Trading Basics: What it Takes to Be a Forex Trader

Trading Basics: What it Takes to Be a Forex Trader

There are hundreds of sites explaining the trading basics needed to get off to a good start. How to set up a trading account, how to trade forex, how to target profits, and even how to use indicators. But there are very few articles that explain how to “be” a trader. This article is going to outline the character a forex trader needs to have to make it to the next level, and also explains what kind of person survives and thrives long after the learning curve. If you’re thinking about trading forex, then this article might be the most important read of the year.

A worthy goal

Every entrepreneur will tell you that climbing up to the next level is possible, but rarely easy. Some careers are harder than others, and in most cases, the payday is relative to the amount of time needed to attain mastery. The longer it takes, the bigger the payday. For example, when starting your own company, it usually takes around 5 to 7 years to achieve financial stability, and rarely pays a penny during the early years.

The journey from newbie to pro doesn't have shortcuts that work.

Alternatively, a trading career is specially designed so that newbies can get familiar with the trading basics and gain confidence and competence much quicker. Forex traders no longer have to wait months or years to start seeing returns, but they are still very far from being masters until they put in the time and effort.

Hours in a day

Whenever someone takes on a goal worthy of time/money investment, they have to understand that sacrifices need to be made. It’s the same story whether you plan to be a business owner, a pop star, a sports legend, or a professional trader. Growing and producing more means becoming more, knowing more, which means learning, experimenting, and giving up certain comforts.

Work, sleep, TV, fitness, relationships, there’s a long list of things that eat up our hours on a day by day basis. Most people feel they have no free time whatsoever, other than a few hours in the evenings and weekends, and they rarely believe that there is another way. The truth is, we make time for those things that are important to us. So, just what do you make time for? If your daily life is full, then you’ll need to put something on hold. Try targeting something that doesn’t have much value. Also, remember that trading can be exciting and entertaining, so it could replace something offering a similar experience.

Success is found in the journey

If you’d like to start living a life of luxury or perhaps ensure a comfortable retirement, you’re going to have to change gear, put your foot down, and start aiming at being the best of the best. It’s not going to be easy, you’re not going to get there as fast as you want to, and the only guarantee is that you’ll never know if you never try.

It's not going to happen as quickly as you want it to, and rushing the process will likely sabotage your progress, so be patient and consistent.

Like a top-class athlete, you’re going to have to cut out some bad habits if you want to rise above the crowds. When others are out and about spending their money, you are going to be home building knowledge and experience. And when others are watching mindless TV shows while waiting for bedtime, you are going to be watching tutorials, news, and tips. As others are watching their lives fall apart through lack of focused action, you will be watching your life growing along with your knowledge.

The learning curve

When you are asking yourself new questions and digging for the answers, new opportunities typically appear. Doors open that were previously invisible. You will see the world from new eyes, meet new people, and perhaps see a future in a way you never dreamed possible.

To put it simply. If you do nothing, you are doomed to get more of the same until it runs out. After you hit the inevitable dead end, things usually go from bad to worse. Alternatively, your world can be a reflection of your actions and ambitions. By improving yourself, advancing your skills and your education, you can begin to see a different future that many people often imagine with envy. As with all such journeys, sometimes the hardest part is getting started.

A trader's first steps

First, you have to commit to the idea of being successful. 100% effort, non-stop until you get what you want. The trading basics will start your engine, but you'll need a lot more to reach a distant destination. You need to register for a trading account. Get familiar with the trading software by experimenting with the risk-free demo account. Within a day, your application will be approved and your account will be ready for you to start targeting real profits.

Trading basics: the last tip

It’s been shown time and time again. Those people who made it to the top of their fields went through very specific challenges before they became financially independent. Keep learning, keep moving forward. Let resistance guide you. “Easy” is either a skill you’ve already mastered, or it’s something leading you in the wrong direction. If it’s hard, complicated, time-consuming, and few people know how to do it, then it’s probably a good direction. Lastly, don’t give up. The only guarantee you’ll get from trading or any other advancement in life is that you’ll never get there if you never try.

Start simple. Sign up with exness and get a free account. Close Facebook and start playing with the demo account and see if trading is a thrilling challenge or a stressful battle. You’ll know when you are ready to make the push to the next level.

 

Whatever you choose to do, now is always the time to take the first step

SET UP AN EXNESS ACCOUNT HERE

Not sure how to get started? No problem. Follow this step-by-step guide.

how to start trading


This article is a marketing communication. It does not constitute investment advice or research. Its content represents the general views of our experts. It does not consider individual readers’ personal circumstances, investment experience, or current financial situation. This article is not prepared in accordance with legal requirements promoting independent investment research. Exness is not subject to any prohibition on dealing before the release of the article. Readers should consider the possibility that they may incur losses. Therefore, Exness is not liable for any losses incurred due to the use of its articles. Please note that past performance of an asset is not a reliable indicator of future results.