How to Make Money Trading Forex – 3 Simple Principles for a Successful Currency Trading Business3 min read
It seems like at every turn there’s a new Forex trading method or program that will teach you the RIGHT way to trade Forex.
In fact, it’s almost as if NO ONE has any idea how to guarantee money with currency trading. It’s almost as if everyone and anyone trying to sell you a new idea is really just trying to make a quick buck.
Oh wait… That IS what’s happening. Well, not everyone, but enough people that you should be wary.
The entire Forex niche is contaminated with unethical marketers willing to say and do anything in their power to get you to pay them an affiliate commission.
As such, there are very few traders that you can REALLY trust.
So how are you supposed to learn to make money trading Forex? Who’s going to genuinely TEACH you something that you can use?
Well, even though I don’t claim to be any kind of super-powered professional trader, I would like to think that I can at least offer you some insights on how to become more profitable. What I’d like to talk to you about in this article are a few BASIC principles to trading profitably, and if you follow them you should be able to start seeing the money start rolling in.
3 Simple Ways to Ramp Up Your Forex Profits
By the time you’ve finished reading this tips you should have everything you need to start implementing some new Forex trade plans…I’m sure you’ll start to see renewed profits.
Let’s get to it!
#1. Test Both Long Term AND Short Term Trades
There are many people who make a living with short, small trades that happen over the course of an hour, a few hours, or maybe even a day. These short term trades can be very profitable when you’ve found a predictable indicator that you can use to know when to buy and sell. However, have you played with the idea of long term trades? Effectively this will make Forex more like the stock market, where you’re buying low and really hoping to sell high.
Obviously, the down side is that there’s more time for the currency to depreciate in value, however, there’s also the possibility for a MUCH larger return on your investment. It’s your choice, but it’s definitely something to consider.
#2. If You’re Not a Pro, then Don’t Pretend to Be One
Listen, there’s no shame in being one of the thousands of Forex traders who never really make it to the level of professional trading. However, it’s NOT okay to think that you know more than you do, and blow all your money on trades that you thought you could win. Many men and women getting into currency trading for the first time think that it’s an easy path to instant riches, and that Forex is a simple system. This, obviously, is not true. 90% of people never make a dime from Forex.
#3. Remember to Always Think Logically, Not Emotionally
I can give you financial advice from now til the cows come home, but the moment you lose your head then none of it will matter. If you hope to really succeed in Forex, then you’re going to have to learn to be okay with both losing AND making money. You need to be able to stay rational, remember your indicators, and play it cool.
Remember, emotion is the enemy of money.
Think You Can Make More Money? Here’s How:
Listen, I know that you’ve probably still got a couple of questions about trading and making money with Forex. Unfortunately, I simply don’t have enough