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Steps to become a professional forex trader

prakash (prakash104)
Jul 03 2016 at 06:23
21 Posts
Choose your mentor carefully:

   Now - a- days there are many TV programs and channels promoting online forex trading as an easy business.They are selling some software and they also tell us that it's easy to make money with this software.But if you think about it logically, if a person is having a software to make money then it's possible for him to make money with that software itself.But these sellers are not real traders, they know that the software won't work for a long time.That's why they are cheating people with coloured advertisements and so on.Never believe these scammers and don't buy any software from anyone.

         If you want to learn, then you must learn only from a real forex trader who himself making money trading.Always before attending a forex trading course, ask the mentor to show his trading results.Verify the results with their broker.Only if it is true, then you can attend his course.He is the right person to teach you how to trade the forex market.So your trading trainer must made money through forex trading.It's very important.If he is not willing to show his trading results, then he is a scammer.Never waste your hard earned money with these scammers.

Learning(Practice in demo account):

Trading success = Patience + discipline + no fear +no greed + consistency+50% accurate strategy +1:2 risk reward +fixed risk(2-3%)

"Slow and steady wins the race"
sutiv
Jul 06 2016 at 10:24
2 Posts
How long can you practice the trading success in demo account?

xgavinc
Jul 06 2016 at 15:13
235 Posts
sutiv posted:
How long can you practice the trading success in demo account?


If I knew then what I know now, I would skip demo account entirely. Find a broker offering market execution (not instant execution), open a micro account (or 'cent' if offered), maximum 1:100 leverage, fund it with 100 units maximum of the account currency (so if you open a USD account - $100 max), then trade with that (only trade 0.01 lots, you will increase this eventually and burn, but so you learn). Withdraw profits if you can, but never add to the account, only fund it if you've blown the account and add another $100 (this helps you mathematically to gauge how well you are doing, if you add funds, eventually you won't know immediately if you are running a profit or if your losses exceed your deposits). The 'real' money aspect gets your mindset right from the beginning, paper money is nowhere near as emotionally challenging as your own money.

Never fund your account with bread and milk money, while you are trading your first batch (like $100), save up your next batch separate from your expenses.

You can thank me in 3-5 years :-)

***Only use demo account to learn how to use the trading software, not how to learn to trade.

For every loss there should be at least an equal and opposite profit.
prakash (prakash104)
Jul 07 2016 at 04:57
21 Posts
do demo trading for atleast 3 to 6 months.But always remember that demo is totally different from real trading because in demo, there is no pressure for you.But in real account you will be facing lot of emotions.So use demoto test only the accuracy of your method.

"Slow and steady wins the race"
Hero76
Jul 23 2016 at 15:45
39 Posts
I would be really careful in terms of selecting a mentor. Learn from TV shows in my opinion not worth it. When the you make a demo account you need to create your own strategy, which will be available just for your understanding. Copying someone else's experience is a great chance to go the wrong way

HolyGrail (coding101)
Aug 02 2016 at 06:49
10 Posts
Demos don't teach you discipline. I was 14 when I started trading forex, today I am 28. My biggest lessons came from making mistakes but lessons did not start until I traded live. You have to build the right mentality. Demo and live are like day and night. That is if you are a discretionary trader. Demos might work if you are a algorithmic trader.

Open a small account and learn from your mistakes.

Losing is the only way to learn.
Hero76
Aug 02 2016 at 19:51
39 Posts
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?

HolyGrail (coding101)
Aug 03 2016 at 06:03
10 Posts
If you trade manually demo and live accounts have a day and night difference because traders aren't prepared to handle themselves. Algorithmic trading means everything is programmed, you have a strategy running and it makes your trades, therefore it doesn't care whether your running a demo or a live account.

I learned myself and have thousands of hours of just looking at a chart and seeing price move. I might have ADHD or something.

Hero76 posted:
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?

Losing is the only way to learn.
xgavinc
Aug 04 2016 at 07:36
235 Posts
coding101 posted:
If you trade manually demo and live accounts have a day and night difference because traders aren't prepared to handle themselves. Algorithmic trading means everything is programmed, you have a strategy running and it makes your trades, therefore it doesn't care whether your running a demo or a live account.

I learned myself and have thousands of hours of just looking at a chart and seeing price move. I might have ADHD or something.

