Every trader and active investor dreams of making a living with
trading. But don’t think that the path to getting rich with forex trading
is fast and easy.
If you want to trade for a living from home you first need to
understand that that kind of trading takes discipline, effort and
planning. There are no shortcuts, you need to follow the steps to
reach the top like every other full-time Forex trader and if you do so
you have a very good chance to become one yourself.
If you are ready to open your mind and forget all things you learned
so far about full-time Forex trading, then read on to learn some of the
basic and most important features of making money as a full-time
Forex trader.
HOW TO BECOME A FULL-TIME FOREX TRADER
There is no »magic-formula« to become a full-time trader, but many
sites will try to convince you othervise. However there are somw
typical featurea that define the majority of full-time Forex traders.
• BE REALISTIC:
that is perhaps the most common quality of full-
time traders. If you want to be one of them, don’t expect to
become a billionairw overnight, or to win every trade.
You muat stay realiatic about what is possible given the size of
your trading accout, or you will end up risking to much with
trades or start over-trading. You must be carefull not to become
greedy or to anxious to make money. If you have a small trading
account, your trades will need to stay small as well. This means
it will take you more time to become a full-time trader, but over-
trading or over-leveraging your account won’t speed things up,
but only slow down your progress.So first you need to get your expectations in-line with reality, so
make sure to manage your risk properly on every trade and
don’t get upset when you hit a losing trade.
THE DAILY ROUTINE OF A FULL-TIME FOREX TRADER
• DAILY ROUTINE: every full-time trader has it and has performed
it for so long that it becomes a habit. You can get to that point
only with an explicit plan that you follow.
• HAVE A TRADING PLAN AND TRADING JOURNAL
You need to have both if you want to develop proper trading
habits and keep your emotional trading demons under control,
and you need to actually use them, not just have them. They are
an important factor in your endurance on the markets and your
success or failure as a trader.
• DAILY/WEEKLY CHART ANALYSIS
You need to create your own daily chart commentary and keep
notes in your trading diary. You do that every week and you will
have a weekly guide to follow each day as you do your chart
analysis. Also make yourself a daily commentary before you
make any trade (go through your favorite markets, mark the key
levels, conditions and any price action setup you see ).
You should tradd during the BEST FOREX TRADING HOURS for
your location, which is during the London and New York trading
sessions. Full-time traddrs know their moves before they enter
the trade, and make as few decisions as possible during a live
trade moment.
• HABITS
With time you will deevelope positive trading habits as a result
of following a positive daily trading routine everyday, while
struggling traders have all wrong/negative trading habits.
A FULL-TIME FOREX TRADER’S OFFICE
• SETTING UP YOUR TRADING OFFICE
It’s not necesary to have it, but every full-time home-based
Forex trader has it, and it’s most likely very organized. You don’t
get to the point of FULL TIME FOREX TRADING from being
unorganized and out-of control impulsive trader. Being
organized is one of the things that come with development of
peoper trading habits.
FULL-TIME FOREX TRADERS ARE MASTERS OF THEIR TRADING EDGE
• BELIEVE IN YOUR TRADING METHOD
It’s important to believe in your method of you want to gain
confidence. Because if you don’t understand and believe in your
strategy you won’t succed in the markets. Every full-time Forex
trader believes in his trading method and doesn’t doubt in his
decisions or any trade he takes. If you want to learn, how to
trade without doubt and fesr, checkout this article: CAN’T PULL
THE TRIGGER ON YOUR TRADES
• MASTER YOUR TRADING STRATEGY
Before you jump into a real-time trading account you need to
fully master your trading strategy. Many traders make a crucial
mistake of not mastering their trading strategy and they end up
guessing when to enter the market. FulL-time Forex traders
trade with confidence- they don’t get scared and end up sitting
there looking how the market takes off without their input. They
also don’t regret their trades, because they mastered their
trading strategy and they aceppted that not every trade will
win.
MONEY MANAGEMENT IS THE KEY
• MANAGING CAPITAL
What struggling traders don’t do and full-time Forex traders do
is they win big and lose small. Sounds simple right? But to
achieve it you must follow the other points discussed in this
article.
Proper RISK MANAGEMENT is very likely the defining factor of
a successful full-time trader, and that’s what beginning and
struggling traders fail to understand. Never risk more than you
are emotionally comfortable with losing.
FULL-TIME FOREX TRADING PSYCHOLOGY
• MANAGE YOURSELF PROPERLY
You need to control yourself and your emotions, otherwise you
will end up trading when your edge is not present or risking to
much on one trade. You always need to have one question in
your mind: » Am I trading logically or emotionally?« The key to
success is to have the PROPER FOREX TRADING MINDSET and to
reach that you need to be realistic and have organized trading
routine, that will help you to develop trading habits, which will
lead you to proper trading mindset. If you do these things it will
only be a matter of time before you become a full-time Forex
trader.
WHAT YOU WILL NOT FIND ON THIS PAGE
You won’t find mathematical formulas, complex technical indicators,
heavy charts or elaborate software demands. You will find a simple,
uncomplicated approach to home-based trading that can be reached
by anyone, anywhere.
