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Steps to become a professional forex trader

Janeo
Sep 23 2016 at 08:46
18 ieraksti
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.😄

vontogr (togr)
Sep 25 2016 at 06:41
4862 ieraksti
The most important is this process.
1. Create trading plan
2. Follow trading plan
3. If it not works go to 1

Clive (CliveCampbell)
Oct 23 2016 at 06:26
47 ieraksti
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

Tiffany (TiffanyK)
Oct 25 2016 at 13:49
427 ieraksti
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.

Accept the loss as experience
Bisulget
Nov 13 2016 at 07:36
14 ieraksti
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.

VickyJones
Nov 15 2016 at 16:09
45 ieraksti
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.

VickyJones
Nov 15 2016 at 16:09
45 ieraksti
Janeo posted:
Practice will make you Professional.😄


Practice plus reflection to learn from the experience.

Mario (leopoldo)
Nov 17 2016 at 15:53
41 ieraksti
VickyJones posted:
Janeo posted:
Practice will make you Professional.😄


Practice plus reflection to learn from the experience.


Good point but sometimes I just don't have the time and patience for reflection.

rob559
Nov 18 2016 at 09:04
1916 ieraksti
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

Jay (lee42747)
Nov 20 2016 at 08:09
49 ieraksti
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.

kieran (snapdragon1970)
Nov 20 2016 at 18:58
1945 ieraksti
lee42747 posted:
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.

When you see bigger winners than losers on your account balance your on the right track.

"They mistook leverage with genius".
LLewis
Nov 28 2016 at 16:02
35 ieraksti
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! 😄

Once a trader, always a trader!
kieran (snapdragon1970)
Nov 28 2016 at 16:24
1945 ieraksti
LLewis posted:
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! 😄

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.

"They mistook leverage with genius".
Raj (RPatell)
Nov 29 2016 at 08:16
64 ieraksti
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 😄

Nina (NEEnah)
Nov 29 2016 at 15:26
71 ieraksti
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.

VickyJones
Nov 30 2016 at 15:43
45 ieraksti
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.

jhonix
Feb 27 2017 at 23:00
37 ieraksti
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.

nivkyy
Feb 28 2017 at 08:05
10 ieraksti
@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.

TrueForexWay (4EX4LIVE)
Feb 28 2017 at 08:18
4 ieraksti
- 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!😀

Eino (icepower72)
Jul 04 2017 at 14:54
13 ieraksti
jhonix posted:
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.

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?

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