1. Study by yourself and get experience.
2. Find a mentor or experienced trader to help you.
3. Develop your own trading system and strategies.
I agree, and I would also add "Have faith in yourself." It baffles me how many traders will get excited about their system and the potential future profits and as soon as the first loser comes, they turn their back on a system they were very excited for 30 hours ago. A Trader who believes in their own ability will have the strength to push through the losers.
Once having made the decision to perform in the forex trading investor industry, you need to be conscious of the primary attributes you need to obtain to create it a effective project. With many guides and content to information you, the specialized and essential research can be clearly determined. But, over and above these statistical computations, as a forex trading investor, one must be in ownership of the following characteristics:
Our learning ability varies. In order to succeed, you must;
Study on your own and learn the basics
Open a demo account with a good broker and trade for one month
Develop your own strategy and if possible get a mentor
Open a live account and deposit a very small amount of money to test your ability after demo trading for one month.
Continue to ask questions, read articles, join forum discussion.
If everyone keeps talking about finding a mentor and not getting burned. Well where are these mentors? There's supposedly lots of people who know how to trade successfully but won't help others out beyond telling a person to read a book or go through the babypips school (which I'm sure like most of us has already been done numerous times). Where's the mentor that will actually help a person be successful side-by-side, or that will wait until money has been made in the market before asking for their $10k? It's obvious that a person trading with a $500 account is probably not rich and doesn't have $10k laying around to blindly give someone who has yet to prove themselves.
Let's make it a team effort why don't we? If the mentor successfully teaches a person to trade and the first month the trader is up $2000, then let's talk percentage. Would 25-30% of the profits earned for the month be appropriate? This allows for the account to continue building so that even more money can be made for both trader and mentor; and if the trader doesn't pay the mentor then there won't be a next month of mentoring. So it seems to me that a partnership such as this would work out for everybody, but I have yet to come across a 'mentor' who doesn't sound like they are in need of money.
So where are all the honest mentors? I would be very happy to pay someone a percentage of profits that were made as a result of their mentoring. Or some kind of arrangement could be worked out.