Forex trading is; Accessible, exciting, educational and has many opportunities, but even so, many traders cannot achieve good results. In fact, more than 80% of traders are losing money. This article will teach you how to be a successful Forex trader, in addition to teaching the best trading practices for beginners. The good news is that as you read this, you are on the right path. Now let’s take a look at the steps to be taken to succeed in trading.
First, in this article you will find a list of the 3 most important steps for beginners. If you’ve never heard anything about Forex or just tried to trade for a few days or weeks, read the information below.
Step 1 – Never postpone!
This is an important step to becoming a Forex trader. Successful people never leave for tomorrow what they can do today, and when it comes to trading, it is especially important. When trading in Forex you have to take every possible opportunity to achieve your goals in trading. That is why we should not postpone. So, how can you become a currency trader? Start now by opening a demo account at Admiral Markets and do not postpone it later. Unless you act now, your chances of success will begin to decline.
Remember this advice – open a demo account with a balance similar to the deposit you plan to invest. In this way you will see better the volumes of operations.
Step 2 – Practice
We all know that practice makes perfect. Now that you have a demo account, practice as much as you can. At first you do not need to understand what you do; just try to get an idea of the platform and test its features. Neither do you need to think about your trading strategy or pursue virtual profits. Your main task in this step is to test all the possible features of the trading platform. Imagine that the platform is a car. For sure you can try to get from one place to another simply knowing how to press the pedals and turn the steering wheel. However, if you do not know all the mechanics, you will not get far. The same thing happens with your knowledge about the trading platform. Generally you can try to operate simply knowing how to open and close the orders, but you cannot be a Forex trader without dominating your platform.
Do not forget to try out all the features of the platform – this is important. If you have problems, you can easily access the MetaTrader 4 manual in the help tab or visit the Admiral Markets FAQ section on MetaTrader 4.
Step 3 – Learn
It may sound too simple, but the first step to becoming a good Forex trader is to start learning. The best way to do this is by visiting online Admiral Market’s sessions with professional traders. If you want to start your career as a trader, you may want to consider the Admiral Markets trading camp, where you can become a Forex trader in 4 weeks based on hard training. If you do not know the financial markets well, you can start by looking at our training material. Admiral Markets provides you with a high quality educational material if you wish. For that reason, we do not recommend that you visit another site to learn about Forex.
Remember this advice – there is no easy way to learn Forex trading. You need to apply time, effort and passion to be a forex trader. Do not fall for internet scams that promise quick results in a short time.
Since we cover the basic information you need to be a forex trader, now let’s take a look at the fundamental steps to becoming a trader.
Step 1 – Develop a trading strategy
To understand how to be a trader, you first have to see trading as a match between you and the market. To win this game, you must have a clear vision about what you are going to do and you must fully supervise the possible movements of the market and its actions. There are several trading strategies available and you can choose to be a scalper, a swing trader, a positional trader, or even an algorithmic trader! The most important thing is that you develop a strategy that you feel comfortable with.
Developing a trading strategy is a time-consuming process, plus a lot of trial and error. It should also be mentioned that this process is not simply trial and error. You have to understand what you do, why you do it and operate as much as you can (on a demo account, of course). The strategy is perfected over time and it is important that you do not stop practicing and improving … and of course, do not over-trade in a demo account. This brings us to the next professional step to understanding how to be a good Forex trader.
Step 2 – Do not over-operate on a demo account
Many of us want to be professional traders, but unfortunately there are few who do. So the main question you should ask yourself is: “How do I become a Forex trader?” Generally, a professional Forex trader is a person who can make a living doing trading. The only way you can cover your expenses is by operating on a real account, since it is impossible to pay the bills with a demo account.
For that reason, it is vital that in the end you open a real trading account. Do you remember the first step for beginners? Yes, it is not to postpone. According to this, you should consider opening a real account. Many people open a real account when they feel confident about their trading skills. Well, there’s nothing to postpone. If you are going to trade in a demo account, you will eventually want to switch to a live account. Open an account here and avoid any doubts in the future.
It’s hard to know when you have to switch from a demo to a real account. Usually this process should be at least 1 month. You have to accumulate a good experience in the demo account and test your trading strategy. You should also make sure you have a great understanding of the market and the risks involved with Forex trading before trading with real money. This is the right way to be a good Forex trader.
One more thing to keep in mind is that you must open a real account in a timely manner. We generally recommend not postpone trading for real accounts for more than 3 months once you start trading in demo accounts, or until you feel confident about doing so.
Professional Step 3 – How to Be A Successful Forex Trader
Once you have your trading strategy and open a real account, you need to follow this list to be successful in your operations:
- Set stop loss for all operations.Without a stop loss, you’re doomed to failure.
- Develop a trading plan and follow it.Always.
- Do not risk more than 2% of your margin in each operation.
- Keep your emotions away from trading.
- Never try to operate to compensate for your losses.Operate only when you think the time is right.
- Do not be afraid of your losses, as all operators suffer.What really matters is that you get more winning than losing.
This is the right way to be good at trading. You have to understand the question: “How to be a successful Forex trader?” Can only be answered with years of hard work. You will face losses; stress and you may end up losing your first and second deposits, and even the money you deposit later. It is important that you keep in mind that people who surrender never win and that winners never surrender. If you change your mind set to be a great Forex trader – in the end you will achieve it. You just need to work every day, as much as you can.
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