How to Become a Full-Time Forex Trader & Build a Solid Mindset For Trading?
Logo

Login

Log in with
X
 
  • filter
  • Time
  • Show
Clear All
new posts
20
  • #1 Collapse

    How to Become a Full-Time Forex Trader & Build a Solid Mindset For Trading?
    There is a lot of guides out there but none of them talk about this topic in detail. Can you share your tips?

    Thank you!
    You only need to read THIS ARTICLE to make money from forex trading,
  • <a href="https://www.instaforex.org/ru/?x=ruforum">InstaForex</a>
  • #2 Collapse

    Becoming a forex trader is not an easy thing. You have to deal with risk everyday and join in the exciting play of risk and reward in the biggest capital market in the world. The reward upon successful venture into this capital market? Total financial freedom and other perks that comes with it. Do you want to become a full-time forex trader? Here’s how...

    Click image for larger version

Name:	PicsArt_09-22-08.57.01.jpg
Views:	1
Size:	19.0 KB
ID:	17366157

    WHAT DOES IT MEAN TO BECOME A FOREX TRADER?

    The easiest explanation would be, you buy or sell a currency to make profit. That said, the devil is always on the details. Being a forex trader means you have to be a very disciplined person because there really is no room for mistakes. Everything has to be strategic and decisive and most importantly, must be willing to adjust on a switch. You have to always be on the lookout for the next trading opportunity that will bring you money.

    This market truly runs 24 hours a day all week long, so the market never sleeps even a bit. This translates to multiple trading opportunities at different times, although the liquidity will have its peak and trough during the day.


    WHAT DOES IT TAKE TO BE A REALLY PROFITABLE TRADER?

    There’s a bunch of things that can be put into this list but let’s make it short and simple for time sake.

    1. The passion

    Of course, anything you want to be successful in you must have a strong passion toward it. Without this you really won’t get anywhere. Guaranteed!

    Why passion? Without this element, you won’t have the driving factor to seek and learn many things necessary for your own development. This business is very tough so you need a lot of preparation in a lot of aspects from monetary policy, price action movements, the Fed, money management etc. The fundamental side is also very important if you want to become a real proper forex trader. Try to aim to be on the same page with the central banks, don’t put yourself against them - they have very deep pockets and almost always win.

    2. Learn about the macro drivers

    It’s very important to note that every currency has many different macro drivers.

    One prime example on this matter is the AUD/USD where major commodity prices will have an effect on the currency. Other things like monetary policy and local political risk also play their role in the movement of the currency pair. The same can be said about USD/CAD and NZD/USD.

    We can simplify this also into “risk on” and “risk off” groupings though it’s far too simplistic in nature.

    3. Be watchful on both sides of the currency pair

    Trading currency pairs means you have to know what’s happening on both sides of the country.

    Take EUR/USD for example, you have the Euro on one side and the U.S. dollar on the other side. This means you have to know what’s going on between Europe - China relationships nowadays and also the U.S. - China situation in the South China Sea (as of this writing). Aside from that, you must have a mastery of stop loss, chart patterns, market psychology and also the role of (again) central banks.

    Click image for larger version

Name:	images (22).jpeg
Views:	1
Size:	42.6 KB
ID:	17366158

    4. Solid money management

    You can have the ultimate trading strategy and yet you will still lose money if you can’t limit your losses and capture profits.

    Money management is like a secret ingredient of a magical recipe. Leave out 1 ingredient and you will have a disastrous food. Money management is the defining quality that differentiate between an amateur and a professional trader.

    5. Correct your mindset

    Deviations often lead to messy results. If you want to become a great trader you must be able to stick to the game plan.

    In this business, you can’t really blame other people for your losses. Everything is on you. Learn to be responsible for your own actions and most importantly don’t repeat your mistakes; there will be plenty of them.

    6. Have a strong determination

    You will face a lot of difficulty in this business and a strong determination is what will get you through all of it.

    To the outsiders, trading seems easy because what’s hard about clicking buy or sell, right? But the game of trading is a long term one. There will be days when you will be beat up and lose money and face other challenges along the way. Those who quit usually are those who do not have a strong determination to succeed.


    THE COMPLETE CHECKLIST TO BECOME A FULL-TIME TRADER

    There are some things that you need to prepare before your forex trading journey begins, let’s look at them….

    1. Choose the right broker for you

    Finding the best broker is critical because this is the mediator between you and the gigantic forex market. Make sure to choose one that has a very good reputation, good client support and has a reasonable cost for using their service (this can be anything from low spread or low commission, speed of execution etc.).

