How do you become a successfull trader?

How do you become a successfull trader?

Everyone wants to know how to become a successful trader.
Is there a strategy that makes you very successful? Sure, a good working strategy is very important to be a successful  forex trader.
But only with a good strategy you will unfortunately not be successfull. There are a few important points to become a successful trader.
I will now briefly discuss these points with you.

How do you become a successfull trader?

1. A good strategy. / How do you become a successfull trader?
As I mentioned earlier, a good strategy is very important.
Keep testing these especially until you make much more profit than you  lose.
Get to know the forex pair well, observe this for a while very well so that you know exactly how it moves.
Keep practicing your strategy on a demo account or a simulator until it is good enough to go live!

2. A good risk management. / How do you become a successfull trader?
When you don’t have your risk under control at every trade, you simply open the door for the friendly but emotionals neighbours to come in and dominate in your house.
We promise it’s hard when you start trading at the Forex market.
Because it is an emotional market. It’s hard to stop trading emotionally once you’ve started or even admit you’re trading emotionally.
The game is about how much you lose or better said how you minimize your losses.
Not about your winnings. We all have that gambling friend that always talks about his big winnings.
He never tells you about the day he lost $1000 on one hand of Black Jack does he?
A good example that shows you how important it is to minimize your losses.
You don’t want to lose that $1000 you’ve won with 100 hands on one hand do you?
So set your losing limit before you trade.
This has to be an amount that your completely OK with losing.
If you lose it’s just another day at the office.

How do you become a successfull trader?

3. The right mindset. / How do you become a successfull trader?
The truth is a majority of all traders keep losing. There is a simple explanation: They enter the Forex market with wrong expectations.
They think it’s a getting rich quick system.
Traders like that have the thought by investing a thousand ($1,000,-) they will make $1.000.000 in a week.
That’s just unrealistic. The Forex market is not a casino.

These unrealistic expectation can and will work against you and will brush your whole account away in a heartbeat.
Again, don’t let emotions get the better of you. Ask yourself the question: “what am I willing to lose?”
Always have the rule that you can explain why you make a certain decision.
Your thoughts have to be robotic and emotionless.

These are the 3 most important points, of course there are many more to be successful and profitable.
If you have questions you can always contact me.
And if you joined the forex bootcamp you will of course learn all ins and outs!

How do you become a successfull trader?

Want to know more about trading in forex / trader mindset or do you want to join the forex group?
The forex group is mainly English!
Please contact me so that I can explain you much more about what we have to offer.
And all your questions can be verbs.

Looking for good Forex education? Look at www.theforexscalpers.com
The best Broker? Look at  IC MARKETS.