Hero76 posted:
Could you explain please what the discretionary trader is and what the algorithmic trader means?
Well, that’s a huge luck that you started so early so you had a lot of time to get huge experience. But did you begin to trade because of the example of the parents or you learned by yourself?


That would be OCD 😀, if you had ADHD you would get bored too quickly (I had a wife with ADHD, she attempted trading but got bored within 2 minutes, after a week she gave up... it was just not interesting enough for her).

For every loss there should be at least an equal and opposite profit.
james_m
Aug 14 2016 at 06:51
4 Posts
I agree completely, lately I have been looking at automated strategies which is why I joined this site. By using a robot you remove the emotional aspects and you can track past performance very accurately to ensure the trader is not just lucky - sometimes I think I would rather learn from an Algo than a real person. Look at the video on this page https://forexsignals.io that is the kind of automated strategy I want!!

vontogr (togr)
Aug 15 2016 at 11:45
4862 Posts
prakash104 posted:
Choose your mentor carefully:

   Now - a- days there are many TV programs and channels promoting online forex trading as an easy business.They are selling some software and they also tell us that it's easy to make money with this software.But if you think about it logically, if a person is having a software to make money then it's possible for him to make money with that software itself.But these sellers are not real traders, they know that the software won't work for a long time.That's why they are cheating people with coloured advertisements and so on.Never believe these scammers and don't buy any software from anyone.

         If you want to learn, then you must learn only from a real forex trader who himself making money trading.Always before attending a forex trading course, ask the mentor to show his trading results.Verify the results with their broker.Only if it is true, then you can attend his course.He is the right person to teach you how to trade the forex market.So your trading trainer must made money through forex trading.It's very important.If he is not willing to show his trading results, then he is a scammer.Never waste your hard earned money with these scammers.

Learning(Practice in demo account):

Trading success = Patience + discipline + no fear +no greed + consistency+50% accurate strategy +1:2 risk reward +fixed risk(2-3%)


Its very simple.
1. have a good trading plan
2. execute plan
3. If it works continue, if not switch plan and go back to 1

Everything else like profitability, risk reward, etc is just specific plan.

HolyGrail (coding101)
Aug 16 2016 at 05:25
10 Posts
you become good at something when you invest about 10,000 hours into it.

Losing is the only way to learn.
Bisulget
Aug 17 2016 at 08:51
14 Posts
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.

mlawson71
Aug 31 2016 at 09:38
1487 Posts
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.

kieran (snapdragon1970)
Aug 31 2016 at 16:14
1945 Posts
coding101 posted:
you become good at something when you invest about 10,000 hours into it.


That's about right.If your trading Forex don't give up your full time job until you are making consistent profits,you will need a large account to support a decent income.

"They mistook leverage with genius".
mlawson71
Sep 01 2016 at 09:29
1487 Posts
Some people don't learn regardless how much time they spend in front of the charts. I think it's less about the time spent, and more about one's willingness and ability to learn and adapt.

kieran (snapdragon1970)
Sep 01 2016 at 09:38
1945 Posts
mlawson71 posted:
Some people don't learn regardless how much time they spend in front of the charts. I think it's less about the time spent, and more about one's willingness and ability to learn and adapt.

Yeah,your right you have to change with the market.

"They mistook leverage with genius".
paidsignal
Sep 04 2016 at 06:59
78 Posts
there are many steps . You will become professional traders.

TheOne1
Sep 12 2016 at 06:49
10 Posts
Came to this forum to get more experience, totally worth it. Thanks, keep up the good work!:)

Lowest trading costs at Vipro Markets , check my bio for more
olivia_jones
Sep 23 2016 at 08:45
24 Posts
Forex trading has a great profit potential and meets different trading requirements. But it's not the hard work that works in Forex trading but how smartly you trade that matters. That is why 90% traders lose. If you are smart enough then you can definitely make money with time. But before stepping into the real market, you need to follow some rules to become a professional trader:-
Market psychology: Try to understand market psychology and reasons behind how it is reacting that way. More you understand the market fundamentals; more will be chances to gain in the long run.
Get to know Forex market: Before making an investment tries to understand every single aspect of Forex market and how it works.
Clear your goal: 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 as a profession and 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 the time you can improve your trading skills, build your confidence.
Accept reality: Most of the traders expect higher returns in a couple of months which is not a realistic approach. You should have realistic expectations and only then you can succeed in this Forex world.
 Avoid emotional trading: - 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.


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