Steps to become a professional forex trader
Sep 23, 2016 at 08:46
Forex trading has a huge profit potential. But it do require hard work along with smart work. Most of the traders lose in stock market. If you are smart enough then you can definitely make money but with time. But before stepping into the real market , you need to follow some rules to become a professional trader and get benefit.
Market psychology: Try to understand market psychology and moves . More you understand the market fundamentals , the more chances of gain in the long run.
Have a Grip on Fundamentals: Before making an investment try to understand every single aspect of Forex market, instruments and how it works.
Motive behind trading : People are fascinated for Forex trading due to its profit making potential but you need to clear your goal whether it's a hobby or you want to opt it as a profession then trade accordingly.
Try demo account: Before making real investment, practice at least for 3-4 months. Don't think that you are wasting your time because it is kind of grooming you for Forex Trading.
Be realistic : Don't expect higher returns in a couple of months. You should have realistic expectations and only then you can succeed in this Forex world.
Don't let your emotions overrule :- Don't place your trade based on instincts. Be sure. Also when we lose money we become more emotional and invest more money in order to get the lost money back. But it is the time we need to be more careful and should act as a disciplined Forex trader to avoid such type of emotional trading.
Practice will make you Professional.😄
Market psychology: Try to understand market psychology and moves . More you understand the market fundamentals , the more chances of gain in the long run.
Have a Grip on Fundamentals: Before making an investment try to understand every single aspect of Forex market, instruments and how it works.
Motive behind trading : People are fascinated for Forex trading due to its profit making potential but you need to clear your goal whether it's a hobby or you want to opt it as a profession then trade accordingly.
Try demo account: Before making real investment, practice at least for 3-4 months. Don't think that you are wasting your time because it is kind of grooming you for Forex Trading.
Be realistic : Don't expect higher returns in a couple of months. You should have realistic expectations and only then you can succeed in this Forex world.
Don't let your emotions overrule :- Don't place your trade based on instincts. Be sure. Also when we lose money we become more emotional and invest more money in order to get the lost money back. But it is the time we need to be more careful and should act as a disciplined Forex trader to avoid such type of emotional trading.
Practice will make you Professional.😄
Member Since Feb 22, 2011
4862 posts
Sep 25, 2016 at 06:41
The most important is this process.
1. Create trading plan
2. Follow trading plan
3. If it not works go to 1
1. Create trading plan
2. Follow trading plan
3. If it not works go to 1
Member Since Oct 01, 2015
47 posts
Oct 23, 2016 at 06:26
togr posted:
The most important is this process.
1. Create trading plan
2. Follow trading plan
3. If it not works go to 1
Absolutely right! So simple it is
Oct 25, 2016 at 13:49
For me the key ingredients to professional trading are:
- financial knowledge
- mindset
- logical thinking
- analytical skills
- ability to work with lots of data
No wonder why many scientists in physics or mathematics are involved so much in the financial industry nowadays. Experience matters only after enough reflection on the outcome of the trades.
- financial knowledge
- mindset
- logical thinking
- analytical skills
- ability to work with lots of data
No wonder why many scientists in physics or mathematics are involved so much in the financial industry nowadays. Experience matters only after enough reflection on the outcome of the trades.
Accept the loss as experience
Nov 13, 2016 at 07:36
mlawson71 posted:Bisulget posted:
Having trading strategy is necessary, but it is also necessary to implement it correctly. Don't get in trap of BS sellers, no fear and no greed, etc. - this all is full of sense , but in order to make sure that strategy works fine, demo account would be the most appropriate first step. If demo performs good trading for at least several months, one may change it to micro account, if success is repeated, then it is the time to open real account. The first and the most important rule for absolute newbies is to forget once and for all the idea about easy cash.
Even if one does that going full-time trading is difficult, because your income has to be large enough and consistent enough to support you. I am not saying it's impossible, I'm far from that thought, but it is pretty hard and one should always have that in mind.
Youre right it is difficult, but new traders must once and for all forget idea of becoming rich in 10 minutes or anything easy. This all is about working hard and being exhausted most of the time. Even if one implements all solid knowledge and analytical skills, far not all is that clear and understandable in this severely manipulated financial ocean.
Member Since Mar 31, 2015
45 posts
Nov 15, 2016 at 16:09
I think the trading style should reflect the personality. If you know what trading instruments and settings are suitable to your attitude, use them and it will be a matter of time to see good results.
Member Since Mar 31, 2015
45 posts
Nov 15, 2016 at 16:09
Janeo posted:
Practice will make you Professional.😄
Practice plus reflection to learn from the experience.
forex_trader_29148
Member Since Feb 11, 2011
1916 posts
Nov 18, 2016 at 09:04
you need to be an excellent trader before thinking of becoming pro,95 % of trader fail.so you nedd to learn how to not fail again ,you need to be resilient and very smart...need at lest 2 or 3 years of failing ,winning falling again....before getting it,don;t beleive those who say otherwise
Nov 20, 2016 at 08:09
rob559 posted:
you need to be an excellent trader before thinking of becoming pro,95 % of trader fail.so you nedd to learn how to not fail again ,you need to be resilient and very smart...need at lest 2 or 3 years of failing ,winning falling again....before getting it,don;t beleive those who say otherwise
So your point is to show consistent performance? I agree with the ability of recovering from a loss as mistakes can always happen. For me a true pro has a steady upward performance curve.
