Defining Success:
What do you want to achieve?
Now 10 Steps to Becomes fx trader:
1: Set aside expectations
“Earn the money you need and don’t stress about earning more.”
As an alternative to focusing only on how to earn money in Forex, try to focus on learning a trading strategy and researching all the trading tools that are within your reach.
By setting a high profit objective, you create great emotional pressure.
forget unrealistic goals and objectives. The prospect of earning money in Forex with just a few quick trades is extremely unlikely.
2: Define your trading risk profile
Read Other traders testimonials.
Research the market and Pairs
Feel Comfortable
Your risk profile:
Moderate? Aggressive? Conservative?
Prepare to lose. Its your market
3: Choose a trading strategy:
There is no right or wrong way to trade, what really matters is that you define the strategy you will use in different situations.
To become a successful Forex trader, try to focus on harmonising your online trading strategy with your risk profile.
4: Set aside your emotions:
Emotions are the worst enemy of people who want to become traders.
trading is not a game.
Forex trading is a financial activity that is a mix of analysis and discipline. You should not blame the market, or worry about your losing trades.
be knowledgeable about your mental state. Excessive trading confidence can cause great losses.
5: Set your stop loss and take profit:…
6: Keep up with the markets:
Even if you are a technical trader, meaning someone who makes trades based on chart analysis of a market instrument, you should still pay close attention to the fundamentals, since such events are a key factor in market movements. For example, if you have a reliable trading strategy and several technical indicators that indicate a long trade, check the forex calendar anyway to make sure your order matches current events. Even if your technical trading strategy works perfectly, the fundamental news can change everything.
7: Avoid overtrading:
In investments, you have to wait until the opportunity is clear.
There is no harm in waiting for more than a day for an opportunity to arise. You can simply wait until favourable price action arrives, and this shows that you really know what you are doing, and that is when you enter the game. You just need a couple of trades.
The lesson is clear: a trader does not have to make a lot of trades to be successful, they just need to make the correct trades.
When you are trading on a live account, you must have a strategy with specific, pre-established conditions for the entry and exit of trades. Simply follow your plan.
8: Accept that, eventually, you’re going to lose:
In reality, ‘success’ does not mean that you always win in each trade, but that the average across all your trades end up with a positive balance.
9: Develop a trading plan
There has been much talk about discipline in trading, but very little about being an organised trader.
How can this person become a successful trader if they repeatedly leave the result of their trades to luck?
10: Choose a broker that matches your risk profile
Summary
Develop a trading plan and always adhere to it.
Set stop-losses for every trade. Otherwise, failure is almost certain.
• Don’t risk more than 2% of your margin per single trade.
• Keep your emotions separate from trading.
• Never trade to compensate for your losses.
• Only trade when you feel it’s the right moment.
• Don’t be afraid of losses, every trader has them.
• Try to achieve more profitable trades, and have less unsuccessful trades.
