How to Become a Successful Trader in 3 Easy Steps

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10 Keys To Becoming A Successful Trader

To the uninitiated, learning how to trade stocks successfully can seem like an impossible prospect…after all, most people who try, lose.

But, like training to run a marathon, success is possible, if you take the proper steps and have the proper training.

Success requires time, practice and targeted effort, with your specific goal in mind at all times. With the right guidance, training and direction, mastering the penny stock market is within your reach, if you practice, practice, practice.

The path to becoming a successful trader is truly accessible to anyone, from any walk of life. But, I must reinforce that the key is that you have to be willing to put in the time and effort in your education and preparation.

YOUR SUCCESS HAS ABSOLUTELY NOTHING TO DO WITH “HOT PICKS”…THAT’S A FALLACY CREATED BY THE NON-SUCCESSFUL WHO MASQUERADE AS EXPERTS IN THIS INDUSTRY.

On the contrary, real-time alerts should be LEARNED from, right and wrong, so that you can figure out what strategies and patterns work best for you and your own personality. We’re all different, so there’s no one formula that works for everyone.

Below, I detail some of the steps needed to begin your journey toward becoming a trader.

1. Make a resolution to learn. Action follows intention, so take your first step toward trading by making a resolution to learn how to trade stocks. Don’t gloss over this step or take it lightly. Take the time to consider why you want to learn about the stock market and what you hope to gain from it. Mentally prepare yourself for the work and study ahead. This sets your foundation for learning about trading and will help you in setting goals at a later date.

2. Do your research. Now that you’ve made a decision that you want to get into the stock market, it’s time to figure out how to go about it. Rarely will it be a good idea to just jump in there and start trading, with no knowledge and no preparation of any kind. If you do that, what will likely happen is that you’ll lose money, get discouraged and quit, before you’ve even given yourself a chance to truly succeed.

Instead, research how to learn more about the stock market. Maybe you’ll start reading how-to books or sign up for my millionaire challenge. Research the potential ways in which you can educate yourself on the market and what learning modalities seem most appealing to you.

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3. Get in “back to school” mode. Once you’ve found some resources, set yourself to the task of learning. Learn all that you can about the market. Be obsessive about learning. Put aside specific blocks of time, on a daily basis, to learn about the market and dedicate yourself to your learning program. Hold yourself accountable and be strict about sticking to your regime.

4. Set goals. Remember how I earlier alluded to taking a few moments to consider your motivation for getting into the market? Now that you’ve started to learn, it’s a good time to really get clarity on your goals.

Set specific goals for what you hope to attain by becoming a trader. Is it buying a big house by the water or purchasing your girlfriend’s dream engagement ring? The more specific your goals, the better. They will serve you as you start trading and they will help keep you inspired. You can always adjust these goals, based on your progress. But, it’s not only useful, but CRUCIAL to aim high, so that “big goal” will continually motivate you throughout the difficult, but necessary study/preparation period.

5. Seek guidance. One of the best ways to streamline your learning is to seek out a mentor. This can be anyone who is further along in their trading career than you. Often, this individual will not only offer valuable insight, based on their own experiences, but can also guide you toward other resources that were helpful to them. In essence, they can help shed light on the path ahead and assist you in avoiding common pitfalls, thus speeding up your learning curve dramatically.

6. Start trading. So, you’ve learned the basics, you’ve held yourself accountable and you have good guidance. At a certain point, it’s time to get out of the nest and start flying. Start small with your trading. Research trades that will offer the most minimal risk and see how it feels to even pull the trigger. Maybe you’ll lose some money, maybe you’ll make some. Either way, it will give you valuable feedback for moving forward and you must learn to grow your KNOWLEDGE account before you can consistently grow your bank account.

7. Evaluate your progress. As you start to trade, take the time to pause and see what is going right and what is going wrong. Both aspects are equally important.

For example, if you’re doing something right, then definitely make note of it, so that you can continue doing it, focus more on it and maintain an upward trajectory. How could you keep doing the things that are going well, but streamline your process? Refining your technique will help you repeat your successes quicker, in the future.

On the other hand, if you’re doing something wrong, consider that just as strongly. How could you eliminate your “wrong” behaviors moving forward or conduct yourself differently in the future? How could you eliminate bad habits, so that they won’t hold you back?