    2. Understand how the to utilize your capital and its limitation

    It is crucial to differentiate between your capital and margin and leverage. Leverage allows you to use a smaller margin to open a position but at the same time expose your capital much more to the risk from the market. The bigger your leverage is the smaller the margin you need to open a position and also the bigger your risk. Be mindful of your own mental capacity before using too much of a leverage to avoid unnecessary losses.

    Click image for larger version

Name:	images (23).jpeg
Views:	1
Size:	53.8 KB
ID:	17366159

    3. Always start by using a demo account

    Practice makes perfect and with a demo account you can achieve this. Don’t attempt to trade using a real account if you haven’t mastered your craft using the demo account. Try to master your trading strategy and everything on the trading side before going live on a real account. This will protect you from unnecessary headache.

    4. It’s time to “Go Live!”

    After graduating from your demo account, it’s time to go with a real account. Put in a small amount of money at first, and work your way up. Don’t forget all of the training that you’ve done on the demo account especially regarding risk management, stop loss and only take “A” grade setups. Remember, the forex market will be there tomorrow but your account might not if you trade carelessly.

    5. Practice ends but development never end

    Winners never quit, quitters never win. The quest to improve yourself is a never ending journey because there is always something that you can improve. New insights from other traders, new development in the trading environment etc. Also, don’t forget to make a neat record of your trades in a trading journal to keep things in check and for review and evaluation purposes.
    You only need to read THIS ARTICLE to make money from forex trading,

    Comment

    Advanced mode
    • #3 Collapse

      How to become a full-time forex trader
      First of all, before becoming a full-time forex trader, the trader must know what the forex trading is. Forex trading can be referred to as a decentralized online trading where different traders from different parts of the world come together in order to buy and sell currency pairs for the purpose of making profit. The forex market is one of the volatile market in the world, and also the most liquid markets in the world where more than $5trillion is traded daily in the market. The features of forex trading makes its superior to all other financial markets or online trading in the world. Some of the features of forex trading is that the market is open 24 hours which makes it easier for traders to trade at their comfortable time.

      Before a trader decide to become a full-time forex trader, he should be ready to invest a lot of time in the market in order to become a successful trader since that is his major source of income. Becoming a full-time forex trader is a very risky step to take because the forex market does not guarantee you success and also many traders fail in the market.
      There are some certain ways or strategies a trader can use to become a successful full-time trader.

      How to become a full-time successful trader
      These are some of the ways to become a successful full-time trader in the forex market.
      1. Invest time: To become a successful full-time trader, a trader must be able to invest a lot of time to practice and study about the market. The forex market takes time to understand, there are some traders that practice more than a year in order to understand the market and know how to trade, while some traders do not use up to 6 months to understand the market.
      2. Knowledge about the market: Forex traders are meant to have efficient knowledge about the market, acquiring knowledge involves knowing the factors that drives the market, how to trade and when to trade.

      Some other examples are:
      3. Practicing on the demo account.
      4. Having a good trading strategy.
      5. Controlling fear, greed and emotion.
      Attached Files

      Comment

      Advanced mode
      • #4 Collapse

        Becoming a Forex trader
        Becoming a forex trader is one good experience anyone could have. The forex market is filled with alot of opportunity to make good profits from the trades made. Although the journey to become a successful forex trader is not an easy one. The forex traders actually work hard to achieve the status of a successful or Professional trader where they will begin to make profits on a consistent basis based on their level of expertise and experience in the field.
        The forex market have a very large amount of trade volume traded in it on daily basis which makes the trader open to the opportunity of having a lot of profits to make from the market in an unlimited amount.

        How to become a forex trader
        There are some things an individual should do to become a forex trader which includes

        Acquire the basic forex knowledge
        Traders ought to know about what the forex trading entails. Good knowledge about the forex trading is required to ensure that the forex trader gets good profits when he makes trades and likewise there would be lesser loss when a trader have a high forex knowledge

        Develop a good trading strategy
        A forex trader uses the trading strategy as a tool to trade the market. A trader without a good trading Strategy would definitely make poor trades. The trader would not get the best entry point into the forex market neither would the trader have the best exit point from the forex market. A good trading Strategy makes Consistent profits for the trader and it make ls the trader get a successful forex trading career in the long run.

        Open a live trading account and begin to trade
        After learning the forex basics, the trader should open a live trading account and make trades gradually until he becomes better in trading the forex market and then increase the volume of trades he makes so as to make better profits on the trades.


