Most forex traders lose and others make marginal profits yet there are a small minority of traders that that pile up triple digit gains on an annual basis.
Here are 4 specific tips on how to make money fast and build serious wealth.
1. Take charge of your destiny
You can’t buy success the only person who can give you success is you. Forget people trying to sell you some method of 100 bucks that can make you rich.
Common sense should tell you it’s not as easy to make money as that!
The only person in forex trading that can make you rich is YOU.
You don’t have to work hard, but you do have to work smart and that’s what the rest of this article is about.
2. Getting a method customized for your personality
Your on your own and will have to learn your own method that you have confidence in, while this may sound daunting it’s a lot easier than most traders think.
We have covered building a successful trading method in other articles, but here are the basics.
A. Use a breakout methodology to spot trends a simple methodology that works
B. Look to trade the BIG Trends only this means looking of significant breaks of resistance and trends that last several weeks months or years
C. Use some confirmation indicators the best in our view are Bollinger bands, stochastic and RSI
Search all of the above and check our articles and you can build a system your happy with for free
The fact you have built the system gives you a very important edge.
You have built it, so you have confidence in its logic, can apply it with iron discipline and stick with it through periods of drawdown.
Keep in mind that
Simple systems are easy to understand, easy to apply and are far more robust than complicated ones that break, in the face of brutal market conditions.
3. Money Management
To make money fast you need to take calculated risks when the time is right
If you want to make money you have to take risk.
The fatal error most traders make when trying to make money fast is that they have no idea of stop placement
If you are looking for the big breakouts and big trends they last for a long time and you need to stay with them.
Don’t try and lock in profit to soon by moving stops!
This is a fatal error you will simply get taken out of the trade and get a marginal profit and then see the trend go onto make $10, 15, - 20,000 or more and there not in.
Let the trend go and don’t try and protect open equity to soon.
You will have to face dips in your open equity but that is worth it for the end result a huge profit.
4. Patience and courage
The big trends that yield the huge profits only come a few times a year in most currencies, so you have to be PATIENT.
You’re not interested in trading for the sake of trading and excitement, your trading to make money fast.
You will do this if you wait for the right opportunities and milk the big trends for all their worth.
You don’t often here this word used but fact is it takes immense courage to enter a trade and watch it swing back against you without the temptation to bank a small profit or move your stop to soon.
If you have the courage to follow the big trends and take the swings you will be rewarded by making money fast and triple digit annul gains could be yours.
Working smart to make money fast
Involves building a simple trading system you have confidence, in only focusing on long term breakouts and having the courage to let a trend run.
Most traders can’t do the above, that’s why they never make money fast and end up losing.
FREE ESSENTIAL TRADER PDF'S AND MUCH MORE
On all aspects of becoming a profitable trader including features, downloads and some great FREE Trading PDF's visit our website at http://www.net-planet.org/index.html