Successful traders stories. Learn how to filter information.

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How do I become a successful forex trader?

You must have a strategy that you depend on when trading that may hepl you to win trades.

Have the right mind while trading and things such as fear and greed may influence your decisions when taking trades if you are not aware of them because forex is not a get rich quick scheme.

Follow news concerning what might happen on future trades which may help you to make decisions when entering trades.

Make sure you enter trades exactly at the right time which may help you to win trades and also make sure that you exit trades at the right time whi.

How to Become a Professional Trader

Take Your Trading to the Next Level

To become a professional trader, you must learn trading basics and advanced basics. Once these are mastered, you can learn proven strategies and gain experience in implementing them.

Also, it’s important to be realistic about this profession. There is no perfect method of trading that consistently produces only winning results. However, if you practice learning to discriminate accurate information from that which is incorrect or misleading, you can spend most of your time focusing on information that will make you a more efficient and profitable trader.

Trading Basics

One of the most efficient methods for learning to trade is learning market and trading basics. A solid understanding of the basics provides the foundation that will support your entire career. This first level of knowledge is required before more advanced trading information can be successfully implemented.

Books on trading found at your local bookstore or reputable trading websites can provide you with all the trading basics you need at a relatively low cost or no cost. The basics include all of the factual information about trading, such as:

  • What markets to trade
  • How prices move (bid and ask prices)
  • Order types and how to place them
  • Risk management
  • Trading hours
  • How to monitor trading performance
  • How much capital is required to trade efficiently

Trading basics are typically factual in nature, and there isn’t much subjectivity. One information source may say to start currency or forex trading with at least $500, while another source may say to start with at least $1,000. One source isn’t necessarily right or wrong. The information from multiple sources is indicating that you should definitely start with at least $500 and ideally with $1,000 or more.

The exchanges themselves provide traders with most of the market basics. For example, the New York Stock Exchange and NASDAQ provide educational resources on how the stock market operates through the main menus on their websites. The Chicago Mercantile Exchange does this for futures and the Chicago Board Options Exchange does the same for those wanting to learn about options trading.

Learning the Advanced Basics

Learning trading basics gives new traders an opportunity to learn about the various markets and the one in which they want to trade.

When learning the basics, traders determine if they want to trade stocks, futures, options or forex trading. Upon making this choice, they can then delve deeper into the trading basics specific to that market.

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  • BINARIUM
    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

For example, a new options trader needs to learn about options Greeks, which help determine the price of an option. Those interested in futures trading need to learn about ticks, points, and the various specifications for each futures contract they may want to trade. Stock traders need to learn how to short sell, how dividends work, and the differences between pre-market trading and trading during normal hours. Forex traders need to learn about pip values and daily rollover rates.

Books on trading and instructional websites can offer information and lessons on these and other more advanced basics topics.

Trading Systems and Techniques

The next step is to learn strategies that will produce a profit in whatever market you want to trade. Such strategies are subjective, which means the source of the information matters. Free resources may provide generic strategies that worked at one time, but no longer work.

Finding viable strategies requires much more research and verification than learning trading basics. When learning strategies, review charts and look for examples of the strategy at work. If it seems it could be profitable on your own small real-world test, then continue investing some time in the method. If not, leave the method alone.

The best method of learning a trading technique is to find a professional trader that will teach you their trading technique. Some professional traders offer websites or books highlighting their methods. They may also provide personal mentoring, which is the most direct approach to learning how to trade.

It is also possible to learn a discretionary trading technique without any form of instruction. Self-learning is fine, but it may take longer to come up with a profitable system when compared to learning a system that is already profitable.

Many professional traders develop their own trading methods by continually studying charts, noticing certain patterns or tendencies, and then developing a system that exploits those tendencies. This may take months or even years of testing before the trader finds a viable method that produces profits consistently.

Gain Some Trading Experience

Practice doesn’t make perfect, but in trading at least, perfect practice makes improvements. You’ll never achieve perfect results because not all trades are won, even by professional traders. And that is okay.

You don’t need to win every trade to produce a good living. What is required, though, is implementing your method nearly perfectly. This is within your control, while results are not. If you do the right thing, favorable results are more likely. Doing the right thing is following the methods you have learned and opted to use.

Use Paper Trading for Training

When first learning a trading method it may seem very easy. However, once you begin to implement it, it may be harder in actuality than you had anticipated. Most traders quit at this stage and seek out another strategy. Unfortunately, these types of people rarely become successful. Even a simple trading strategy often requires at least several months of hands-on experience before the method starts producing profitable results.

Many trading platforms offer a paper trading capability, which is trading with “fake” money instead of your own, real dollars. As you develop trading strategies, you can try them out with paper money and real-time market movements. Some platforms also offer historical market data, and many professionals use this to back-test their trading strategies to test whether the trades would work under various known market conditions.

As a trader progresses and gains more experience, they will likely find ways to improve their strategies or notice other market tendencies that can be exploited if another strategy is formulated. A successful trader may also find that a strategy that once worked is no longer performing well. In this way, a trader is always learning from their experiences and trying to find better ways of performing their job. They are simply adapting to changes in the market that may make current strategies obsolete but provides an opportunity for a new strategy to be deployed.

