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How to Become a Successful Trader. A Short Guide for A Beginner

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How to Become a Successful Trader. A Short Guide for A Beginner

How to Become a Successful Trader. A Short Guide for A Beginner
December 12
12:30 2016

All mass media, including the web, are full of ads about Forex trading. This opportunity seems to be very lucrative for many, but not many know what Forex is and how to work with it. Hence, what shall know a newbie who wants to start trading? Are there any chances to be successful? And how one can become successful?

I want to become a successful trader!

A wish is familiar to many. But not many are ready for that. And only some have an idea of how to do that. The web is full of information. Pessimistic – about trading, that brings nothing but disappointment. That Forex is nothing, but scam. And optimistic – stories about how people turned into millionaires by investing just a small sum of money that they have saved for that. (Attached are the photos of those people with their luxurious villas, boats, cars).

What do you like more?

If you selected the first option, then just live it. It is better to have some rest on the sofa. And please don’t forget to complain about the life, which is so unfair to you. But if you like the second option more… then, you will have to work hard. Then, after a while, you also will post your photos with luxurious things – yours, and not mounteded in a photo editor.

Ready?

Then, let us start with work!

5 Ingredients of the Trader`s Success

  • Background knowledge about the market

In the market, there is nothing to do without the knowledge about the market. First of all, your deals will not always end in profit. You will have to learn a lot about the market and factors that influence it, even though there are so many of them. Those are economy, politics, geography and plenty of others. But even that is not all. You need knowledge and skills connected with trading. Take Forex, for example. How to invest, how much and in what to invest? And what about strategies? It is very unreasonable to get acquainted with all that while risking your own money. Before you invest, you shall clearly understand where you are investing it. It means, to know the market and the principles of its work.

  • The right broker

Now you can start. You know the basics and, maybe, even more about the market. You can make a forecast with accuracy. And you decide that you can apply your knowledge and start earning. You shall consider that it is extremely difficult to trade on your own. Hence, you must think about how to select the right broker. And here you again face with a complete mess. The web is loaded with broker offerings. And with absolutely different reviews about them.

How to select a broker?

Do not believe the reviews. Some will be paid by the broker, and some – by its competitors. This is without mentioning those reviews written by beginners who tried and lost. Pay attention to the licenses and permissions. If you don’t find any information about them, then you have no guarantee that your money is safe. The license means some protection for you.

Claims! If there are any, this shall be like a red flag for you. If somebody has already faced the problems with the broker, you may have the same problems.

  • Demo-account

You found your broker and opened a trading account with it. But don’t hurry. Don’t rush in trading immediately. Practice with a demo-account first. Many brokers  offer such an option nowadays. There you can make deals, sell, buy, but without risking your money. Moreover, you can practice strategies that you selected for your trading, and check if they work for you. And only after you started earning with the demo-account, you can start with trading for real money.

  • Patience

You started trading. With your money. But even if you were earning with the demo-account, you still may have difficulties with the real trading. Here, the psychological factor will play its role. Risking virtual money and risking own money are different things, you know. But don’t give up immediately. Start your efforts with small sums. Learn to set limits both for the sum of profit and the sum of loss. And practice.

  • Time

What do you think, how much time you would need to become successful? Say, in Forex trading? Weeks? Months? Can be, if you are a trading genius. But if not, you will need years. If all the above-mentioned things don’t frighten you off, you can start. And who knows, maybe, in some years we will be watching your photos with your luxurious things. Successful trading!

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3 Comments

  1. Tamila Lio
    Tamila Lio December 12, 13:55

    By the way, the best demo account needs the best broker, who must provide all the necessary trading instruments. The right broker has to be the most reliable, not intrusive and very friendly. And there will be wildly happy if you open your best demo account at them. Personally, I have been enjoying the best demo and real accounts at the best broker.

    Reply to this comment
  2. Andrew
    Andrew December 12, 18:21

    Firstly, you must understand that there isn’t the Holy Grail that allows the trader to earn much money for a short time. Only the deep knowledge of the trading secrets lets get a guaranteed profit while trading on the Forex market.

    Reply to this comment
  3. Vladislav
    Vladislav December 12, 19:26

    Thanks for the useful and detailed material for a novice trader! Now I know how to carefully choose the right broker.

    Reply to this comment

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