A few weeks ago I shared about how I accidentally stumbled on Forex and made a career out of it. To read that blog post, you can go HERE.
Yesterday, (<-- Click this link to read yesterday's story) one of my students told me something quite contradictory and you can read all about it HERE.
Today I would like to share with you the 2 Things I Did That Doubled My Forex Income. I have read a lot online about how to make more money from Forex trading and I have found that only 2 ways really work.
- Doing Back Tests
I spent a lot of time doing back tests. This means I would drag the chart back to a random point and start paper trading my strategies. I would do this of every pair that I intended to trade on my live account. This gave me an idea of how each pair reacted. Each pair has its own parameters which are slightly different from others.
I always believed that if a strategy works on 1 pair, it should work for all the pairs. The parameters might be different, but the general way of trading the strategy should be the same.
- Doubling My Usual Lot Size
Yes, it sounds stupid but it is a fact that by doubling your lot size, you will make twice as much! This also means your risk is doubled if you do not increase your capital.
Some traders will tell you that to double your profits, you should double the number of pips you are going to take. That is definitely not advisable! This means that you will be trading differently from how you are currently trading.
Another common mistake among traders is to trade more often. So instead of taking 2 trades a day, they might take 4 or 5 trades a day. My years pf experience has taught me that more trades does not mean more profits. It might even have the opposite effect and cause you to lose more!
The best way to get the confidence to double your lot size is by practising your strategy day after day after day until you are very sure about the results. Mindset and emotions might affect you when your lot size is doubled because now your profit & loss will be doubled and traders might be affected by the larger amount. It is important that other than increasing the lot size, all else remains the same.
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Hope you enjoy today's blog post and if you have any questions please feel free to ask in the comments below and I will definitely respond to you.
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Here are some interesting topics to start you off :
- Daily Forex #52 - The Day I Made £3,000 In 2 hours!
- Daily Forex #20 - Can You Really Make Money Trading Forex?
- Daily Forex #13 - Make Your First $100,000 Trading Forex
- Daily Forex #50 - I Got CHEATED By My Broker Part 1
- Daily Forex #9 - 2 Main Reasons Traders Fail
- Daily Forex #45 - Generating A Basic Salary From Forex Every Month!
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