To Become A Professional Forex Trader and make good salary you need to learn Forex and trade in trade in demo and real Forex account, There are thousands of Forex traders trading in currencies from all over the world but not more than 10% of those have been successful. Every user who register a real account as a Forex trader do not become a professional Forex trader because becoming professional requires time, experience, good methodological knowledge, control of emotions, self confidence and the best selection of software trading platform. Every trader or investor who has traded or currently trading is not able to make success stories. So to become a successful Forex professional you need to spend a good deal of time, get experiences good or bad, learn to do fundamental and technical analysis, learn to control your emotions, take good decisions and be confident in your decisions and select a good trading software to make your work easy and automated.
How To Become A Professional Forex Trader
Just placing first few trades and winning some of those do not make anyone professional. To become a successful Forex professional trader you must know the answers of following questions.
Why is it happening?
How it is done?
How to save your losses if the price of the currency started moving against you?
No trader can get answers of the above questions in the beginning of their trading age because you need to spend time in this field to get an in depth knowledge of the above questions. So if you are willing to become a successful Forex trader then you must also be ready to devote your time.
No trader becomes an experienced Forex trader in their very first trading session or in their first week of trading. The traders who have created big success stories have taken hundreds of trading sessions to earn experience and become a professional.
Good Methodological Knowledge
The traders and investors should have good methodological knowledge to become a professional. The traders and investors must know how to calculate Moving Average, Simple Moving Average and Exponential Moving Average. Awareness of Oscillators, Harmonic Patterns and Divergence Indicators including the other leading and lagging indicators is must and the traders should also know to assess the overbought and oversold conditions. A good Forex trader must be good in Statistics so start practicing Statistics if you want to become a successful Forex professional because good knowledge of Statistics will make your calculation faster with more accuracy.
Control of Emotions
Most of the Forex traders fail only because they are not able to control their emotions. Fear and Greed are the two emotions that may rule your trading if not controlled in time and most of your trades will go in loss. To control these emotions it is necessary to first know how these emotions start ruling you. If you placed a trade and you earned certain pips but that profit was limited after reducing the expenses. Now a feeling comes in your mind that what if you have placed a trade with using 100% of leverage provided. As soon as this feeling comes to your mind and you start acting accordingly then it means you are under the control of your emotions. This emotion is Greed. Greed is an emotion to earn more in very short time and there is no limit of this emotion.
Fear is the second emotion that may rule your decision if not controlled in time. If the price of your opened position starts moving in unfavorable direction then you may fear and may not wait for the price to touch stop loss and this will result in urgent selling and finally your trade goes in loss. If these emotions are not controlled then the experienced traders may also fail. No book, no method can help you if you are not able to control your emotions.
You should have self confidence in whatever you do because if you are not fully confident in your activities then you will neither be able to execute a single trade with good profit level nor will be able to limit your loss. You should know the reliable sources of news to depend on.
Best selection of software trading platform
The last and important requirement to become a professional Forex trader is the best selection of software trading platform. Use the trading platform that supports all the modern trading activities. To select the best trading platform, ask your friends who are Forex traders or open a thread on any trading forum and ask your questions. A good software trading platform makes good traders and investors.