Forex Trading Tip - a Simple Tip You Can Apply to Increase Your Profit Potential Instantly!
Having been a Broker and Forex educator for 25 years, I have observed thousands of trader's trade and the vast majority make a simple mistake which sees them get wiped out and join the 95% of losing traders and the tip in this article, will help you avoid this mistake...
The tip is based on the 80 - 20 rule which is used frequently in life and business to determine effort to reward and in business it states that 80% of your profits are going to be generated by just 20% of your clients - in Forex it means just 20% of your trades will give you 80% of your profits!
The problem with most Forex traders is they trade to much and they do this because they believe the following myths.
Short Term trading is best
They scalp and day trade but all they are doing is trading the noise of the markets and this means low odds trades and they lose. Day trading and scalping inside random volatility ensures losses and there is no way you can win long term.
If Their in the Market they wont miss a Move
This is stupid - it puts money at risk when the odds are low and of course, you don't need to be in the market to catch a move you can see it from outside and come in when the odds are high.
The more Effort you Make the More Money You Will Make
Traders believe that the harder they work and the more they will make and they try and force profits from the market - but work ate counts for nothing and they lose.
The Action Man
Many traders simply like the action and lose but they don't care, they just love the buzz of trading and having money on the line but these people are not traders , their gamblers.
100% Gains Trading Less than Once a Month
I know traders who trade around once a month and make triple digit annual gains! These traders are not interested in working hard or trading for the sake of trading, there trading only when the odds are on their side and profit potential is high.
If you look at any Forex chart you will see big tends that go on for months and these are the ones to focus on and hold - get in and milk them for all there worth.
The Forex markets require patience to wait for the right opportunities and then the courage and conviction and discipline to lock into the big moves and hold them.
If you want to make big profits from Forex trading, trade less, focus on high odds set ups only and you will make bigger profits with less effort and that's what we all want from trading.
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