8. Cultivate good habits. Millionaires come in all shapes and sizes, but many of their good habits remain constant, across the board, no matter who they are. Take the time to cultivate these habits. You might start small, by waking up a little earlier each day. But, ultimately, you want to refine all of these millionaire habits, including good saving habits, developing the ability to self-reflect, redefining your definition of failure and maintaining a strong commitment to giving back to your community.

It’s important, during your growth as a beginner trader, to practice good habits, such as cutting losses quickly to minimize the risk of a potentially large disaster, even if small losses are frustrating to take.

9. Banish bad habits. Just as you want to discover and emulate the good habits of successful people, you want to banish the bad habits that might be holding you back. Maybe you’re held back by a fear of failure or you aren’t dedicated enough to learning. Be honest with yourself about your shortcomings and strive to improve yourself on a daily basis.

10. Keep at it. When it comes to learning how to be a successful trader, this “how to” list isn’t necessarily linear. These are steps that you should constantly revisit, no matter how new or seasoned you are at trading stocks. To truly find success in the stock market, you have to remain diligent. You need to keep revisiting your goals, keep motivated, keep on top of good and bad habits and keep refining your process.

Persistence pays off, when it comes to trading stocks. So does diligence. By staying connected to your goals and by sticking to your trading, through the good times and the bad, you’ll create an inner fire and passion for the process that will make you a trader for life. And, that is truly the key for long lasting success and happiness: a deep passion and connection to what you are doing. Enjoy the journey.

Are you ready to start trading stocks? Be sure to watch these free video lessons and this free stock trading guide as they’ll help you on your journey!

How to Become a Successful Forex Trader

Starting out in the forex market can often result in a life cycle that involves diving in head first, giving up or taking a step back to do more research and open a demo account to practice. From there, new traders might feel more confident to open another live account, experience more success, and break-even or turn a profit. That is why it’s important to build a framework for trading in the forex markets, which we outline below.

Why Should We Focus on Medium-Term Forex Trading?

Why are we focusing on medium-term forex trading rather than long- or short-term strategies? To answer that question, let’s take a look at the following comparison table:

Type of Trader Definition Good Points Bad Points
Short-Term (Scalper) A trader who looks to open and close a trade within minutes, often taking advantage of small price movements with a large amount of leverage Quick realization of profits or losses due to the rapid-fire nature of this type of trading Large capital and/or risk requirements due to the large amount of leverage needed to profit from such small movements
Medium-Term A trader typically looking to hold positions for one or more days, often taking advantage of opportunistic technical situations Lowest capital requirements of the three because leverage is necessary only to boost profits Fewer opportunities because these types of trades are more difficult to find and execute
Long-Term A trader looking to hold positions for months or years, often basing decisions on long-term fundamental factors More reliable long-run profits because this depends on reliable fundamental factors Large capital requirements to cover volatile movements against any open position

Now, you will notice that both short-term and long-term traders require a large amount of capital – the first type needs it to generate enough leverage, and the other to cover volatility. Although these two types of traders exist in the marketplace, they are comprised of high-net-worth individuals, asset managers or larger institutional investors. For these reasons, retail traders are most likely to succeed using a medium-term strategy.

The Basic Forex Trading Framework

The framework covered in this article will focus on one central concept: trading with the odds. To do this, we will look at a variety of techniques in multiple timeframes to determine whether a given trade is worth taking. Keep in mind, however, that this is not a mechanical/automatic trading system; rather, it is a system by which you will receive technical input and make a decision. The key is finding situations where all (or most) of the technical signals point in the same direction. These high-probability trading situations will, in turn, generally be profitable.

How to become a successful trader in Forex? The Only Guide You Need

Nowadays everyone wants to find out how to become a successful Forex trader. However, a proper understanding of the market, a combination of soft skills, including patience and consistency are required to achieve some sort of success. Unfortunately, the majority of worldwide traders lose money, but of course, there’s a reason for that. We will do our best help you lead in the right direction, minimizing the chances of facing failure.

Before getting into details, I want to drag your attention to the crucial part of this game. Without putting the right amount of time and dedication, there’s no single piece of content, that will provide you with the exact blueprint to becoming a successful Forex trader. Don’t even think of giving up, stay consistent and never quit practising, that’s the only way of achieving the desired result.

