Many people say that losing is easy in forex, but making money is completely difficult. But in this article, we will teach you 3 tips that will make your Forex Day trading super profitable. We’ll show you what to do to stop losing money.
You’re losing money when placing a large stop loss
One of the biggest mistakes that a lot of people make is placing a too big stop loss. And a too small profit or at least one. So, if you want to become a profitable Forex Day trader what you will need to do is choose a small stop loss. And you’ll need to choose a huge take profit.
Let’s see an example. It’s based in the BLW signals group. Regarding Forex traders, it is a signal that Carlos shared. It is an EUR/USD signal that had a very small stop loss. And it had a large profit to be able to take advantage of it.
Cut your losses
A lot of people don’t cut their losses very quickly. For example, a lot of people are taking the profit and what they do is cut the trade. There’s nothing wrong with that. But they do the opposite with the stop loss, instead of stopping when they see the prediction going in the wrong direction. So, they end up losing that specific money. The advice here is to cut your losses as soon as possible. Once you see it going in the opposite direction run a small stop loss. So, cut your losses fast!
You’re losing money when you trust anyone!
Tip number 3 and the most important! Don’t trust anyone. There are many people who tell you “Do this to make money”. And then you see another YouTuber and they give you a different information. Then you mix it all up.
You will then realize that many people have different opinions as to how to make money. The recommendation at this point is to just pick one strategy. And focus a specific one, this will be very good for you.
Conclusion
If you follow the recommendations that we gave you in this article, we are very sure that you will be able to generate money.
If you want to have more knowledge on the subject, we advise you to follow Cristian AP’s YouTube channel. There you can also find many applicable strategies within the Forex market, as well as in other markets. We hope that this information has helped you! Don’t forget to share it with your friends.