The Key to Becoming a Forex Trader

Filed under: Learn Forex Trading |

With a title like that, you may be expecting me to reveal some secret from the inner-circle of professional forex traders. Unfortunately, there is no such key, or keyhole for that matter. The secret to becoming a professional forex trader, in my opinion, is practice, practice, and more practice. It is the same as any other art form or sport or musical instrument – the more you practice and hone your skills, the better you get at it. You wouldn’t expect to pick up a guitar for the first time and play like Jimi Hendrix any more than you’d expect to play golf for the first time and play a round of ten under par. But for some reason, people new to forex trading often expect that they’ll be making millions in their first year. It is just not going to happen.

 

However, the good news is that practice really does make perfect (or at least makes you competent!). The more time that you spend looking at charts and analyzing the markets, the more adept you will become at predicting future price movements. After a while, you begin to get a feel and rhythm of the markets. Many traders often call this “being in sync with the markets”.

 

There are also many technical things that you need to learn along the way – and you will probably make mistakes as you are learning and lose a few bucks (or pounds or whatever currency your trading bank is funded with) along the way. However, try to think of these loses as your fees for tuition. We don’t get nothing for free and an education in forex trading is no different I’m afraid. Take the losses and learn from them – because practice makes perfect; and one day, you just might learn enough to become a professional forex trader and be financially free.

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