Surely, as I have mentioned above, none of the guidelines will answer the question of yours. Nevertheless, we’ve decided to write down a list of mandatory steps, that will most probably help you avoid facing the financial loses, especially if you are among the newbie traders, who have no prior experience in trading.

The Basics of Forex

Without having a proper understanding of the fundamentals, you will have a hard time making the profits, that everyone tends to be making. Invest a tiny bit of capital into learning the crucial details, such as reading the Forex charts, estimating the currency pairs, experimenting with various trading strategies and predicting the upcoming trends, based on given signals.

It does not matter whether you trying to learn how to become a successful day trader or just rooting to gain the knowledge into the long-term investing game, taking a couple of months in order to become familiar with the trading terminologies is a kind of obligatory of yours. Educating yourself will help you properly experiment with varieties of platforms, leading to finding the type of trading strategy that suits either your needs or the way you enjoy making money.

Embrace the Hustle

“Without hustle, the talent itself will only get you to desired destination” – best-loved quote of mine, crafted by Gary Vaynerchuk, the so-called entrepreneur and a founder of VaynerX. Miserably, most of the beginners have no idea how to become a successful currency trader, meaning that earning millions of dollars through trading isn’t part of the pyramid schemes.

Forget all kinds of people, claiming to be making a fortune, flexing their profits. Remind yourself that there are millions of traders like you on the market, competing and trying to be the best one. Don’t set imaginary goals, failing once in a while being onto the journey should not affect you negatively.

The dreams of becoming rich quick should have disappeared because having realistic results to achieve is the only way to becoming a successful Forex trader.

The Consistency of Learning Experience

The ones who have managed to attentively read the previously described steps are surely ahead of other traders. According to the official sources, only 7% of the total people, starting the trading experience remain into the business after 5 years of grinding.

Usually, being profitable from the first day of the entering Forex market is part of the imagination. Sometimes it takes months and even years to making profits. Learning along the way, estimating potential problems and finding the ways of dealing with them will help you get to the advanced level, where the so-called magic happens.

‘How to become successful trader?’ – forget the most commonly asked question of the community. Stick to the well-scheduled plan of yours and achieve some sort of consistency in trading as well. It may take hundreds of loses, worth thousands of dollars until you make that profitable trade, changing the entire career of yours.

Having the Right Amount of Trading Capital

More than $5 trillion dollar per are traded every single day, making the Forex market the most profitable one among its competitors. Fortunately, the term of having a certain amount of capital to get started out in the niche does not exist. Partially, it depends on the Forex brokers you are working with because they are in charge of setting the required amount of deposit to have the trading account registered. Additionally, trading on margins removes the part of investing millions of dollars.

However, we do recommend starting out with at least $1,000. It will help you experiment with trading strategies and in the case of facing loses, there will be no need for quitting the market straight away. Considering the fact, that the amount of investment you put in into the account directly affects the income should make you save even more money until getting things sorted out.

Saving Records Every Single Day

If you want to know how to become a successful trader in stock market, then recording every single day of your trading experience is the only thing that you should emphasize on. A high percentage of beginners don’t find the process of calculating daily incomes and expenses enjoyable. That’s the reason why most of them have no idea how much money they’re profiting.

Consider building some sort of excel sheet, helping you to write down the margins on a day to day basis. Identifying what kind of currency pairs are worth investing in will lead you to remove the loser ones. Sometimes experimenting with various trading strategies requires us keeping the records. The information, that you should have gathered during the period of the months or days will help you identify how profitable the certain methodology is.

Keep Yourself Updated

You may not be familiar with the fact that some sort of economic data and a collection of news influence the Forex market movements. That’s the reason why you should take some time finding the leading publications of the niche and subscribe to their newsletter to have the articles delivered into your inbox every single day.

Indicators are indeed the most crucial factors, influencing the upcoming changes, especially if you are eager to find out how to become successful day trader. The central banks of the countries alongside with their announcements regarding the policy affects the outcome. For having the greatest trading experience, one of the leading currency trading platforms have added news section into the dashboard in order to keep their users updated without even leaving the system.

Follow the Most Successful Forex Traders

Take some time to research the elite traders of the 21st century. They’re the ones who have the experience and knowledge, that you should be trying to acquire. I mean, it will not be the easiest thing to get to know them, but becoming the loyal member of their so-called tribe may be the way of connecting with them.

