How to Be a Profitable Forex Trader

Tips and Tricks for Becoming Successful in Trading

First, I'll explain the roulette technique. On the roulette wheel, there is only one green number: 0. The rest are either black or red. We will ignore the green one, since it is insignificant and does not change the probabilities much. So on each spin there is a 50% probability of the ball stoping at either red or black. We start our game by betting 1$ on red. If we win, the probability for the next spin to show red again diminishes and becomes 50% x 50% = 25% (mathematical formula). So we go with the higher probability, meaning we bet 1$ on black (75% probability). That is the rule for when you win. But if you lose, then it means the color was black, so the probability for it being black again diminishes and becomes 25% on the next spin. That means every time you lose on a color, the probability of it turning up on the next spin increases. Knowing that, you double your bet next time and bet 2$ on red. If you lose again, the probability is over 80% and you bet 4$. If you lose again, the probability is over 90%, so you bet 8$ and so on. It is basically mathematically impossible for you to get the same color more than 8 times in a row. So in maximum 8 tries, you will eventually win. If you lost say 5 times in a row, then you lost 1$ + 2$ + 4$ + 8$ + 16$ = 31$. Then you double your bet, play 32$ and you win. That means you earn 32$. 32$ - 31$ = 1$. You are 1$ in profit. Now you bet on black and repeat the process.

This works 100% and the casinos will ban you if you try this. But what if we use this in Forex? If you have a 70% win ratio, this is very powerful. You shoulnd't lose more than 3-4 times in a row if you have a good trading plan. So the simple trick is that after a loss you double the lots. When you finally win, you return to the normal number of lots. This will make a great difference, because it will bring you faster profits and cover your previous losses.

Just remember to keep it organised and simple. Trading is simple, but we complicate it.