Without any doubt, all beginning trader come to Forex or any other financial market to make big bucks. Still they do not know how to do it? Some them think it is easy to get from rags to riches right off the bat, which is absolutely not the case. Indeed, how to become a professional wining trader? Trading stuff is not taught in universities or colleges ( at least if there are some isolated courses, they are not intended to make you the winner in this race). Professionals know that Forex trading requires a lot of complicated stuff to learn and master before you can actually make money on a regular basis.
In this article a professional trader will share with us some of his valuable tips on the topic. This guy's name is Igor Zotov. He is a member of Masterforex-V Academy, one of the leading online training project in the entire industry.
Moneymaking Tips From Professional Trader
OK, Igor says that there 3 basis ways of learning when it comes to Forex trading:
1. Self education
2. Online training courses
3. Offline training courses
Self education can be convenient since it is flexible - the student chooses what, when and how to learn. Still, this is not so effective and efficient when it comes to Forex. It can require a lot of time, effort and money before you actually learn something, not to mention becoming a real professional.
So, it is always better to find a good mentor, who is a practicing trader and therefore can tech you a lot of valuable stuff quickly and help you to reduce the amount of costly mistakes as you advance.
You can work with mentors offline and online. Which way is the best, it is up to you. If you need to save time or your mentor lives far away from you, you can always count on online workshops, webinars etc. Bear in mind that you will be trading online anyway and today's computers and access to the internet allows you to conduct remote learning. You should also be aware of the fact that stability in terms of profits is more important than ROI when it comes professional trading.
Before we proceed, we should also know that fast profits are possible in 3 cases:
Aggressive risky trading , bonus hunting (when you trade in order to free up your bonus money and withdraw it) and trading contests. Aggressive trading can be beneficial when moderate and performed by experts. Trading contests can also be a good start fro rookies if they really get lucky or know how to trade properly. Still, decent trading is based on other aspects…
Very often we can find web sources that show us how excellent and easy it is to make money by trading currencies online. They confirm their ideas by statements.
On top of that, statements are often the first thing they ask at various forums dedicated to Forex trading. They treat it as a proof of professionalism. Still, almost nobody seems to think about what those statements show.
For example, you can see such statements on a website selling a trading strategy:
On the surface, everything looks beautiful and tempting. Catchy titles coupled with outstanding curves for 6 months and more. Still, let us think carefully why such web sources publish such statements and whether those statements are true!
Consider this: 10K to 20K and 20K to 50 in 6 months? Why do those who really make money rarely show their performance? Why their curves and statements look different?
The answer is simple:
When you make money, you main goal is to withdraw profits and spend money. The more you earn, the more you want to spend. Under such circumstances the statement will never look like a smooth ascending curve. The statement should contain some dives indicating withdrawal of funds.
The thing is that multiplying your deposit is a fake goal, it is not the ultimate goal. The ultimate goal is to spend the profits you gained and withdrew. OK, how should the real winning trader's statement look like?
You can see one below, courtesy of the SRP Department of Masterforex-V Academy.
You can clearly see the places where the trader withdrew profits. So, there is no smooth curve on the chart. If there is no withdrawal of profits than why trade anyway?
What is needed to make money in financial markets (and Forex in particular)?
1) to understand the essence of the market
2) to have your own winning trading strategy
3) to stick to this strategy
4) to observe risk management rules
5) to withdraw profits
And finally, this is my report for several weeks. It may look ugly to the ignorant. But this is how true winning statements should look like.
Those who want to learn how to trade Forex professionally and make money by doing so are free to join Masterforex-V Academy and its SRP Department. Good trading!
