To Double your Forex account can be exciting. Especially if it only takes between thirty to one hundred minutes. This happens more often than you think.
Traders who achieve this feat use a mechanical lot adding approach.
This lot adding approach has four objectives.
- To enter a transaction at the lowest risk possible
- To add lots to that transaction to make the results grow exponentially.
- To have a following stop that moves to the breakeven level for all transactions
- To close all deals when the Forex account has been doubled.
So the result of this is that you have an initial transaction where you are risking a very small percentage of your account balance on the first transaction. The minute your transaction reaches the first lot top up level, lots are added and a breakeven following stop activates. You have a risk free transaction that has the potential of doubling your account! All of this can be done manually or by using an Expert Advisor Forex Robot.
So, that is the easy part. Next is to find trends that run for sixty to ninety pips with small retracements. This sounds tricky but there are over a hundred to catch every month. You need to use a combination of sound fundamental and technical analysis to identify these transactions to make doubling your Forex account a reality.
So the first question to ask is: ”When have these trends happened in the last month?”
You will find that they have occurred under the following circumstances:
- At the opening of major Forex Markets such as the European, UK and US markets
- At the Close of the above mentioned markets
- As a result of economic announcements
- At the break of major horizontal support and resistance
- Breakouts out of severe multiple moving average consolidations
- At the break of major non horizontal support and resistance
- After trend continuation signals
- The bounce off major horizontal and non-horizontal support and resistance
The key is finding high potential volatility. If you are an expert at that, you will do very well. Potential volatility is often identified when the price reaches a price level where the slightest news will cause a considerable move. Many experienced traders do not know the direction of these moves and use old fashioned straddle techniques to find the direction to double your Forex account.
This take experience and knowledge of the market. There are Expert Advisors that will do most of the work for you but they are best used by Forex traders who know what they are doing.
The above points should give you some guidance as what needs to be done to Double your Forex Account in one price move.
This article was written by Alex du Plooy from Expert4x. Alex has doubled his Forex trading account many times in the past and has a free course and supporting YouTube videos on how this is done.
