Intense belief that you have the inherent qualities to transit from a different professional field of enterprise or work into the field of forex trading is a powerful driving force that comes to many working individuals sometime along their path of life.
I have seen many doctors, lawyers, accountants , dentists and teachers and college professors who are imbued with a deep sense of ability - that because they have been successful in their own fields before, they would be equally successful in forex trading.
How untrue!
I have seen many of them fail in trading, and rake up losses that bite into their capital until they would finally give up in fear of financial ruin. While there are some who make it successfully, what were the common steps that they took to become successful? How did they become a successful forex trader?
Consider the following steps to their successful forex trading:
1. They recognize that forex trading is a specialized field of enterprise that require specialized knowledge, and that their previous skills may or may not be useful to them in forex trading.
2. They recognise that they could lose as easily as they could win in forex trading, and it was important for them to learn systematically how to trade.
3. They did not plunge headlong into forex trading. They undertook periods of learning - from opening trading accounts, to getting familiar with their trading platform, knowing when to trade with the trend and counter trends, and when to stay out of the market.
4. They invariably started off small, most with forex mini accounts.
5. They had constant help from some experienced trader, who acted like a mentor and showed them the ropes.
6. They stayed focused in just one type of trading using one trading method. They invariably started off trading with just one currency pair with a keen sense of devotion and dedication to be disciplined and to follow their trading plan.
7. They set aside sufficient capital to fund their trading, and did not come under pressure because they did not use money they needed for a living to trade forex.
8. They invariably keep a trading log, and reviewed their trades to re-inforced what they learnt from their trades.
To become a successful forex trader is not an overnight story. Preparation and learning is part of the process if you wish to be a forex trader now. The steps outlined above will be useful, and you will need to learn and practise your skills. The first step is to locate a mentor and to adopt a successful forex trading system. Pay your dues by learning first, and then success in the forex market will come.
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