Never think that becoming a professional forex trader is going to be quite easy for you. Think about this saying that says: Nothing good comes easy.
If you want to become a Doctor an Engineer, a Lawyer and you really want to be good at it takes immense hard work and dedication to become a professional in any of these fields. Same thing applies to forex trading
The glaring truth about forex trading is that when you now eventually decide to invest. You are probably in a game of chance from the first day. Trying to trade mini or micro lot accounts doesn't guarantee anything, all it does is minimize your risk – you’re still trading what’s essentially the same market.
Now let's go into what it takes to become a professional in Forex trading.
BEING EXTREMELY CAUTIOUS:
When you want to be overly cautious, you must be strict with your approach and always pay total attention to any little detail, make it a priority, take down notes, don't overlook anything. You need to understand the importance of ‘giving in’ to this approach. Though some people may see it as a waste of time but what they don't understand is that it helps you build your self confidence and it makes you trust the decisions you make which will give you rest of mind.
By making sure that you are conversant with how a trade works– i.e. that the probability of it winning over a number of trades is favorable and that you never know whether or not the next trade will win or lose - this virtually gives the trader self confidence and prevents unnecessary emotional trauma.
Try not to do anything at random, at least u should be quite sure of what u re doing before doing it, make enquiries, ask questions. By doing this you minimize your losses and you'll be trading as a professional forex trader. Now let's take a look at these and see how much u end up losing in a month. You will notice that if you end up cutting all these losses, it would have earned u a lot of profit. But there is a clause, when you trade consistently you have the ability to create a baseline for development. Never be afraid of losing.
DON'T HOPE TOO MUCH:
Traders should know not to hope too much on any trade at all. It is good to keep one’s emotional well being in check while investing in the forex market. Be ready for whatever may happen.
On the other hand, if you make great profits, you should handle it discreetly. This kind of huge profit can make the beginner over optimistic and they won't take time to study and know the trade very well, all they would be focused on is the profits.
I said earlier that one must be very cautious but this only works when you know what you are doing not when you become very cautious after losing a huge amount in your first trade. And this would surely be a stumbling block for them to become a professional forex trader.
You also have to understand what the strengths and weaknesses of your product are. Although day trading forex is possible there are better options out there if that’s the route you wish to take. But the fact that you have such a vast market with many different pairs to trade is a huge advantage.
REPLICATION AND UNDERSTANDING
After successfully mastering the trade and you start getting profits you should be able to replicate what u did in order to get similar result and you can't so this if you don't understand what you are doing.
To conclude briefly: Never be a pessimist, be optimistic about your trade, and I'm telling you that you can't have this confidence if you are not a professional forex trader.
The content of this article reflects the author’s opinion and does not necessarily reflect the official position of LiteForex. The material published on this page is provided for informational purposes only and should not be considered as the provision of investment advice for the purposes of Directive 2004/39/EC.