We have to admit that no conventional educational institution can actually teach you how to win consistently in Forex trading the way so as to allow you to make money. Still, there are ways to become a professional Forex trader showing consistent positive performance.
We can often see ignorant representatives of mass media comparing Forex to casino gambling . At the same time, professional traders deny any resemblance. They say Forex trading has a lot to do with hard work, diligence, patience, experience and skills required to make comprehensive analysis and decent trading decisions. The thing is that learning and mastering Forex trading requires quite a lot of time and effort. The gained knowledge, experience and skills merge together to make a cool-headed winning trader with his/her own trading strategy.
So, what are the key cornerstones of a successful Forex trading career? We asked this question professional traders and members of Masterforex-V Academy, Europe's best Forex coaching project since 2009.
There are several options when it comes to learning Forex trading. You can do it on your own or through professional coaching in the form of offline courses, online webinars, workshops etc. Still, a rookie can only be considered an advanced trader when he/she learns to show consistent results. One-time win is not a indicator of professionalism since it is hard to tell whether it was a instance of luck or the result of decent decision-making.
In order to win big, you can go all-in or put at risk a decent share of your capital. If you get lucky, you can double up or simply make a lot of money fast. Still, this is not how professionals work. They do not gamble since nobody can be sure 100% whether the outcome ultimately matches the expectations.
Apparently, professional traders constantly monitor the calendar of economic events in order ot make sure they know when it is appropriate to enter the market and when it is better to keep away and wait for better opportunities. Economic news usually trigger strong price moves, so this is another reason to watch the calendar. On top of that, this is some kind of a filter helping you to tell more reliable traders from risky ones.
Without any doubt, successful trading implies a winning strategy and sound money management coupled with frequent withdrawal of profits.
Successful Forex Trading
Igor Zotov, a trading expert, the founder of the АО_Zotik indicator and a world-class coach from Masterforex-V Academy shares his point of view with the reader:
Rookie mistakes include technical mistakes deriving from misunderstanding or inconsistent knowledge and psycho-emotional mistakes deriving from fears, greed and other emotions and states of emotion.
Another key thing to keep in mind is that you cannot make money out of thin air. Money is a certain kind of energy. If you want to attract money, you need to give something in exchange – you can devote your time as well as physical and mental energy. So do not believe those ads that say you can start making tons of money right as a trader off the bat (PAMM investing is another story). Get-rich-quick schemes work only for those who launch them. So, in order to become a professional trader you should learn and master a lot of things first.
Another widespread mistake made by rookies and even intermediate traders is profit planning. When a beginning traders plans he/she is going to make, say, $200 a day, $1000 a trading week, $52 000 a year, thereby boosting his initial capital by 5200%, he/she becomes very excited and often starts selling the bear’s skin before he/she has caught the bear, if you know what I’m saying… This is a dangerous trap for most rookies since the reality is different most of the time, which leads to disappointment, despair and many ungrounded myths and delusions, including the one saying that Forex is a scam.
The thing is that Forex trading requires a lot of routine, including:
· opening an live account, depositing funds
· paying spreads each time you open and close a certain trade
· tracking looses and gains
· managing risks
· and so on and so forth…
Actually, here are many vital things when it comes to the routine part of Forex training.
In order to make money as a Forex trader, you have to be a businessman. A trader is a worker, a boss, an economist, an accountant and a psychologist in a single person.
Apparently, learning on your own is a much longer path to success. It is full of obstacles. Luckily, there is a much shorter way. If you find a professional trader o become your mentor, you will get an chance to be guided through tons of pitfalls to ultimately succeed and become a part of the army of successful Forex traders.
You can do it by entering Masterforex-V Academy. It has a lot of departments, including the SRP Department, where the coaching revolves around a winning strategy with 2 indicators: АО_Zotik and WRP_Vsmark.
And finally, it is important to answer a couple of interesting questions: Why do those who really make money rarely show their performance? Why do their curves and statements look different?
The answer to both of them 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!
