Steps to become a professional forex trader

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.😄

The most important is this process.
1. Create trading plan
2. Follow trading plan
3. If it not works go to 1

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

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.

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.

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.

Janeo posted:
Practice will make you Professional.😄

Practice plus reflection to learn from the experience.

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.

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