5 Things You Must Do If You Want To Attain Financial Freedom Through Forex Trading

Very much true, if all the aspirant traders follow all of these steps in their trading routine then certainly achieving financial freedom is possible. Thus, one should make sure that they educate themselves for better trading and money handling to excel in trading life.

Great insight. Additionally, one of the most fundamental things a successful trader must have is perseverance. If you want to truly be financially independent in this or anything else in life, you can’t get beaten down and stay down because things aren’t going your way.

Seeing your mistakes and failures as an opportunity for growth rather than defeat is vital.

I could not agree with you more especially number 2 - it takes time, practice and dedication - just like anything and everything in life.

I feel like people do not rate it highly as a skill enough and see it as a get rich vehicle. Which it can but the skill needs to be mastered first.

This is greatly useful information. I dare say it will inspire newbie traders) Keep on education and never give up - then you’ll be awarded. I think it also shall be mentioned that you won’t be enriched enormously in couple of hours, just like at any other job. Forex is pretty high point to climb on. I guess lots of newbies consider forex as easy way to earn from nothing and then after facing a severe reality it becomes the main reason why they give up.

True the initial thought that comes to any new person regarding the forex trading business is that it is highly rewarding and then later on they realize that it is also highly risky. But only traders who manage the risk can reap the profits.

This post was flagged by the community and is temporarily hidden.

There is no instant way to become successful in any business, including forex business. You must follow the process and train yourself to be able make good analysis in mostly condition and controlling your emotion so you can maximize profit and minimize loss. As traders, you will experience profit and loss in whole transaction. You must capable to learn from your mistake and then fix it if it is necessary. So, traders who want to realize financial freedom in forex, they must capable to gain consistent profit first.

As a trader we need to learn and improve in our trading. This can only be done when we are consistent with our trading and we know which is a good trade for us.

It is this sort of trading based experience that will let us do our trading and earn a good income from it :smiley:

This post was flagged by the community and is temporarily hidden.

The only thing which is most important for each and every trader in this business is that they should always make sure that they are in part with the market and are sure of the possible market price movement atleast to an extent which can help them make gains.

Your advice is excellent and I couldn’t agree more.
To this I would also add: learn how to be patient. Successful forex trading requires being able to wait for the best moment to open a trade and make a profit. Don’t open trades just because you can’t wait.

Good points.

Add this one to that:

Make trading simple. It’s not easy but it shouldn’t have to be complicated. Information overload will only wreck your mind as a trader.

I would say that if the trading system that we are using is simple and we are able to clearly understand how it will work then we will get good trading results…

Maybe this falls under Education, how about developing a plan and sticking to it? I mean hell, “if a Russian does not take a crap without a plan”, then why trade FX without one?

• Follow your gut feeling – Have faith in yourself. If you win you are responsible. If you lose then also you are responsible. So the best way is to trust what your mind says.
• Learn – Because of the volatile nature of forex markets you must constantly educate yourself and explore as to how you can benefit the most. Study the market trends and movements.
• Calculate Risks – A good trader will always consider the risk – reward ratio before he actually undertakes an investment.
• Build strategies and plans – Making plans and strategies will help you to avoid emotional trading and help you achieve your ultimate goals.

These tips are great but the emphasis on having enough capital to work with should really be there. I don’t think someone can attain financial freedom with $500 in their pocket. I mean maybe they can but what are the chances of that happening?

It’s good to want to be an “elite trader” or be skilled and have all these qualities but with not enough dough to work with…

Selling forex trading as a way to financial freedom is no different from it being sold as a get-rich-quick tool.

Building wealth as a Forex trader is all about learning how the market works,learning what influences it and developing strategies towards making successful trades which helps you building profit margin. You are all you have and no one will give you success. Forget the mentors or any advisers they can just show you the path but won’t make you rich so do it on your own.
• Stick to your plan.
• Continue to learn the basics
• Decide the kind of trader you want to be
• Don’t invest in what you don’t understand
• Risk the money which you can afford to lose.

You need to figure out how the forex market works. Then you need to develop your own trading psychology. Once this is done you must go on with the live account with enough capital to make a return that is worth your time and investment of your resources.

Don’t think of financial freedom. You may either get it or not. First of all be clear in your head about what do you expect from forex and then start to trade.

I won’t really touch that ‘financial freedom’ thing, all I would say is that every forex trader must be sure on his research part. To make good money here, proper research and study is mandatory as per me.