Tuesday December 20, 2016 - 10:53:58 GMT
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Are you ready to become a professional trader?
Trading the financial instrument can extremely difficult task if you relative new in this industry. There are many people in the world who jumps into the online trading world without having any proper knowledge. Some of them start their trading career in order to quit their 9 – 5-day job and some of them for quick money. But if your prime motivation is similar to this then you won’t be a successful trader. There are a number of things that you should consider before you start your trading career.
Most of the new traders in the financial industry consider forex as money making machine. It’s true that you can the huge amount of money by trading the financial instrument in fx industry but to that, you need to be extremely knowledgeable about this market. Those who chose forex trading to make quick bucks is sure to incur huge loss.
Statistics suggest that out of every 100 traders, only 5 traders are making a consistent profit. To be honest the number is significantly less compared to other business in the world. From this statistics, we can easily assume that money making by trading is not at all easy. To be precise we can say that chances are very less that you will make money in forex unless you have a strong trading foundation.
So how do I know that forex trading is the right job for me? The answer is pretty simple. You are the best judge of yourself and you will determine whether you can handle the intense heat of the market in future. If you truly want to become professional traders then you need to look at number factors. If all the factors permit you to become a trader then possible forex trading is the right job for you.
Before you jump into the financial world make sure that you have a strong financial backup for at least six months. If you don’t have the back then trading is not for you. In the eyes of trained professional trading should always be done once you have adequate backup for you and your family for at least one year. You should consider yourself as unemployed and start your trading career.
Everyone starts trading in order to earn their living. But before you truly master the art of forex trading don’t even think to make a profit out of it. Trading the market successfully requires implementation of the organized trading plan. As novice trader you will not understand the market movement more over everything will be so lucrative to you. So before you consider forex as your full-time profession think twice whether you will be able to plan and execute your order in the market properly.
Strict discipline is one of the most important things that a trader can have in their portfolio. If you are not well disciplined then you can’t become a successful trader. As a professional trader, you need to develop yourself as a better person and lead your life in a disciplined manner. Always remember that a single mistake is enough to wipe out your entire trading account.
Emotions can be extremely dangerous for a trader’s career. If you are an emotional guy then you need to think very deeply whether you will be able to control your emotions in the market or not. If you trade the market with your emotions then you will end up by losing everything. As a professional trader, you need to trade with the logical decision and keep your emotions aside. It true that controlling the emotions can be extremely difficult at the early stage. But if you are truly committed in forex trading then you will see that you have a strong control over your emotions.
Most of the new traders in the financial industry think that the more they trade the more money they will earn. But in reality, professional traders execute a handful of trade in the market. They always wait patiently in the market until the market exhibit strong trading signal. They are more focused on quality trades rather than quantity. If you want to become a professional trader then your concentration should be in quality trade execution. If you rely on quantity then you will poor trades in the market which will ultimately incur huge loss. So before you start trading think twice, are you really going to focus on quality execution or you will stick to frequent trade execution like the rookie traders.
Money management is considered to be the most important element in the forex industry. Before you start your trading career you need to understand the risk management factors very precisely. Most of the trading tutorial will say that never loses then 2 – 3 % of trading account in a single as it is the basic of money management. But in reality, you need to determine your loss based on your risk tolerance level. Don’t get stuck with the 2% rule since it will never help you to become professional traders. Professional traders always assess every single individual trade based on the trading environment and setup.
We have elaborately discuss the essential element that every single trader need to know before they start their trading career. If you think that you can comply with all of the above terms then probably forex trading will be the best job for you. At the early stage of your trading career, you will have a tough time in identifying the best trades in the market. Even after executing the best trade setups you will still be on the losing sides. But over the course of time, you will evolve as a professional trader if are truly a committed person.
Author: Dwayne Buzzell
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