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Can you become a successful forex trader?
Written by: PaxForex analytics dept - Friday, 27 May 2016 1 comments
It is very rare that traders start their career as traders. Usually people become interested in trading when they are stuck in a regular 9 to 5 job and start looking for ways to live independently and financially free. But becoming a successful forex trader when you spend 40 hours at your job every week, taking care of a family, paying off a mortgage and enjoying your hobbies is often an impossible task. It is only when you can use the time you can sacrifice for your trading most effectively that you stand a chance to make it in this business.
It’s not about whether you should use a certain indicator, trade price action alone or be a fundamental trader, but about finding a trading approach that suits your lifestyle and fits into your everyday life. When time is limited, managing your most precious asset becomes even more important. Traders who have a regular 9 to 5 job can usually squeeze in 30 – 60 minutes before they head to work in the morning and a few hours in the evening, plus some more time on their weekends. The good news is, if you use this time wisely, it is enough to make significant improvements over time.
Although Forex is now highly accessible, this does not mean it should be entered into on a whim. You can become a successful trader, but it will entail dedication
and work. Getting a great forex trading education is the perfect start. Forex trading just like any other sphere of life requires a certain system and philosophy for achieving success. The professional way in every aspect of life lies through education and that’s the case with forex trading too.
Forex is all about risk analysis and probability. There is no single method or style that will generate profits all the time. The key to success is positioning ourselves in such a way that the losses are harmless, while the profits are multiplied. Such a positioning is only possible by managing our risk allocations in accordance with an understanding of probability and risk management.
Greed, excitement, euphoria, panic or fear should have no place in traders’ calculations. Yet traders are human beings, so it is obvious that we have to find a way of living with these emotions while at the same time controlling them and minimizing their effect on our lives. That is why traders are always advised to begin with small amounts. By reducing our risk we can be calm enough to realize our long term goals, reducing the impact of emotions on our trading choices. A logical approach and less emotional intensity are the best forex trading tips necessary to a successful career.