You can even implement some of the well-known strategies of theirs by imitating the same actions at the live market. By the way, you can follow their social media accounts and even the blogs for the purpose of getting some kind of information in advance regarding the possible trend.

It does not really matter how much money you are making per day or what kind of car you drive, you as a trader should always keep yourself updated with the currently trending topics of the market. Even the professional ones never stop learning in terms of competing against the young core, that does have a vision of becoming the best one.

How to Become a Successful part-time Forex Trader?

We do get the idea that not everyone is interested in pursuing the professional career path. Sometimes trading part-time is a way better idea than putting the entire investment of yours into the market, that you are not familiar with. We do recommend keeping the stable income source until the money you earn through trading exceeds the salary of a certain job.

Experiment With Demo Accounts

If it’s your first time getting involved in trading, then starting out with a demo account would be the best choice of yours. Basically, you can use the so-called virtual currency, the monopoly money to place the orders onto the dashboard what represents how the currency changes in real time.

Many of the first-time customers ask: ‘how to become successful Forex day trader?’. There’s no exact answer to that question, but one thing is for sure clear. Day traders are in charge of placing orders with thousands of dollars on an hourly basis. Despite having the trades executing all the time, profit margins are pretty slim because of that demonstrating the actions beforehand may give you a hand.

Gaining the experience within the help of this accounts will help you operate without having pressure to speed up the actions. Don’t forget to utilize some of the latest strategies, tending to have the biggest potential. Having no risks and obligations while placing bids worth hundreds of thousands of dollars does not seem a bad idea at all.

Don’t hesitate to make the traders into a virtual environment because some of the best trading platforms to provide its traders with the possibility of competing against other traders while operating with demo accounts. It does create some sort of urgency and makes you as a trade to stand out among the others.

Managing Emotions

While making the first steps in exchanging currency pairs, the emotions will worsen the trading experience, especially in terms of making profits. Never let them dictate to bid high, sell the amount too quick or just quit the market straightaway without even waiting for a couple of hours. In order to provide a quick solution to the question: ‘how do I become a successful day trader?’, you should try your best to get rid of an impulsive decision as fast as possible till they put you into the worst financial situation.

Controlling Risks

Learning the risk management tactics of the Forex market is the first thing you should do, before placing any bids, worth thousands of dollars. Overall, the general quality of the trading platform itself does not really matter without having no risk management system to be implemented.

Traders should limit the lot size, focus on hedging and operating onto certain hours of the days. Always pay attention to these details to maximize the chances of having success, especially in the Forex market where every single action of yours has its meaning.

Have Close to Zero Expectations

There’s no way of earning thousands of dollars with just a tiny piece of investment. We do recommend having no expectations at all in terms of getting profits while trading, especially during the period of the first year.

It may sound silly for the first-time traders, but that’s exactly how the reality looks like. Always remember the fact that all the brokers claiming to offer step by step guide to becoming the best Forex trader, while earning X amount of money on a day to day basis is kind of scam-oriented promotion.

Conclusion

We’ve tried our best to write down all the possible useful Forex trading tips, helping you to become the successful Forex trader in the shortest period of time. It takes some time to get to the level where you want to be on.

Considering the fact that the only things that you need are a connection to the internet and a computer. Once you have the setup running, the knowledge of yours will help you enjoy the trading experience along with having desired profit margins.

Learn To Trade In Three Easy Steps

Ho to become a successful trader

Spend Less Time Learning and More Time Trading Forex.

Learning how to trade forex profitably can take years. The learning curve is steep and can be very costly. My goal is to offer you a faster path to success by providing expert market insights and time-tested strategies. My Intensive Forex Trading Course is aimed to help one to start trading as soon as possible. Save years and thousands of dollars. You will learn from a professional Forex trader with 17+ years of experience. By learning the prove trading methods directly from the professionals themselves, you avoid years of needless struggle and wrong parts that only end up depleting your account and taking your dream away from you.

What I teach you is by far the most sophisticated trading approach you will find anywhere. I literally show you how to “read” the market in such a way as to eliminate losses from your daily trading. I teach you how to truly understand the market’s short-term behavior. This course gives tactics and strategies not taught anywhere else.

Don’t delay…every month hundreds of people around the world are putting thousands into their bank account from trading. They did it by learning what truly works and by having the courage to take action.

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