Thread: 5 ways to be more profitable in forex

If you are contemplating becoming a professional forex trader you are no doubt looking for ways to become more profitable and maybe even hoping to hit it big, never having to work again. The fact is that while this is possible it is by no means easy. Before you become profitable you will have to know some rules of thumb what are the basis for this. For one a solid trading plan and the nerve to execute it to the letter. plus a myriad of other factors. Like a business owner you will have to choose your tools of the trade carefully, count the cost and then see if it will work out for you. So here are some solutions to becoming profitable that you can control.


1. Trading costs. As an active trader you will need your trading costs to be minimal. This is like with every other business, if your costs are higher than income you lose money. A trader can spend thousands or even tens of thousands of dollars on trading costs alone resulting in 10%-100% lower profitability making a good trading system useless.


2. Trade execution speed. It does not stop with pure costs though. Every trade you make can be either executed on the price you asked or miles away. This comes down to the speed of your orders going through. Now it is good to have a fast internet connection with low latency but so the same applies to the brokers connection. A good measure would be having orders executed below 0.2 seconds at minimum.


3. Order fill rate. The other reason you may miss a trade has to do with the type of the broker you have. Is it a broker automatically filling your orders without last look or is there a manual dealer or automatic system gaming you. This is hard to prove but the best bet is to go with a no dealing desk or an STP/ECN broker who will send your orders to a selection of other brokers and banks.


4. Depositing and withdrawal costs. Depositing and withdrawal costs can have a surprising effect on your returns especially if you are regularly adding more funds to your account. Broker offering this for free give a boost to your returns.


5. Shared accounts PAMM and MAM As surprising as it is a MAM account that includes the funds of many investors can give you bargaining power with brokers because the more funds you manage and bring in the lower the cost of trading will be with a broker.


Written by TradeWiseFX Team -


Source - 5 tips for new forex traders | TradeWiseFX

Because with best order execution speed, you will never get any requote in your trading position and put the order more accurate.

The best way in my opinion is select a good broker which can help you out in each and every aspect of trading, My suggestion would be to chose FBS Markets.

I am agree with Rahul247 choose a good and reliable broker and then start with demo account. Demo trading with your broker will help you a lot to get some good idea about Forex, which will help you to trade forex successfully. Demo trading will lead you to steps of success and help you trade successfully in real trading.


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agree with you, with a trained mental we can better take advantage of the right moment in the market, and brokerage services should certainly be utilized well in order to increase trading experience

Originally Posted by Uncle Gober

agree with you, with a trained mental we can better take advantage of the right moment in the market, and brokerage services should certainly be utilized well in order to increase trading experience

we can train mentally we have by way of trade in a better and more regularly because of the discipline will also affect the trading performance we have

To be sure we will be a better course in running our trading activities, if we have to prepare ourselves well before running our trading activities.

There are many ways through which you can actually make some consistent profit but nothing is 100% sure, you need to put your own efforts for that.

Originally Posted by Rahul247

There are many ways through which you can actually make some consistent profit but nothing is 100% sure, you need to put your own efforts for that.

motivation is to become one of supporting your success in forex trading. a trader who has a clear motivation and strong, will continue Touch ups mistakes and continue to train the ability of trading

Originally Posted by Uncle Gober

motivation is to become one of supporting your success in forex trading. a trader who has a clear motivation and strong, will continue Touch ups mistakes and continue to train the ability of trading

I agree. If we have good motivation, it's will be a spirit booster that can make us doing trading well. Then we can get what we want. but not only the motivation that we need. WE have to more learning about the other things on forex trading that can help us to growing us up.