Updated: Jan 11, 2021
In recent years, the Forex trading market has received fantastic growth. This tremendous growth can be credited to the rapid growth in technology, better refereed to now as Fin-tech.
This phenomena gives every single person on this planet, with access to the internet, an opportunity to profit just like the professional currency traders do, it gives any average person the opportunity to become a Forex millionaire that we all see on social media, well the legit ones of course. Yes! Just like that, you too can become a successful Forex trader, provided you know exactly what you are doing.
There is no doubt that Forex investments is a unique and profitable journey. This is due to the fact that it is the largest and most liquid financial market globally. To give you an overview of the size, according to stats, there was well over $5 trillion worth of daily volume in 2019, let that number sink in.
The currency trading market presents a substantial amount of opportunities that many traders profit from, whether you are beginner or learning how to trade Forex. However, the downside is that there is also a substantial amount of risk that the average person would not know about without attaining the appropriate training. You can dig more into this on our online course here
This article is aimed at teaching you five distinctive yet easy steps to follow to increase the odds in your favor in this journey.
#1. Be Confident
To be a successful Forex trader, you must be confident and believe in yourself as well as in the Forex trading education you will receive on our course here. Instead of relying only on just brokers and news, you have to make your own decisions which must be objective, you have to be responsible, and prepare yourself before any risk is taken. You should be capable of developing high self-esteem. This essentially means if losing money is intolerable to you, then the world of Forex is undoubtedly not for you.
At the far end of confidence is arrogance, this is trait can work for you but it can also be a deadly force to your journey in the global financial markets. Arrogance left unchecked may you leave you exposed to placing unnecessary trades to prove a point or show off your skills, and that is where it becomes very toxic.
#2. Decide Your Trader Type
There are a number of trader types and methods on the currency trading market, each method and style is highly dependent on your personality and current circumstances. There is no one size fits all.
To start the journey you first have to select what type of trader you want to be or which one suits you best. Act smart and try various trading types using free DEMO accounts available online, then make a clear choice—no need to learn this about yourself at the cost of money. Look out for the types of traders blog, subscribe to our newsletter and never miss any new information regarding the markets.
Keep an eye out for our article on the different types of traders and which one may suit you well.
#3. Learn to Lose
You must be able to withstand losses and worse of all you must be able to take them in a row. In the Forex market losses are certain, despite your experience or skills. The best you can do is manage them, this is what separates the profitable traders and the losers. There is a quote that says "The Forex market is big enough to give any expert a good hiding" and guess what? It always does, year in and year out. The skills and experience acquired by veteran traders has allowed them to take loses and still be profitable over the long term. We cover this topic in detail on one of our sections in the online course
The Forex market is unpredictable and has a powerful Trading System that is capable of making you accept losses the hard way. You should have knowledge and understanding of these issues.
It will hurt at first, but eventually you will learn to manage the pain.
#4. Invest in Education & Training
You will reach Financial Freedom through Forex trading by investing in your education first. That is the only direct way to elite Forex trading. Take your time to think about the different options you have and decide which ones to trust with your currency trading education and training. This point speaks for itself, there is no way of extending on it or proving it in any way.
Fortunately, we interact with potential traders on our telegram channel whereby we share valuable information, new content, and forex signals. Check it out here
#5. Repeat #4
Nothing remains the same; everything changes, so does the trading market. To achieve your ultimate goals, you should continue to invest in education and training to add to your Forex trading skills. Add new rules to your Trading System by reading the market, analyzing the statistics, writing some weekly reports, and making hypotheses. Your skills will constantly have to adapt to the evolving nature of the markets. It’s good to have an ongoing relationship with your mentor. Keep an eye out for our newsletter or social media posts which will constantly keep updating you on whats going on in the markets.
You can also join our free public telegram group which is as close as it gets to receiving free tips and advice in the journey.
An elite Forex trader should have the quality of leadership not of the follower. They will lead the trade, they will take a calculated approach for objective decision making with confidence, and grow their accounts with full dedication and determination.
By taking this approach, they take trading to the next level and will never look back.