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Author Topic: How to Become a Professional Forex Trader ?  (Read 8609 times)

Offline Manish Kumar

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How to Become a Professional Forex Trader ?
« on: December 23, 2011, 03:20:42 PM »
Well this thread will be help for newbies to learn about How to Become a Professional Forex Trader. Lets start discussion on it :)

According to me you have to have three things to become a good and successful trader:

1. Knowledge
2. Experience
3. Suitable mental and psychological condition.
« Last Edit: December 23, 2011, 03:43:30 PM by Manish Kumar »
Don't save what is left after spending; spend what is left after saving.

Offline Mr Hector

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Re: How to Become a Professional Forex Trader ?
« Reply #1 on: December 23, 2011, 07:04:39 PM »
don't forget...

4.  A big wad of cash (which you can afford to lose!)

Offline sanfo

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Re: How to Become a Professional Forex Trader ?
« Reply #2 on: December 29, 2011, 03:41:22 PM »
Market is full of uncertain and volatile.     


To become a good forex trader in my eyes, you need to be confident to make market analysis and follow your own trading strategy. so that you can win in a long run. 

Offline hamdane

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Re: How to Become a Professional Forex Trader ?
« Reply #3 on: December 30, 2011, 02:43:14 PM »
Thanks Manish, nice thread I would love to see it as a place where we can exchange Ideas, experiences and knowledge about trading in forex market...

I may add many things to your list but for now lets add:

4- dont be greedy.
5- count on yourself only.

Offline Candlestick

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Re: How to Become a Professional Forex Trader ?
« Reply #4 on: December 30, 2011, 03:08:50 PM »
All i can say is what happened to me.
Read tons of forums, learn the meaning all the words in forex dictionary. Trade demos, learn price movements, patterns, correlations, news trading. Make connections between market and whats going on in world. Use good news sites, TV on daily bases. - Do all that consisntantly and after couple of years everything will come together and starts making more and more sence. That will be the turning point. You will start making constant profits. Confidence grows. You will open bigger live accounts and start making enought money to feed your everyday expenses + more...
 :)

Offline pinoytrader

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Re: How to Become a Professional Forex Trader ?
« Reply #5 on: December 30, 2011, 03:48:25 PM »
I agree with supranium, and I guess another thing would be experience, experiencing all the nerve wracking mistakes is really something to keep you balanced and reminds you to avoid what should be avoided :) and learning from other peoples mistakes of course :) happy 2012! :)

Offline Manish Kumar

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Re: How to Become a Professional Forex Trader ?
« Reply #6 on: January 02, 2012, 03:32:46 PM »
Thanks guys to make this Thread more readable.
I have visited one website and got the interesting text that I would like to share with you.

1. Have your financial house in order If you are trying to start to trade forex to get yourself out of a financial jam or to make money quick because you need cash. Then stop right now and dont do that because that is a recipe for disaster. If you dont have the money to trade then dont trade plain and simple. I am not trying to dash your dreams but if you begin trading with money they you cant afford to lose then the psychological pressure will be too high and you will lose everything.

2. Have the Right System Having a system and a strategy that works is crucial to trading success. This must be figured out before going on to being a trader for a living.

3. Actually Make Money I know people that have quit their jobs to trade and they were still losing money. Please provide for yourself a winning track record that has proven profitable over a period of time before you think of trading forex professionally.
So I hope that you have benefited from the tips on how to trade Forex for a living. I am always referring to Winners Edge Trading as a Forex Company that truly cares and desires to help. So I have decided to add financial and career coaching as a service available to Forex Traders. The truth is is you dont have your financial life in order you will struggle and I want for each of you to be able to focus 100% on trading and not have money matters on the back of your mind.
Don't save what is left after spending; spend what is left after saving.

Offline hybrid

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Re: How to Become a Professional Forex Trader ?
« Reply #7 on: September 08, 2015, 05:00:28 PM »
Less mistakes in trading. maximize profit and minimize loss is key point of professional traders. Traders learn this art after many years , They are not slave of emotions, They do trading with plan and good strategy .

Offline Forexrider

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Re: How to Become a Professional Forex Trader ?
« Reply #8 on: September 09, 2015, 04:16:03 AM »
Quote from: Manish Kumar link=msg=148034 date=1324653642

Well this thread will be help for newbies to learn about How to Become a Professional Forex Trader. Lets start discussion on it :)

According to me you have to have three things to become a good and successful trader:

1. Knowledge
2. Experience
3. Suitable mental and psychological condition.


Very important and vital characteristics listed. And all of these three knowledge, experience and mindset are very much important for each and every trader such that they can excel in the forex trading business and become financially independent.

Offline Rahim Miya

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Re: How to Become a Professional Forex Trader ?
« Reply #9 on: September 09, 2015, 12:57:09 PM »
I need all points that you mentioned.  Actually, to be a profitable and professional is not same thing; even a low skilled Forex trader can be a profitable for few days. By the way, I want to be a professional Forex trader. For this, still I am using best educational facilities of TradingBanks where I find pure knowledge on technical as well as fundamental.

Offline Forex Verified

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Re: How to Become a Professional Forex Trader ?
« Reply #10 on: September 10, 2015, 04:36:33 PM »
6. Never stop learning and improving.
If it's not verified, don't buy it - www.forexverified.com

Offline Forexrider

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Re: How to Become a Professional Forex Trader ?
« Reply #11 on: September 11, 2015, 04:54:23 AM »
Quote from: Forex Verified link=msg=346561 date=1441899393

6. Never stop learning and improving.


Irrespective of any field, this is the golden rule one should always implement such that they excel in the field which they wish to flourish and forex trading business is no different than any others and needs continuous update of knowledge.

Offline resistance

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Re: How to Become a Professional Forex Trader ?
« Reply #12 on: September 14, 2015, 04:28:20 PM »
There is no special way to become professional trader because there is no shortcut to be expert in trading. The only way is learning by doing so traders need to keep on learning and also learn from your mistake. It is good for traders to find out good strategy in trading but the result of trading is not depending on good or bad strategy only so don't try to find out holy grail strategy because there is no holy grail strategy but you must capable to prepare good money management and capability to control emotion beside capability to make good analysis.

Offline fxman

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Re: How to Become a Professional Forex Trader ?
« Reply #13 on: September 14, 2015, 04:54:01 PM »
Only 5-6% traders are professional according to statistics. So it's not that easy to take trading as a profession.  However I guess many people who are making profit consistently may not believe that statistics. To me a good trading strategy with proper money management and proper loss management can make a trader more than average even professional.



Offline 999cjb

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Re: How to Become a Professional Forex Trader ?
« Reply #14 on: September 14, 2015, 06:19:45 PM »
Quote from: fxman link=msg=346691 date=1442246041

Only 5-6% traders are professional according to statistics. So it's not that easy to take trading as a profession.  However I guess many people who are making profit consistently may not believe that statistics. To me a good trading strategy with proper money management and proper loss management can make a trader more than average even professional.


I think it depends on the way you define "professional" as depicting traders.

Plenty of people make a living from trading activities but not as traders. Others run EAs and make more than enough money to live on but don't consider this as work.

If you define professional traders as those who sit all day in front of screens with charts, drawing pretty patterns and deciding whether to place a manual trade or not, this sounds to me like cutting a lawn with a pair of scissors when you could use a lawnmower. But I am biased of course  :)

 

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