How to become a successful forex trader
After realizing the potential life-changing opportunities that come with being a successful forex trader, every trader’s desire and instinct to pursue, discover and learn how to become a successful forex trader, or at the very least, better than what they were yesterday.
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Is it worth it being a successful forex trader?
Become a successful forex trader is something that is more than worth it, especially if you are the type that likes fancy cars, traveling, and vacation every weekend (or month). These are just a few of the very benefits that come with becoming a successful forex trader.
In today’s society, an exaggerated value is placed on having a college degree, that’s because of the job opportunities that are now available to you, which would lead to financial stability, house, car, etc. But that would be in exchange for most of your time, and putting yourself at the mercy of someone else. (ie: unexpected job loss. eg: the 2021 covid-19 breakout)
However, being a successful forex trader, those are not an issue. The following is a list of benefits that comes with being a successful forex trader which are clear examples of the worth that comes with being a successful forex trader.
10 Benefits of being a successful forex trader
1. You become your own boss
This is my favorite benefit of them all. There’s nothing wrong with working for others but there is something wrong if your work for others your entire life. Speaking based on my personality, I rather my independence, the joy of not having anyone above me telling me what to do and when to do it.
Not to mention the possible verbal abuse of you not meeting their expectation. Call me lazy, but I prefer to do things at my own pace, so if you’re like me, then this is the benefit that you’ll enjoy the most.
2. Have more time for yourself and/or family
Imagine having the time to sleep for as long as you like, go to a party, watch a movie, or do your favorite hobby? Or better yet, imagine every day is a weekend for you. This is just one of the many glorious benefits that come with being a successful forex trader, an abundant amount of leisure time to enjoy life more to the fullest.
3. Can travel as often as you wish
In addition to the point above, the time to travel where ever, whenever you wish. That trip to France, or where ever would now look more of a possibility than ever before. That goes without saying that the possibility of that dream trip becoming a reality increases as you continuously seek how to become a successful forex trader.
Of course, money is the number one reason that attracts individuals and businesses to the forex market, to begin with so this list would not be completed without adding it.
Whether it’s your dream house or a house that you plan on renting, the lump sum of money that can make from trading the forex market can allow you to open not only doors of opportunity, but to a new house.
6. Luxurious Cars and accessories
After buying your dream house, your next goal would be buying your dream car, whether it’s a brand new Lamborghini or Porsche, it doesn’t matter. At this point, I’m sure you’ve seen successful forex traders over social media posting pictures/ videos of their brand new sports car which they’ve just bought from trading.
7. Becoming a public figure
Success comes with a spotlight, forex is no different. Most traders failed at forex trading, hence the few successful traders are admired for their dedication and hard work, thus motivating new traders to keep trying.
8. Extra source of income
Whether forex trading is your main source of income or just your side income, it is no doubt a great source of income that can make your life easier.
9. Financial freedom
This may seem a bit redundant since ‘money’ and ‘source of income’ were previous mentioned. However, people can have money but are still drowning in debt. Since there is an uncapped earning potential trading the forex market, attaining financial freedom would be easier than ever after learning how to become a successful forex trader.
10. Easier to get the ladies attention 😉
Of course, this is mainly for the men. As times get harder, women seek men who are more financially stable, speaking in terms of house, car, ability to pay the bills, etc.
Is becoming a successful forex trader hard?
Become a successful forex trader is not an easy thing to accomplished since it takes dedication, time, and most of all, discipline. A trader can have a vast amount of information and a perfect strategy, but without discipline and patience, all of that will be worth nothing.
how long does it take to become a successful forex trader?
Becoming a successful forex trader can take up to 1-3 years. It is rare that a new trader is ranked among the top 1% of profitable traders in a few months. Forex trading is a game that requires a lot of patience, as such, trader’s with the ‘get rich quick’ mentality are ones that tend to fail mostly.
That goes without saying that if you are guilty of having such a mentality, your first step in learning how to become a successful forex trader is to change that mindset.
After a change of mindset, the following points are helpful tips that can help you learn how to become a successful forex trader.
Video: What you need the most to become a successful forex trader
10 tips on how to become a successful forex trader
1. Always Use a stop loss for every trade
This isn’t even debatable whether or not you should use a stop loss or not. As explained in “why you should not trade without a stop loss“, opening a trade without one puts your entire account at risk.
2. Stay within your risk tolerance
I recommend not risking no more than 5% of your trading balance on a given trade. This means, that if a trade were to hit stop loss, you would only lose 5% of the balance.
3. Create a profitable trading strategy
A trading strategy is your edge against the market. No trading strategy will allow you to win 100% of the time, but what makes a trading strategy profitable is the ability to make more money than which it had loss.
4. Educate yourself about the world of forex trading
They say that ‘Knowledge is power’, in this case, ‘knowledge is money’. The more familiar you are with every aspect of forex trading, the better you’ll be able to understand:
- what the market is doing
- When it is going to do this
- Why is it doing this
- how will it do this
5. Use money that you are comfortable losing
To avoid being emotionally attached to the money that you are trading with, make sure that it is money that you are comfortable losing. That way, you won’t be phased by what you see or think, no matter how bad your trade looks.
6. Demo account
As a beginner, it is of utmost importance that you start trading on a demo account before trading a live account. Why? That’s because trading a real account means losing your initial deposit #RealMoney. However, while trading the demo account, there are little to no emotions involved.
7. Find a mentor
Forex mentors are all over the web, however, not many are genuine, and not making a profit. Some mentors make money via sell courses and not from trading itself. As such, you must mindful of the person you are looking at to be your mentor, especially if that person mostly shows off only profit (no losses), sports car, or pictures from an expensive hotel, etc.
I recommend watching as many youtube videos as possible rather than dipping in your pocket to pay someone who is not even earning from trading.
8. Have faith in your trading strategy
No matter the losing streak you are on, always have confidence in your trading strategy. The moment your faith is broken is the moment you will start doing things you are not supposed to, sending your account balance on a downward spiral until it hits rock bottom.
9. Expect losses
Losses are a part of the game. No one likes to lose money, but this is inevitable. No trading strategy will allow you to win 100% of the time. If there was such a thing, then forex trading would not have such a high failure rate.
10. Control your emotions
Your emotions can be the biggest anchor that is stopping you from becoming a successful forex trader. Read forex risk management of the Rhasfx forex trading course to learn how to better control your emotions.
Is it possible to be a successful forex trader?
Following the above tips while remaining discipline will propel you to become one of the few successful forex traders. After that, you’ll be able to enjoy all the above-mentioned benefits and more as you continue to improve and hone your trading skills.
Additional information on how to become a successful forex trader can be found at algofxpro.com