5 ways to be more profitable in forex

**Anderson Corey** · 16-09-16, 07:32

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.

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 - http://www.tradewisefx.com/5-tips-fo...forex-traders/

**Michael Howard** · 17-09-16, 01:50

It’s not about how many ways we have for been profitable, but it’s about how good we are with execution part since that’s where everything is done and dusted, if we are good at execution then we will find rest of the stuff happening nicely too, but if we are not good at that then we will have obvious trouble and difficulty with things. Luckily, I am able to work it all out accurately which is to do with OctaFX broker, as they are class above the rest and have some serious rewards for the taking including having 50% bonus on deposit which is use able plus many such facilities and features, it all connects me to real way of being profitable.

**Williams Taylor** · 25-09-16, 09:22

Yeah, you can follow some good strategy towards making good trading. This comes with practice over time. But the main thing, the role of a good broker can’t be under-emphasized. That’s why I trade with FreshForex which meets my trading needs which are mainly low spreads and fast executions with no-quotes, slippages. I also get free forex education & forecasts to improve & assist my trading & learning. I have an option to exercise the offers of $7.5 per lot on even winning trade, 36% interests on deposits, 101% bonus which is margin calculated.

**Michael Howard** · 26-09-16, 22:37

Very true Taylor, it’s obviously wise that we create up good strategy/plan in order to work out things, if we think we can be successful or go far without strategy or planning then that mindset is absolutely incorrect. I always believe in working with proper method and strategy, as that’s the only way we will be able to grow and will be able succeed. As I said I am working with OctaFX broker, so that shifts advantage in my favor especially to do with their low spreads from 0.1 pips to high leverage up to 1.500 plus there is also mammoth deposit bonus up to 50% which is use able too, so all this works nicely in my favor and helps me out big time!

**Williams Taylor** · 13-11-16, 13:10

Yeah nice points all TS but the 6th way to be profitable is to have a good broker. I am currently with FreshForex broker suits my trading style with excellent trading skills. The megarebate of $15 is very good. For every losing trade, you would get rebate of $15 calculated per trading lot and for every winning trade $7.5! So, you would get rebates whether you win or lose! Apart from this there is 101% tradable bonus & 36% interest rate per annum too!

**Marshy Onseh** · 25-12-16, 10:04

We can make money even outside these 5 ways and that’s by leading the pack. As we can be a broker our self, it’s all about dedication to let it work! For me, it all went easy after I joined up with TechForBrokers, as they just made the breakthrough for me. They setup such a fascinating structure that not only is generating massive revenue for me, but also has been growing. It’s all at the cost that I would not even put in my best dream!

**Jesse Ryder** · 30-12-16, 20:05

I absolutely agree that these things are important factor and should be considered highly, if we truly wish that we go pass the finishing line then we need to make sure we get it all working right. I am fortunate enough that I can work it all so nicely thanks to OctaFX and with their epic setting that include having educational setup which covers all departments while is fairly simple and straight forward too, so for newbies it’s really what one needs.

**FreshForex** · 02-02-17, 16:58

We just need to focus on our strength not anything else. I just do that and it helps a lot with FP Markets, as they are a highly bnkable company being regulated by ASIC plus is in the industry for last 12 years, so I can really focus on my strength. I enjoy their tight spreads, high leverage, mobile platform and the latest epic 200 USD Bonus that is how we can start up, it’s no deposit bonus so we can start up nicely and play out things well.