How To Become a Professional Forex Trader?

Share On Facebook
share on Linkedin
Print

The forex market is a quite complicated form of trading. Right off the top, you need to have clear goals. You need to know exactly what you want to achieve. That is what sets a beginner and a professional apart, among other things too.

© ADVFN

A professional forex trader generally speculates on the currency market in the aim to generate greater profits. To earn the professional standard in the forex market, the way you think and the tools you use must also be of professional forex standard.

Set achievable and realistic goals. With clear objectives, making money will seem easy and comfortable.

Use simple strategies. In fact, many of us are led to believe that professional forex traders use various complex and highly intellectual methods to achieve their targets but you would be surprised to know that most of the time, it’s the simple methods that get the job done.

Always look to learn and grasp trading knowledge. A forex trader will always be a student. Even if you get to the standards of a professional, there is always something left to learn. Never forget that.

You need to be confident about your decisions but at the same time be aware of all pros & cons of a trade. Make sure you’re at the top of your game.

There are multiple forex platforms for traders to choose from beginners to professionals.

Do not break the chain and you are going to have a good portfolio

The chain plays a huge part in getting closer to your goals. The most famous method that a lot of people use is the Seinfeld method. The name comes from the highest earning comedian in the world, Jerry Seinfeld($950m).

As quoted below

“In order to succeed at comedy, you need to tell better jokes. And in order to tell better jokes, you need to write every day. So, what you need to do is get a giant calendar of the whole year, and every day that you write a new joke, mark a big red ‘X’ on that day. Then it’s as simple as not breaking the chain.”

What he told does not just apply to comedy but to major life achievements and fulfilments.

The Seinfeld Method helps you give up procrastination and actually live life to the fullest. You give up all your bad habits and start focusing on what really matters.

The Seinfeld Method relies on a task that is both

  • Meaningful enough to create noticeable change
  • Simple enough to complete in its full form everyday

 

Just don’t break the chain.

Consistency in trading is very crucial when it comes to the forex market. You need to be patient, confident and resilient.

Not every trade will bring you large profits and huge margins, you need to be consistent. Consistency in trading is very important when it comes to forex platforms because those small profits are the stepping stones to your success.

Don’t be discouraged when a trade doesn’t go the way you planned for it to go but instead learn from it and make sure you don’t repeat the same mistakes again.

The Seinfeld method is a great way to build life winning habits and achieve financial freedom. Whenever you make a trade, mark it on your calendar and be consistent in doing that. If you decide to trade five days a week, make sure you follow through and get the work done.

At the end of the month when you look at your calendar, you will see some excellent changes to both your mindset and confidence. Consistency in trading is the gateway to having a good forex portfolio.

Find best forex VPS provider in your location

Why VPS?

Let’s break it down into why you need a VPS for trading.

A VPS has various functions that will help minimize your workload, execute actions faster and find better opportunities efficiently.

  • Connectivity from wherever you are to carry out trades. You could connect from a cafe, or a theatre, or even a mall.
  • Automated trading means that even during a power outage, your commands will still carry out your trades. If there is one, it will be as if there isn’t as your trades will go on about the same way.
  • Provides excellent security with antivirus software safeguarding your systems. Privacy and security are somethings we don’t have to worry about when it comes to VPS. Cloudzy has an incredible reputation for upholding its users’ trust and privacy.
  • One hundred percent error free commands that will keep you safe from losses which is one of the most important reasons for VPS.

 

This should explain why every forex trader needs a VPS. For years, Cloudzy has been reliable and the most trusted when it comes to forex VPS. Millions of users achieve their forex trading goals with the help of Cloudzy and it’s VPS provider.

The reputation it has for itself is why it’s the best forex VPS provider.

Develop personal rules to better control your forex portfolio

The most common rules to have when it comes to trading are very simple.

Having a minimum position size will help regulate your portfolio. You need to decide on an amount that will be floor level. Anything that is below that floor level, you need to sell that position and increase your investment. If it isn’t in your position, then it isn’t worth your time and effort.

The maximum number of positions you hold will keep you responsible and develop accordingly. Set a personal goal on the number of positions you can handle. Don’t put too much pressure on yourself by setting unrealistic numbers which will only result in losses. Set a good number and handle them perfectly.

The number of accounts you have will help you decrease most of your income being spent on tax. Having different accounts on different layouts will help keep your wealth intact for the future.

These are some of the examples of personalized goals whereas you could have your own too. Keep these in mind and make the right decisions.

 

CLICK HERE TO REGISTER FOR FREE ON ADVFN, the world's leading stocks and shares information website, provides the private investor with all the latest high-tech trading tools and includes live price data streaming, stock quotes and the option to access 'Level 2' data on all of the world's key exchanges (LSE, NYSE, NASDAQ, Euronext etc).

This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.

Leave A Reply

 
Do you want to write for our Newspaper? Get in touch: newspaper@advfn.com

By accessing the services available at ADVFN you are agreeing to be bound by ADVFN's Terms & Conditions

P: V: D:20220701 06:04:51