The Balance does not provide tax, investment, or financial services and advice. The information is being presented without consideration of the investment objectives, risk tolerance or financial circumstances of any specific investor and might not be suitable for all investors. Past performance is not indicative of future results. Investing involves risk including the possible loss of principal.

The story of success on Forex: the trader, who managed

CopyFX blog presents a new column, which is called “Stories of success”. The column will tell you about successful traders, who managed to earn good deals of money on Forex, and about those, whose trading operations helped them to achieve their goals. When everything depends directly on you, the main thing is to believe in success!

“Never give up, even if you lose and fail all the time”

If you feel suspicious about the stories of success on Forex, when a person starts trading and raises to lofty heights “from scratches”, and consider them to be some kind of science fiction or Cinderella tales, then you’re going to be very surprised. An outstanding event took place at RoboForex and it can’t be ignored or hidden. You bet: our client started trading with just only several hundreds of dollars on his account, and in less than a year, he had more than (skeptics, behold!) half a million! You have to admit that this case is very unique, and we wanted to hear about it from the own lips of the person, who made such phenomenal achievement. You can find our interview below.

– Vladimir, what did you do before trading and how did you start your Forex career? What motivation did you have, except for earning money?

Before starting trading, I studied at college. Long time ago, I was downloading different applications to my phone from some website and I saw one, which was called “Earnings via Internet”. I downloaded it and saw a lot of different numbers, which were replacing one another very fast, and couldn’t understand anything. I became interested in it and started looking for more information about it in the Internet. I learned quite fast and in about two weeks I opened a real account with 2,000 rubles, which I successfully lost after two days. However, I wasn’t disappointed, on the contrary – it increased my curiosity and interest. For many traders Forex is a way of earning money, but for me it was like a hobby at first. It was really interesting for me.

– How long did you study the basics of trading before you started to show stable profit?

I studied them quite fast, but I started to show stable profit (I mean really stable) only in fall of 2020. And my first profit I made six months later after I started trading on Forex, in fall of 2008. It was the time of the crisis, when one could make a fortune. However, my profit at that time wasn’t very regular. I just earned from 30 to 60 thousands of rubles twice a year, and that was all.

– How did you choose RoboForex as your brokerage company? Why it was us that you preferred?

I’ve known RoboForex for a long time, but mainly I participated in contests and made small deposits. I liked this company mostly because of its appropriate Regulation, fast depositing/withdrawal operations, and low spreads. I consider your company one of the most reliable ones in this area.

– In your opinion, which services provided by the company are the most interesting for traders, and which ones should be improved and developed more actively?

It’s hard to advise anything here. I think you don’t have to do anything for professional traders, because everything is already on a very high level. As for me, I’d advise to advertise the company more, and not only in the Internet, but, for example, in some financial programs on TV as well.

– We know that on your way to success you won several different traders’ contests.

Over 7 years of trading, I’ve took part in many contests, including at RoboForex. I won a lot of times. Mostly, these wins were accidental, because to win the contest you must risk more than in usual trading. I often withdrew the profit I received when trading using prize funds, but the prize sum itself – no, I lost it sooner or later. I think that for any serious trading on real accounts you must use your own funds.

– Do you participate in discussions on different forums? Do you often consider other traders’ opinions?

Yes. I socialize on specialized forums quite actively. It very interesting for me to discuss and hold my own. But I never consider any opinions. I do everything by myself.

– Do you use any expert advisors in your trading, and if yes, then which ones?

No, I’ve never used them and I’m not going to. I think that no expert advisor is able to adjust to the market situation that is constantly changing. It’s better when you control everything by yourself.

– What trading experience can you share with other traders?

From my personal experience I can tell only one thing: never give up, even if you lose and fail all the time. Sometimes one month can cover years of failures and losses. And I think one must find a lot of time for trading you one wants to be successful in it.

– How did you deal with nervous tension on your way to profit, when any small accident could ruin all your hopes and plans?

I didn’t. I just let chips fall where they may. There were no worries. And the more my deposit was, the fewer emotions i had.

– Now, when your profit is fixed and all stressful emotions are gone, how did you decide to spent your money?

I’ve already withdrawn some part of my profit and spent it – I’ve bought BMW X6. From the very beginning, I was dreaming of earning on Forex to buy some kind of a car. Well, my dream has come true (laughing). And I’ll continue trading with the rest of the funds.

– Do you consider trading on Forex as your principal earner in the future?

Yes. Right now, trading on Forex is my principal earner. I think it will be the same in the future.

We thank Vladimir for his interview and the photos he provided. We wish all other traders the same phenomenal success as our client has achieved. Try harder and you’ll do it together with RoboForex!

If this article inspires you or you want to tell you story, which is equally interesting and fascinating, write to us! The most exciting stories will be published in our blog.

Best Binary Options Brokers 2020:
  • BINARIUM
    BINARIUM

    Top Broker!
    Best Choice For Beginners!
    Free Trading Education!
    Free Demo Account!
    Big Sign-up Bonus!

  • BINOMO
    BINOMO

    Perfect For Experienced Traders!

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