Trading is a very fascinating profession. As a trader, you don’t have to rely on anyone. It’s more like running an independent business without any rivals. But securing consistent profit in the CFD market is a tough task. Even if you manage to make consistent profit in the CFD trading industry, you might be looking for easy-to-make money fast. So, is it possible to make fast cash in the trading profession? Well, the answer is a big NO for novice traders. But those who have in-depth knowledge about this market might be able to make some quick profit in this market.
In this post, we are going to give you some advanced tips which will help you make money fast in the CFD trading industry. But remember, these tips are very risky and small mistakes can cost you big losses.
Trade with a high leverage account
Instead of trading the market with the low leverage account, you should be trading the market with the high leverage trading account. Once you become comfortable with the high leverage trading account, try to trade with a big lot by using the price action confirmation signal. Since price action trading strategy allows the retail traders to trade with tight stops, you should be able to aim for bigger profits without increasing the risk exposure. But do not trade during volatile hours. Finding stable hours so that you don’t have to deal with the false spikes.
Increase your risk to reward ratio
To make money fast, you should trade with a high risk to reward ratio. The majority of the elite traders at Saxo Dubai Market follow this approach as it helps them to make quick decisions at trading. But increasing the risk to reward ratio in the trading industry is a very tough task. Unless you do that in a strategic way, you will never learn to earn more money. You should also try to trade with the major trend or else you will never be able to improve your risk to reward ratio.
Analyze the data in a higher time frame so that you can aim for a bigger profit. Ignore the trade signals in the lower time frame as it will never work.
Teach new traders
If you become good at trading, you can also teach the new traders. But for that, you need to have a proven track record in the CFD trading profession. Teaching can be a great professional for successful traders and it can create heavy cash flow. You don’t have to spend much promoting yourself as novice traders are continuously looking for skilled traders to learn the basics. But do not start offering your service without having a proven track record. If you do so, you will never get any students. So, be strategic with your actions, and only then you can expect to make a big profit.
Start copying trading service
A copying trading service is a great way to increase your profit factor at trading. If you truly believe that you have the skills to deal with the important market dynamics, you may start a copy trading service. By doing so, you can easily earn a commission for each copied trade. When you will have tons of followers, you will be earning money just like the brokers. But to become successful in offering such a service, you must have strong trading skills. Unless you can make a regular profit in the trading industry, no one is going to take your service.
Write books on trading
Being a skilled trader, you can also write books on trading. If you manage to write the book in a very structured way, you may expect to get huge sales. Thus you can earn a big amount of money within a short time. But do not expect that you will hit the jackpot with a low-end book. The book should be written in a very professional way and it must help the traders.