If you have an online currency trading strategy, then you should incorporate the advice given in this article to make bigger profits - and maybe even change a losing system into a winning one.
The advice weâ ™re giving here is contrary to almost everyone else on this subject - keep in mind however that 90% of traders lose! So, letâ ™s stay away from the losers and make some profits.
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Get Set for Bigger Profits
So, whatâ ™s this insider secret anyway? - Itâ ™s about looking at money management in a different light.
Money Management and your Odds of Success
Most traders are virtually guaranteed to lose - because they have money management strategies that ensure they are constantly going to get stopped out by normal market volatility.
For example, many traders risk say 2% of their equity on a trade. On small accounts, this amounts to just a few hundred dollars. They enter the trade, and market volatility ensures their stop is hit. The market then goes back in the direction they had anticipated - and piles up thousands of dollars! Our trader though, thinks he was just unlucky - and tries again, but he wasnâ ™t unlucky, and volatility will take him out every time.
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Money Management Guaranteed to Lose
A string of small losses soon adds up, and the trader runs out of money - and his online currency strategy is at an end.
The trader may have been right, on where markets were going - but got stopped out of the trade - and ended up losing instead of winning.
Does this sound familiar? - It happens all the time.
How to Protect Equity and make Bigger Profits
Here are seven tips to incorporate into your currency trading strategy, to protect equity and build huge profits.
1. Donâ ™t listen to advisors or brokers. Advisors donâ ™t care if you win or lose - and brokers certainly donâ ™t mind, as they work on the assumption you will lose anyway. The more commission a broker makes the better - and tight stops ensure this.
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2. You need to risk more per trade - so you need to be very selective in trades. Forget day trading, and concentrate on the big, longer-term trends.
3. Keep in mind this truism â “ â świth risk goes rewardâ ť. Without risk, there cannot be big rewards. Currency trading offers big rewards - but you have to be prepared to take the risk.
4. Taking a risk with no thought, and taking a calculated risk, is entirely different. If you are taking a bigger risk, you are not necessarily going to lose - it depends on the logic behind the trade - and the profit potential. Thatâ ™s why you should trade sparingly - and concentrate on the big trends.
5. Use up to 10%, or maybe even more, on the trades you are confident in - these are the big moves - and you donâ ™t want to be stopped out!
6. Donâ ™t move stops up too quickly to protect equity â “ big currency trends last months or years - so give the trade room to move. You donâ ™t want to get into a big trade, and get stopped out on the first correction - if you think the trade is going to be big, then have the courage of your conviction.
7. Use options as a vehicle â “ theyâ ™re great if used correctly - to give you staying power. Use at the money, or in the money options - with plenty of time value, for greater staying power. Options are a great tool, but NEVER buy out of the money options - or options that are close to expiry.
An online currency strategy consists of a number of components - and the one that lets down the bulk of traders, is money management. They try so hard to avoid risk, but end up creating it - and lose. Donâ ™t make this mistake in your currency trading strategy - you need to take risks, pure and simple - and as the famous, US general George Patton said:
â śTake calculated risks - that is quite different from being rashâ ť
The fact is, most traders donâ ™t believe this â “ they end up creating risk by trying to avoid it - and thatâ ™s why their currency trading strategies fail every time â “ donâ ™t make the same mistake!
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Online Currency Trading Strategy â “ the Insider Secret