get low risk as well.

3. Be patient!

You don't get rewarded for trading frequently you get rewarded with cash for being right.

The best risk reward trades don't come around everyday, be patient and wait for them.

If you do your profitability will be considerably enhanced.

4. Don't diversify

If you are trading a small account there is no point in diversifying.

Traders say it reduces risk that's debatable, what's not is:

That it restricts your profit potential.

Don't diversify, back the trades that look good and you believe in and are confident of with as much as you can and risk 10 - 20%.

5. Don't trail, stops to quickly

Another major error is to trail stops up to quickly.

If you are in a big move you are confident in then keep your stop back to avoid being bumped out by short term volatility.

In making money fast this is one of the hardest things to do, holding onto a trade when your open equity is being eaten into - sometimes by thousands of dollars a day.

Well if you want to make money fast get used to it.

Sure it takes courage and conviction, but when you eventually bank a 10 - 20,000 buck winner you will feel very good.

6. Success has you in it!

Forget trying to do this with other peoples systems it takes rock solid confidence and discipline and you need to have a system you have developed or someone else's you know backwards.

To follow a system you must have confidence otherwise you will lack discipline and if you cant trade a method with discipline you have no method at all.

Use the above tips use a method you have confidence in and you will make money fast in online FOREX trading.

Good luck!

Foreign Exchange
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