You need a bit of luck in life in general. Luck to find the best resources, luck to have the time and internet access to trade. And then luck to have your first month of trading go well. If the luck goes against you then you will sadly fail
A trading system developed and based on the own knowledge is the only beginning. A professional is a trader who uses the knowledge and experience unmistakably, uncompromisingly and accurately. The expert trader has the own clear vision of market situations and has a clear plan that will be profitable with high expectation.
cranberrythekid posted: You need a bit of luck in life in general. Luck to find the best resources, luck to have the time and internet access to trade. And then luck to have your first month of trading go well. If the luck goes against you then you will sadly fail
you might have good luck for the first time but that does not mean that you will have bad lucks in trading always. So do not get demotivated and learn from your mistakes.
I believe that forex expert is all about knowledge and understanding how the market works along with certain skills and self-control. It is impossible to claim yourself an expert when all of your deals are red.
Actually, the word expert means that you know everything about the activity which you got used to run. Anyway, there are some traders who consider themselves as experts in forex trading, but they don't really seem to be such ones. If you consider some traders as an experts in order to ask them an advice or you just want to learn something from them, then check it twice. As a rule, there are reviews about particular traders in the internet. Thus, you should check it in order to be convinced in the professionality of a trader. Otherwise, you would better ignore such traders who wrongly consider themselves as experts.
The foreign exchange (forex) market is the world's largest asset marketplace by trading volume and liquidity, open 24/7 and crucial for global finance and commerce. Forex Market Risky So Skills, Knowledge Degree Needed. Forex Market Analyst / Currency Researcher / Currency Strategist, Forex Account Manager / Professional Trader / Institutional Trader, Forex Industry Regulator, Forex Exchange Operations, Trade Audit Associate and Exchange Operations Manager, Forex Software Developers etc. need to manage this issue to be an expert.
To become an expert forex trader, all you need is a pile of books, plenty of forex trading websites on your bookmarks, and videos on your laptop. Staying updated on a daily basis regarding the forex market and economic news is the 'Mantra' to becoming an expert.
Patience, discipline and thick skin. Also a decent work ethic. Too many think that there are shortcuts and easy ways to make money and there isn't in forex. While at it's core it can be very simple, learning and practice takes time and effort.
If you can't spot the liquidity then you are the liquidity.
Expert Forex traders need a lot of learning and experience. Also, in order to achieve the goal, it is necessary to have strong mental power with a high degree of dedication to survive and learn at all times.
To reach the excellence of an expert, one needs to completely immerse in learning and practicing. It requires traders to remain abreast with the latest news and technology. A trader should be willing to continuously improve and expose himself to constant learning.
Persistence. Trading demands time and continuous effort. You learn the most while trading. As a trader, you should continuously learn from your trades, whether you make money or not. Traders who ignore learning practically do gambling.
Experience teaches you more than any other platform in forex Trading. It takes you years and years just to be sure if you have made the right decision before making a trade. With experience you learn how to be in better control of your emotions, patience is key. Once you know how to keep your emotions in check, when to take a break, when to trade, and when to hold back, you know you are getting better at trading.
You have to do a lot learning from your successes, but more importantly your mistakes and the mistakes of others so you won't repeat them. Above all, don't give up. You'll eventually find your trading style that will give you consistent profits long term which doesn't make you trade emotionally. It could take months, or even years to find it.
Integrity is the seed for achievement. It is the principle that never fails. - Earl Nightingale
To be an expert one needs to be consistent in trading and have the deep knowledge of technical tools plus must interpret the major economic events for a clear understanding of effects of it on price movements.
I am so tired of the fact that everyone wants to become an expert. I mean that I don't want to be an expert at trading, I just want to make decent consistent profits and nothing more. I don't know, probably it is my problem of treating the words more seriously than I should, but I have some negative experience in seeing 'experts' of trading. Such people can only boast their luxorous things which they rented before in order to persuade the viewers to join some broker or buy some services. I feel that we all should aspire to become good at trading or perfect if you want in order to create an investing fund where everyone would pay for your managing. Experise is something too vague to discuss precisely.
HIGH RISK WARNING: Foreign exchange trading carries a high level of risk that may not be suitable for all investors.
Leverage creates additional risk and loss exposure. Before you decide to trade foreign exchange, carefully consider your investment objectives, experience level, and risk tolerance.
You could lose some or all of your initial investment. Do not invest money that you cannot afford to lose. Educate yourself on the risks associated with foreign exchange trading, and seek advice from an independent financial or tax advisor if you have any questions.
Any data and information is provided 'as is' solely for informational purposes, and is not intended for trading purposes or advice.
Past performance is not indicative of future results.