Member Since Sep 12, 2015
1948 posts
Nov 20, 2016 at 18:58
lee42747 posted:When you see bigger winners than losers on your account balance your on the right track.rob559 posted:
you need to be an excellent trader before thinking of becoming pro,95 % of trader fail.so you nedd to learn how to not fail again ,you need to be resilient and very smart...need at lest 2 or 3 years of failing ,winning falling again....before getting it,don;t beleive those who say otherwise
So your point is to show consistent performance? I agree with the ability of recovering from a loss as mistakes can always happen. For me a true pro has a steady upward performance curve.
"They mistook leverage with genius".
Member Since Sep 12, 2015
1948 posts
Nov 28, 2016 at 16:24
(edited Nov 28, 2016 at 16:25)
LLewis posted:As long as you are realistic about how much you can make on each trade , how much is the price moving , how much is it pulling back each time , where is your stop and entry etc.snapdragon1970 posted:
When you see bigger winners than losers on your account balance your on the right track.
Yes, and the next big step is to retain this performance! 😄
"They mistook leverage with genius".
Nov 29, 2016 at 08:16
I think having academic background in finance or mathematics could be also useful for becoming a professional trader. Working at financial institutions or companies can give the professional perspective to things. It should give an insider view 😄
Knowledge is king!
Nov 29, 2016 at 15:26
RPatell posted:
I think having academic background in finance or mathematics could be also useful for becoming a professional trader.
I think what you say here is more relevant for those who program the algorithms for trading by the big companies. When learning by doing the individual traders can be also very successful.
Member Since Mar 31, 2015
45 posts
Nov 30, 2016 at 15:43
snapdragon1970 posted:
As long as you are realistic about how much you can make on each trade , how much is the price moving , how much is it pulling back each time , where is your stop and entry etc.
I agree. To be able to know and be confident about these details in trading is already a good condition for consistent performance on a pro level.
forex_trader_381988
Member Since Dec 06, 2016
37 posts
Feb 27, 2017 at 23:00
I believe that in the financial market there is no single formula to operate successfully. The financial market is like an ocean and the merchants are surfers. The surfer must have balance, patience, talent and equipment. Must have deep concentration when surfing. It would be stupid if you were to sail when there were dangerously deadly tides. In the same way no trader invests in the exchange market while there is risk. A successful Forex trader follows some basic rules to avoid scams and risks in the market finances.
forex_trader_376084
Member Since Nov 13, 2016
10 posts
Feb 28, 2017 at 08:05
@jhonix This you comment is contradictory, the surfer loves the good waves, decides to take the risk of going for them and launches. In trade you must invest smartly, but you must know how to take risks, trade is volatile, we can not be static traders.
Feb 28, 2017 at 08:18
- true STP, NDD
- own system/strategy - KISS
- RRR 1/2 at least
- TF 15,30,60 / depends on capital, bigger TF = better for you, small TF = getting tired = inattention = losses /
- free capital at least 50k
- plenty of time, best is if you need not work
- combine manual/ automated trading. Automated = robot search your pattern across the markets and ... Manual = you trade it after you got ALERT
- start to trade with minilots for couple of months and then keep max 1% risk of account
- funny is that you do not need to be much educated - better is to create realy KISS system and improve it to achive above mentioned
So this is my Holly Grail to become an professioal trader - I did it this way
Who is able to achive above mentioned rules?? My estimation is max 5-8% of traders ....so good luck!😀
- own system/strategy - KISS
- RRR 1/2 at least
- TF 15,30,60 / depends on capital, bigger TF = better for you, small TF = getting tired = inattention = losses /
- free capital at least 50k
- plenty of time, best is if you need not work
- combine manual/ automated trading. Automated = robot search your pattern across the markets and ... Manual = you trade it after you got ALERT
- start to trade with minilots for couple of months and then keep max 1% risk of account
- funny is that you do not need to be much educated - better is to create realy KISS system and improve it to achive above mentioned
So this is my Holly Grail to become an professioal trader - I did it this way
Who is able to achive above mentioned rules?? My estimation is max 5-8% of traders ....so good luck!😀
Member Since Jun 02, 2017
13 posts
Jul 04, 2017 at 14:54
jhonix posted:What should be the basic rules to avoid scams and risks in trading on the financial market in order to become at list decent trader or even professional?
I believe that in the financial market there is no single formula to operate successfully. The financial market is like an ocean and the merchants are surfers. The surfer must have balance, patience, talent and equipment. Must have deep concentration when surfing. It would be stupid if you were to sail when there were dangerously deadly tides. In the same way no trader invests in the exchange market while there is risk. A successful Forex trader follows some basic rules to avoid scams and risks in the market finances.
