Forex Strategies for Maximum Profit

It doesn't matter what you're using to trade currency or what type of currency you're trading. These simple tips will help you on your way to make maximum profit. Apply them because their easy and they'll have very good results.

1. Don't Diversify
Diversifying is a very common piece of financial advice. Ask yourself, Is the ordinary Joe making big bucks? No! Diversifying is a buzz word given to the general public. It's designed for people that are too lazy to look after their money. It's the process of not looking after your money and putting it in different places hoping it all won't be lost. As Robert Kiyosaki suggested in this "Rich Dad, Poor Dad" books, the only diversifying he does is putting his money in what's hot at the time. It's true though. Take a look at the rich people and what they do. Warren Buffet gets into what will make him big money than gets out when it's at the top. He doesn't diversify by trying to salvage some profit. He goes in for the kill, as should you.

2. Follow the Pareto principle
If you're unfamiliar with this ideal, it is the 80-20 rule. Simply it means, 20% of what you do will result in 80% of your profit. Conversely, 80% of what you do will result in 20% of your profit. They key to understanding this is to put most of your time in what makes you money. A lot of people get stuck on doing things that make them very little money. This is why I recommend getting software like Forex Killer to handle the 80% of work that only yields you 20% in profit. This allows you to expand your time to the more effective jobs and allows you to make more profitable trades.

These tips are simple, but they work. They are principles followed by the rich person, not the average Joe. The average Joe is broke, so it's better to mimic the habits of Warren Buffet, than Joe Blow.

For more information on the Forex Killer software, check out Forex Charting Software.

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