Can We Really Become A Successful Trader |
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adamsmiths |
Dec 18 2019, 08:38 AM
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New Money Maker
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After losing most of the trades, investors in Australia often get confused with the potential of a currency trading business. They start thinking about whether it’s possible to secure a decent standard life based on this business. No one can give you an exact answer since success depends on the traders. Every trader has a different point of view regarding the profit factors. For instance, you might lead a comfortable life with $5000 but another person might think $5000 is not enough. Instead of thinking like this, you should consider the return in terms of percentage. Anything more than 3% per month is considered as an excellent income. Now let’s come to the question of whether we can become a successful trader or not. We are going to highlight some key points and you will decide whether you should become a Forex trader.
Accepting the losing trades Accepting the losing trades is nothing but a unique skill. Those who think they can avoid losing trades by taking aggressive steps are losing most of the time. You have to be prepared to lose trades on a regular basis and only then you can gain control over the emotions. Without getting yourself accustomed to frequent losing orders, it’s hard to say, you have developed patience level. Patience is a great virtue for the professional Forex traders. To develop your patience, you must demo trade the market for six months. Regardless of the profit factor, you should not switch to a real account. If you can do this, you are still eligible to become a fulltime trader.
Do you understand the Forex market? Forex market is the largest financial industry and more than $4.5 trillion is transacted every single day. Being the largest financial market, it is also very complex in nature. So, without getting into deep of this Forex trading business, you can’t expect to make a consistent profit. The naive traders are losing most of the trades since they don’t have the proper knowledge. You can’t afford to participate in the real market without educating yourself. Learning about the technical parameters might sound complex but it is a very easy task. Things start to become complex when you start dealing with market sentiment. However, those who have strong fundamental analysis skill can analyze the market sentiment like elite traders at Saxo.
Can you control the greed? Controlling your greed will be the toughest challenge. The amateurs blow up the trading account by overtrading the market. They are always trying to earn more money by taking an aggressive approach. At times, they become biased with other people's opinions and use maximum leverage to cover up the loss. Though you might think using leverage is a great way to improve the profit, it is one of the common reasons to blow up the trading account. You should learn to control your greed or else it will become an impossible task to find good trades. The pro traders execute 2-3 trades per day. They don’t have to overtrade the market to support their families. Just like experienced investors, you should trade with rational logic. Never be a greedy trader as it ruins the trading performance.
Are you ready to learn? This point might be the deciding factor whether you will become successful at trading or not. Those who are willing to learn new things and work hard in the demo account have a better chance to become a successful trader. You must have the urge to learn new things from your trading mistakes. Instead of thinking about the losing orders, find out the cause. Eliminate the bugs in your trading strategy and you will get confidence to trade real market. Start thinking like elite traders and you can definitely develop your skills. Once you have the perfect understanding of this business, no one is going to stop from securing your financial freedom. So, get ready for some hard work to learn to trade.
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Replies(1 - 9)
radex78 |
Feb 26 2023, 09:00 PM
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Elite Money Maker
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There is no instant success in every business, all need a process and not all traders can through the process easily, I see there are so many trader fail and leaving forex because fall in desperation. Indeed in forex business all traders has a same opportunity, however not all will be success, how to become successful trader first they must having good mindset. Failure is not the end of everything, however only delaying success.
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