This Forex Tip Could Lead You to Triple Digit Gains!

By: Kelly Price

This forex trading tip is one that can correct the error that causes most newbie forex traders to burn and lose their equity. It really is simple and here it is ...

The tip is:

Show patience with your trading signals and trade high odds long term set ups ONLY.

Most traders think the more they trade the better as they have more opportunities to make more money - but I know traders who trade less than once a month and make triple digit profits. The reason you should show patience and trade less is simple - the high odds trades don't come around often.

Most traders make the mistake of trading to much and they think the more they trade, the more they make and the lower they can keep the risk - this is not based on fact.

Traders who use short term strategies such as scalping and day trading lose.

They have low odds trades because short term volatility is random and will never get the odds on their side.

There is absolutely know correlation between how often you trade and how much money you make and the fact is, the reverse in normally true.

You are only judged on profits nothing else in forex trading if you trade 20 times or twice.

Look at a forex chart and what do you see?

Big trends that last for many weeks, months or years.

These are the ones to focus on, get into them, and hold them long term and milk them for all their worth.

If you want to do this use breakouts.

FACT

Most major trends start from new market highs or lows and then develop into strong trends.

Most traders hate buying these big breaks, because they think they have missed part of the move - but if you go with breaks of key support and resistance, you can make a lot of money, as you have the odds on your side.

Trading big breakouts takes very little time and you can get on with your day, the only problem which traders face is - they find it hard to stay with the trend when normal volatility, eats into their open equity.

If you are disciplined, you can accept short term losses and have the patience to hold on through short term volatility and bank a large profit, when you eventually close out the trade.

Remember - if you caught just 50% of every big trend, you would be very rich.

The old saying goes "patience is a virtue" and in terms of forex trading its very true and can lead you to long term currency trading success.

You may trade less - but if you only trade high odds sets ups, look for big trends and hold them, you will make a lot more money.

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