Increase Your ProfitsSeptember 20, 2022
Simple Ways to Increase Your Profits
Increase Your Profits – It doesn’t matter what type of market you trade, whether it is stocks, bonds, commodities, foreign exchange currency (forex), , or (FOREX) , the trade sizes are similar. However, the trade sizes in forex can range from:
Simple Tip to increased Profits: Increase Your Profits
1. Reduce Your Trading Size
Many people who begin trading forex experience the lure of bigger and bigger profits. Unfortunately, these people become too excited after their first few winning trades and return to the market with a sense of cockyness that they know only too well how to make a killing in the financial markets.
While a few early successes in the markets can be considered as a high, many traders, especially those that are beginners, know only too well the pitfalls that such an attitude can lead to. At this point it is time to reduce the leverage you have in your account from 1:100 to 1:200 or lower.
Reason: decreasing your risk.
If you are an beginner in the forex market and you have a lot of dreams to achieve financial freedom in a relatively short period of time, you are going to encounter a high likelihood of making costly mistakes. One of the mistakes is trading too much, too often.
This is because you have little to lose if a trade goes against you, but a lot if it goes the way you hoped it would. Many traders have a habit of getting too excited in Winning trades, and not taking the necessary steps to insure that they earn Money. This is one of the things that causing the bulk of beginner traders to lose money in the forex market.
Over-trading is the act of entering the forex market far in excess of your assigned per-trade profit target. root cause if you want to lose money quickly. While forex traders can be lucky once in awhile, generally speaking they aren’t profitable very often, which translates to running up losses.
Many traders have5000 per-shard equity in their trading accounts. 5000 is a figure that many would consider “owes” as far as trading goes. Unless you have a very definitive edge, leverage alone isn’t going to do you any good for you. So you need to find a way to increase your odds of being profitable – again with leverage.
Leverage is a two way street. On the one hand, when you leverage too much, you lose more than you invest. On the other hand, when you are leveraging too little, you are simply not able to recover any losses by leveraging. You will simply be forced to exit the market prematurely, and without having earned sufficient profits to cover the costs of the transaction. Increase Your Profits
For this reason, it would be a wise idea to not trade above 10:1 leverage. Leverage can not only help you make more money, but it can also cause you to lose more money. Once you start Earning money through currency exchanges, you would need to work at it religiously, consistently, and consistently – and that can only be achieved with high levels of discipline.