How to Be a Full Time Forex Trader
Nowadays, there are many people try to trade forex, but they do it as a part time job, not a full time job. The income they get from forex is treated as an additional income, but not the main source of income. Do you know why? I would say that’s because they don’t really understand what exactly forex trading is. Forex trading doesn’t give the exactly same income every month, sometimes even they lose until the whole capital. Some people don’t even believe that forex trading can be a perfect business. They thought forex trading just like gambling. It is high risk and speculative. They thought winning is only the beginning for losing more even the capital. All these thinkings are true if they don’t really understand what is forex trading and how to control it.
Forex trading is not suitable for everyone. It is really a high risk trading. But still, it can be your full time business that could give you many many freedom to enjoy your life, instead of 8am to 5 pm working hour. The good news is forex trading can give you the good income as your source of living. It you trade smartly, don’t be surprise that your income will be unlimited.
To become a forex trader, I mean the full time forex trader, you really need to do your homework. It really takes effort, perseverance, and discipline. There are few golden rules to be understood to be a full time forex trader as follows:
1. A good trader must be able to control his/ her psychology
A winning trader think differently! A good trader must be able to control his/her greed and fear. One must be able to accept all the losses. It is better to put a stop loss in every trade so you know how much money you are ready to lose if it happens to be the direction is going against you. If you suffer losses, don’t get shocked or disappointed. Maybe it’s time to stop trading for few days. Just sit and watch the market what is actually going on. Wait until you know the direction of the market and you are pretty confident of your chosen pair currency, then you may trade again. A smart trader does not have to trade every day or trade more than once daily.
2. A good trader is more concerned about the QUALITY of any trade
A trader’s confidence is not built based on the outcome of any trade, but it is actually based on a consistent execution of the entry and exit. This will ensure you that wins will than cover the losses.
3. A good trader always do the homework
What is trader’s homework? Homework means do some journals which consist of some analyses about the market for the whole week. You may do it on weekend to see the trends of the market for the past whole week. Prepare yourself what to trade on the new beginning of the week. How was the market trends? What is the direction of the market next week? Some people will rely on other party to do this homework. They just wait until the new email hits the inbox in their email account, telling them the forex signals. I don’t say all forex signal are misleading. There is no exact forex signals. Nobody knows where the market will go tomorrow. People could only do some predictions. Their predictions are based on the market review according to their own analyses and their experiences of course. No forex signals are the same between one and others. There is no right or wrong signals. They are all predictions. I just think that every trader can do his/ her own analyses, as long as they are willing to spend a little time to do the market review. They could be their own market analyst. This skill needs practices of trial and error. The more you review, the better you will be.
According to my opinion, should you follow all those 3 main things as mentioned above, I would be gladly to greet you as a smart trader and congratulate you to become a full time forex trader.
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