As far as Forex trading is concerned, the first step is to decide trading goals. Why do you want to trade in the Forex market? What exactly do you want to achieve? Are you just looking for an extra income or you desire to make it into a full-blown career? Whichever it is, you should know.
Growing Your Forex Account.
However, no matter what your trading goals and objectives are, it is the desire of every Forex trader to grow their account. This desire is especially popular with those traders who are new in the game or starting with very small amounts. A beginner Forex trader, for example, most likely lacks the skills to succeed.
Similarly, an individual who has a very little amount, as little as say $50, in trading capital may also be looking for hacks to grow their Forex account. If you fall into either category, you have to be willing to take some specific steps to help you achieve this goal. If you pay attention and actually apply them, the following should help.
Increase Your Capital
Yes, we are starting with this. Why? Because it is the easiest to do. Yet, if you do it, it can be of powerful consequences for your trading career. When it comes to Forex, the amount of your capital, to a large extent, can influence your profitability and your growth. As a rule of thumb, the more you have in trading capital, the better for your prospects.
Have you heard the aphorism: the rich get richer while the poor get poorer? It applies to your trading, too. The more your capital is, the more profits you can make. This should not be surprising: profit is measured as a percentage of the size of the account. 10% monthly returns on a $2,000 account and $20,000 are simply not the same.
So, how do you increase your account size without subjecting yourself to any unnecessary financial hardship? Start making monthly contributions to it. In fact, a contribution of just $100 per month will make a difference in the end.
Forex trading signals are a very powerful tool that can really help you grow your account at a very fast rate. In fact, they are the most popularly used vehicle for the purpose. Perhaps, that is because they are the easiest and most convenient. They are affordable, too.
However, before you settle for them, you should consider some factors. For instance, do adequate research about the particular signal service you will be using. What is its reputation? What is the quality of its signals? You can confirm the two with an independent verification agency such as MyFXBook.
Next, check if it offers full technical support. See, let’s face it. Expect to run into glitches from time to time when you use any system. It is normal. Nothing can be perfect. However, how that system responds to the glitch can be of negative consequences to you. This also applies to the signal service you use.
Your signal company must always be ready to answer your questions and work with you to achieve your goals. These and more are part of the service 1000pipBuilder provides. With their Forex signals, you can easily and efficiently grow your trading account. Now, you should sign up for them.
Although a hard way, it is an effective one. Do you want to grow your account at a fast rate? Then, start learning how to really trade. That is, devote yourself to actually learning all the skills and strategies you need to successfully trade in the Forex market and reap bountifully from it.
The first thing to learn about is yourself. What is your risk tolerance level? What is your desired reward per trade? What is the best time you are most suited to trading in? You should uncover those vital details about yourself. Then, also actually learn about the right ways to approach the market itself.
That is, you should study fundamental analysis and technical analysis. You should seek to understand the important economic releases that affect exchange rates. You should learn how to read the price on the charts, identify trading opportunities, and predict market moves. Also, you should learn how to combine all this information to make prudent decisions.
Use Multiple Time Frames
Until now, probably, what you have been told is to stick to one time frame. You have most likely been told to adhere strictly to a particular time frame for your trading. Although that can help to some extent, if you consider individual differences and personal convenience, you have to understand that flexibility is also an essential ingredient in Forex trading.
Trading on multiple time frames will give you many advantages. First, it will enable you to develop multiple perspectives about the market. See, sometimes, the market says different things when viewed on different time frames. On the 1H time frame, for example, you can be seeing an uptrend. But when you zoom in to the 15M time frame, the market can be consolidating instead.
By giving you clearer market views, using multiple time frames will enable you to identify more opportunities to profit in the market. With those opportunities, you can then correspondingly grow your account at a fast rate.
It has been estimated that at least 90% of Forex traders lose their trading capital and quit Forex trading for good. Hence, the fact that you are not thinking of quitting but rather about how to grow your account is already commendable enough. The fact is: even though the odds are against you, you can still achieve Forex trading success.
But you have to be consistent. If you do not want to lose your trading capital and quit Forex trading altogether, you really have to be consistent. If you want to grow your account quickly and efficiently, while experiencing only minimal drawdown, you have to be consistent, too. Targeting consistent daily wins, however small, is the key to becoming a successful Forex trader.