How to become a currency trader
Most currency speculators with forex trading as professional work have their daily routines. Join us inside the life of a forex trader.
As you might guess, there are many different routines out among forex traders. Some are more profitable than others. One thing is for certain: If you are working as a forex trader, must can be profitable.
Money is the oxygen of the speculator
It's true: Any currency speculator loses sometimes, it is part of everyday life. As long as wealth (or rather the balance of trade account) rises in value, so it does not matter if you lose sometimes or how much you lose. What is of importance is how profitable they are, not how much you win or lose.
We could bragged about the time we served 2.3 million on a trade that lasted only 17 minutes. What we forgot to mention is how the day lost nearly 3 million... The lesson was that a cheap lesson is better than an expensive lesson!
If a currency speculator loses money to be used for trading, he can no longer continue with currency speculation. Therefore it is extremely important for any trader to keep the money, so you can trade the next day.
Choose a good online broker
No currency speculator can succeed without good connections. To make money in forex, you depend on using an online broker that is cheap to use as a business solution that meets your needs and the technical tools necessary for the success of your strategy.
Here are some current online brokers that are popular, serious, regulated by the financial authorities, and cheap to trade with:
- AvaTrade is a good choice for those who want to shop more than just currency. Here you can engage in foreign exchange trading as well as CFD trading in stocks, commodities and indices. To use AvaTrade you must either install a trading program on your computer (provided free of AvaTrade), or you can use their WebTrader directly through the browser. They also have applications for mobile phones and tablets.
- easyMarkets is one of the great favorites of professionals traders. Here you can buy and sell most currencies. Good tools for technical analysis. Trading platform is web based and therefore available to all computers. They also have a commercial solution for mobile phones.
Currency Speculators are not like other millionaires
Many people are of the opinion that currency speculators acting very often. So it is often not. Pro Skill traders is often much less than the amateurs might think. Currency Speculators are not rich to trade 30 minutes a week in his cruiser in the Pacific.
Once one has found a profitable strategy, then you should stick to this as long as it works. It is not a matter of sitting in front of the screen ready 10 hours a day to find the perfect business opportunity. There are good trading opportunities in the foreign exchange market all the time, it is essential if you have a strategy that fails to take advantage of these trading opportunities.
Here are some tips for those who are engaged in foreign exchange trading and want tips on how to get better routines. This might also be interesting for others who want a glimpse into a valutaspekulants everyday.
1. Get a good start to the day
matter who you are or what you do then this is a good advice, and currency speculator, it is also to start the day right.
A professional forex trader know how important it is to have the right mindset to be able to implement the strategy you have. Psychology plays as familiar a significant role in the foreign exchange market, and if the body and the brain does not work properly, you will not trad not be optimal either.
professional currency speculators we know is not only in good mental shape, but they also have distinctly good physique. Although physical endurance and fitness training is not a requirement to earn good money in forex trading, it is important to keep your body and mind in balance.
Start your day with a good, nutritious breakfast, and get up early so you can start your routines from early morning to real time. This also means that you have to get to bed in decent time and sleep well every night.
2. Check the condition of the currency market
After starting the day right with a healthy breakfast and exercise (if you perform the workout in the morning) starts working day. The first thing a professional trader makes when before acting in the market is to investigate the circumstances.
If you have had open positions overnight, this is one of the first to be checked. If no trades have been open overnight, and you want to trade that day, the man started to study market conditions and check the new trade opportunities in relation to their own strategy.
A currency trader also has great freedom. If you want to take time off someday, you can do it. Most engaged in currency speculation at the professional level has good economy and need not be dependent on daily earnings.
The most profitable traders are certainly not those who bet big on some risky trades and wins adventurous sums of money. The way to become rich in forex is more down to earth than that. It is a matter of finding a strategy that helps you increase your wealth a little every day, and eventually the trading hopefully result in the value of your money bin accumulates. This is the surest strategy to succeed in the foreign exchange market, but it is not super easy.
A steady returns is usually a professional Forex trader seeking. Gamblers in the market can make big money, but loses usually just as fast. The professional forex traders choose either to earn their money slowly but surely. And as money bin grows larger, the experience and knowledge will also be an advantage, in addition to the return will increase as you get more money and can buy larger amounts. This is a snowball effect, and is the reason that some forex traders just get richer and richer.
plays no great role in the day to act. If you check the market 2-3 times a day at regular times, it may be enough. This is probably why many professional currency speculators also have other careers or exclusive and time-consuming hobbies beside forex trader no.
3. Analysis of exchange rates
Pro Skill currency speculators analyze charts in very different ways. Some look only at the technical, others use only the fundamentals.
Yet it is far enough common emphasizing both fundamentals as well as technical, for us it is a bit like walking with blinders on you just to be a technical trader or simply a fundamental trader.
No strategies we know work over time if you focus exclusively on only the technical or only the fundamentals of the markets.
Professional traders use regular cases to focus on small segments of the market. For example, one can specialize in EURUSD and only in this currency pair. Everything else becomes irrelevant to shop in. You'd think it would be boring to limit so drastically, but our experience suggests otherwise. It is actually very interesting, and you get an amazingly good understanding of the currency pair you act in due course.
pros have dedicated hours where the trader, and they are not necessarily constant in front of the main display to perform the analyzes. They have their strategy, and they know how to use this most effectively. This provides the ability to have structured routines of the workday.
A currency speculator uses much less time analyzing the market than amateurs like to think.
4. Take a break from the trading
No pro traders we know, driving to grocery stores. Once one is focused on the trading, the senses being sharpened, and you must be present in what you do. Traders values often also own leisure, and understand the value of doing other things, even though it may mean avoiding a day, week or month returns. A month off the market could also mean that you have avoided losing money - you never know.
As long as you know exactly what to look for using your strategy, there is really no reason to sit and analyze the market in perpetuity. Eventually going analysis section quite effectively, and as a professional trader will get all the time you missed the start.
road to becoming professional trader is long and hard, and the harder and more inhuman than many imagine, but once you get there it is a dream life.
key to becoming a successful trader is to push your brain to the limit, be disciplined and mentally and physically prepared before today's trading session. It takes time to build up capital and become a successful trader, but it's not impossible. Tthere are many examples of private traders who succeed on a large scale.