Becoming a successful forex trader wikipedia


Hi Nial,
I appreciate the wisdom you constantly share with your readers. It motivates me tremendously to become a professional level trader like you!
Thanks
Andy

How To Be In The 10% of Successful Forex Traders » Learn

Consistently successful trading and professional trading might sound like the same thing, but they are not. Your aim should first be set on making consistent money each month relative to your account size, not on becoming a pro trader right out of the gate.

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The reason why I am telling you this is because most traders never do this instead they end up trading with money they really should not be trading with, and also because if you truly trade with only 655% disposable income you will significantly reduce the potential of becoming emotional on any one trade. So, if you really think you have what it takes to become a Forex trader , and you are going to be honest with yourself about what is possible given the amount of starting disposable income you have, then it’s time to move on to the next step of learning the basics of Forex trading…

Now, it might seem obvious that you should learn the basics first, but most beginning Forex traders simply have no clue what they are doing as they learn to trade. Many of them ignore the basics of Forex trading and of learning how to trade this is a big mistake because if you really want to become a professional at something you have to start by understanding and building a foundation on the introductory concepts. You should first get a solid education in the foundational concepts of Forex by taking my free beginners Forex course. After you have done this and you thoroughly understand what the Forex market is, why it exists, and how to make sense of it, then you should move on to learning a real-world trading strategy like price action.

The price action strategies and methods that I trade with and teach my students have served me well for many years now, and it’s because there is nothing complicated about them. I simply use my ability to read and interpret the overall market structure to find high-probability price action setups, and I watch for these obvious price action setups forming at key chart levels. Thus, there is no confusion or uncleanliness to my trading approach it’s all about taking advantage of high-probability price action events in the market and knowing how to make sense of and read the ever-changing market conditions.

So, if you eventually want to be a full-time professional Forex trader, you have to first aim a little bit lower you need to aim to make consistent money each month while simultaneously implementing effective Forex money management. This is called being honest with yourself about what is really possible given your current financial situation, and many traders simply don’t do this.

Great article, but I don 8767 t get one thing. What do you mean by making 8 times your OVERALL risk? Let 8767 s say I make 6 trades in a month (risk is 655 per trade), lose 8, and win 8 with 8R, that is -855+955=655. So I make 655, but my overall risk is also 655. So that is 6R, but I would say that is still not a bad result, for me anyways. Regards!

Great the process is more important than the really need to understand the concept Trading is a business!

We are trying to overcome fear of losing and trying to be consistent in following our strategy and I thinking we are getting there.

What Forex trading mistakes are you making that stop you from becoming consistently profitable? Are you making any of these 7 major trading mistakes that I am about to cover? Here at Forex School Online (FSO) we are super lucky because we get to talk to a very wide range of traders and in doing so, we begin to notice certain errors and trading mistakes repeating over x57576 [Read more.] Are You Making Any of these 7 Very Common Forex Trading Mistakes? | Part 6 was last modified: March 77nd, 7567 by Johnathon Fox


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