        How to build a solid mindset for trading
        Building a solid mindset for tradings all depends on the trader personally. If a trader wish to become a successful forex trader, he will definitely become one. A trader will be able to build a good forex trading mindset by agreeing within himself that the forex trading is worth it as a business and therefore setting guidelines that will enable him as a trader to make a good trade decisions at all time. The trader should not see the forex market as a get rich quick scheme and greed should not be applied into trades. Things should be taken gently on a slow and steady pace so as to achieve the best from the forex trading in the long run.

        Comment

        Advanced mode
        • #5 Collapse

          How to Become A Full Time Trader.

          Trading on a full time basis is not a child's play, there are lots of people who are interested in making money in this business but the reality is that they do not have the mental capacity to approach it. Full time traders have some great advantages in the forex market. They are able to analyse the market properly because they have ample time at their disposal.

          Requirements for Full Time Trading.

          1. Self Control.
          If you want to become a full time trader one of the characteristics you must possess is self-control. It is easier to blow your account as a full-time trader because you are always sitting with your computer all day. Full time Trading requires a great deal of discipline because this will ensure that you follow your trading rules properly. It is a general knowledge that over 50% of traders always lose their account in the course of trading and the reason is simply because they lack self-control.

          2 . Practice.
          Before you make the final decision of trading on a full time basis, you should have practice your trading strategy consistently with the demo account. A lack of knowledge regarding how to make the right decisions that will give you profit in this market can be catastrophic at the end of the day. The more you practice your trading system, the better you become in the market.

          3. Patience.
          A trader who is not generally patient will have a lot of struggles in the foreign exchange market. Patience will enable you to engage in this market on a full-time basis without blowing your account.

          Comment

          Advanced mode
          • #6 Collapse

            Trading Forex on a Full Time Scale: Can this be done Effectively?

            You really don't have to trade the forex market on a full-time basis,you could actually be a part-time trader and still be very profitable depending on your work schedule. Before somebody can make the final decision of engaging in this market on a full-time scale, it means that this person has actually done his homework. People sometimes rush into this business because they have an understanding that it will make them very rich within a short period of time. There is a high level of preparation that must be done before you can succeed as a full-time Forex trader.

            You must understand that there are many people who have attempted to engage in this market on the full time scale and had losses. I know about somebody who resigned his banking job in order to start trading in forex market but eventually lost his entire capital. This kind of story is common among many participants in the forex market.

            How to Survive as A Full Time Trader.

            Get Yourself Trained.

            One of the most important ingredients of succeeding as a full-time trader which many people have neglected is knowledge. If you do not make deliberate effort to train yourself on how to become a successful trader, you will definitely not make it in the business. There are tools that are available for us to learn about this market which includes the demo account. The amount of time you spend in practicing the demo account will go a long way to increase your trading performance as a full time trader.

            Be Updated About Current Market Event.
            You cannot afford to use old information to trade this market, there is need for you to constantly update your information database about how to succeed in the forex business.

            Avoid Over-confidence.
            Be humble enough to keep learning, don't ever assume that you know enough to succeed in the market. Your ability to always learn new things will enhance your experience as a trader.

            Comment

            Advanced mode
            • <a href="https://www.instaforex.org/ru/?x=ruforum">InstaForex</a>
            • #7 Collapse

              How to Become a Full-Time Forex Trader & Build a Solid Mindset For Trading
              Becoming a full-term trader in the market is a lot of responsibility and it usually requires a lot of planning and actions, but it's not something new in the market, as there are a lot of professionals out there that is day after day making a living from the forex market, all you just need to do is make sure you are ready to embark on such journey because it's not something you could rush todo.

              I have seen some traders because they have made some little hundred of dollars in the market decide to quit their job and focus on the market thinking they might make consistent profit without proper planning.
              Before becoming a full-time trader the first thing I think you need to work on is your trading mindset, your mindset has to be in line with the professionals, I mean you have to think like a professional.

              • The mindset of the professional traders
              • Professional traders have a conservative mindset
              • professional have confidence in their trading ability
              • The professional traders do not hesitate to trade money when they see a genuine profit opportunity
              • The proffessional traders regularly review and evaluate their trading performance etc.


              so to trade full term in the market you need the following
              • Develop a good and reliable trading system
              • Have a good trading capital
              • Have the skill to control emotions in the market
              • Be Self-discipline, this is critical to consistently winning trades.
              • be dedicated and make sure you have the time to constantly monitor the market

              Comment

              Advanced mode

              Online

              Loading...
              X