Many traders dream of becoming independent and profitable traders, but few of them succeed. Anyone with a little money and patience can become a forex trader. However, the skill and patience required to become a successful or profitable trader require limiting losses while identifying good trade setups with a positive risk-reward set up. There is no patterned formula or set of rules to guarantee success in forex. Instead, it is a combination of many things all at once - and to succeed in this market traders need to be patient, talented and mindful.
It is not a secret that most people who begin to search for and study forex trading have the goal of becoming independent and successful traders in the long term. However, the reality is different in the sense that most people who start their journey in forex trading don’t end up as successful traders but as frustrated and tired individuals who sacrificed an important amount of their savings trying to get a grip of forex trading. Is there a magic formula for success?
Get rich schemes floods the internet via ads, emails, and product placements. Forex is an often misused vehicle for such ploys as it offers traders highly leveraged instruments. Ads will show unrealistic expectations where traders can win big and earn a hot sports car by simply winning just one big trade. This is gambling, not trading. You can win a sports car in Vegas, too, with the same amount of luck. Learning how to be a successful forex trader in forex is unfortunately not that simple. It requires practice, active learning, persistence, patience, and mentoring. The entire process takes time to build focus, education, persistence, dedication, and experience.
Whether you come up with your own methods or use someone else’s, it is likely going to take you 1-2 years until you develop enough consistency to start seeing recurring monthly profits. That is assuming you are practicing every day for several hours and practicing methodically. For many people, it will take longer. Make sure you are financially prepared and don’t give up other income sources until your trading income is enough to live off of. Even then, always opt for having multiple streams of income.
Successful traders aren’t born with it. Even those with natural ability have to put in the time and effort to get to the top. The bottom line is that trading the forex market is a career. That means you have to spend the time and money educating yourself as you would with just about any career path. What determines your success here in forex trading is not that different from what determines your success in life. You need to be consistent, analytical and willing to learn from your mistakes and the mistakes of others.