Simple Forex Tips To Increase Your Profits

The forex tips listed below are very easy and were written for the average reader in mind. If you’re looking to increase your profits, read below. I promise you won’t be disappointed.

#1 - Weekly Charts
It is amazing how many traders don’t use the weekly charts. Nevertheless, if you want to separate the good from the bad (potential trades) taking a look at the chart is a must.

Start with the charts for long-term trading. That way you will have a clearer view of the support levels and entry levels. As well as the resistance level. 

#2 - Consistency Is Not Key
It comes as no surprise that most traders “feel” the need to always be in the market. They believe to make profit they need to chase the market. That’s wrong, you should be waiting, and then jumping into the market at the right time.

Remember, you don’t make money just because your in the market. Your effort and consistency is not what is going to make you rich. What you trade and when you trade will though.

#3 - Start Risking More Per Trade
This can be related to the point above. If you encounter a high odds trade, take the opportunity and risk more. You will read a ton of non-sense of the internet about sticking with a 2% per trade and absolutely no more. That’s fine if you are trading 100,000 or more, but if you’re only trading 2,000 that is a maximum of 200! Load up your account and go for a 15 - 20% on high odd trades. If you don’t risk a lot, you won’t gain a lot. Simple! If you don’t like taking risk, then maybe you shouldn’t be trading in the forex market -- just a thought?

#4 Small Fish Needs To Focus
If you’re trading with a small account, stick with a single trade. If you start going off on multiple trades, you will make less profit. Stick with a single trade and focus on that trade until you profit or lose.

#5 Start Using An Account Profit Target
So, what is a realistic target to make in the forex market per annum? You might have a relatively lame idea -- such as 100%, if that’s so, then you are right up along with some of the highest pay fund managers in the world. Congratulations! Check your account out and set a profit target. Once you’ve reached it decide if you want to continue trading. If so, give yourself a break. You deserve it.

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