Hi Jakob,
& er, wow - thats quite an open question you've got there

The primary way to increase airspeed is to push the throttle to maximum - or descend, but the effects of increasing speed by losing altitude don't last very long :)
When you increase the airspeed by your method, that will only set the speed for your aircraft for when you resume flight - unless your throttle & mixture are set correctly, you will not be able to maintain 120kias (Don't worry to much about the fuel mixture, I guess it is set to automatic).
Airspeed is affected by so many factors, it might be difficult to pinpoint your particular problem. It may be to do with your control input via your joystick/keyboard IE, is your joystick throttle calibrated correctly? Do you use the mouse to move the throttle on the screen?
Is the throttle on the screen all the way in?
What altitude are you at? The higher you get, the lower your KIAS will appear.
Cheers,
TSC.