The advantages and earnings that the trader can get from Forex trading are indeed impressive. And so are the Forex trader jobs!
Who are the top 5 richest Forex traders?
According to howtotrade.com Forex trading statistics, the top 5 trading wealthy people are:
| 1. | Paul Tudor Jones | $7.5 billion. |
| 2. | George Soros | $6.7 billion |
| 3. | Brue Kovner | $6.6 billion |
| 4. | Stanley Druckenmiller | $6.4 billion |
| 5. | Joe Lewis | $5.6 billion. |
From the greatness of the Forex market to the rewards that successful trades give, no doubt, Forex trading has been catching attention and magnetizing entrepreneurs and different kinds of people to join and become Forex traders.
Because of the tremendous promising rewards of Forex trading, many are enticed to enter and consider it a business.
What you must keep in mind if you are one of those people is that there are processes that you should experience before you could actually win in Forex.
Advertisements say it’s quick and easy to score, but you need heaps of effort, too, for you to triumph in Forex trading.
Knowledge and training are important for Forex traders. These are essentials, especially for beginners. Along with these two, having a set of goals is key.
how to become a forex trader
Do not trade Forex without at least one goal. Make sure you have and know your objectives as you get involved in the industry.
Goals help you determine your aims and expectations, so you know where you want to go, and so you can identify what you are going to do to arrive there.
Crucially, your goals must be right and realistic. Forex traders who have ambitions that are far from what’s feasible or that are not aligned with the efforts they exert get awfully disappointed in the end.
Some of them get challenged by the emotions they encounter from such circumstances, and some give up.
You have to always acknowledge that there’s a line that separates the goals that excite you from the reality that takes place in front of your eyes.
If you have achievable planned goals, they can be achieved in reality.
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4 realistic goals that Forex traders must set and focus on
Follow the next tips if you want to achieve good results within the Forex industry.
1 – To gain relevant learning and experience in Forex
Salesmen and promotions tell of how simple and swift the entrance to and quest in the Forex industry is. Needless to say, that’s part of the marketing tactics of some Forex businesses.
In actuality, there are a lot of things you must unravel, explore and master before you become a Forex trader.
With that in mind, your first realistic goal must be to gain relevant learning and experience in Forex.
Trading Forex is not a game. Breaking one of the most popular myths about Forex, it is also not a form of gambling.
Forex trading is real business with real processes and with real profits and losses too.
You have to be knowledgeable about Forex, from the basics to the complex matters. In live trading, real money is used, so you cannot be ignorant and reckless.
You should request the help of licensed Forex brokers and the coaching of veteran Forex mentors.
Be inspired by esteemed Forex traders and their Forex journeys. Take up Forex workshops, seminars and courses if you see fit. Read Forex trading books and articles. Do your research. Understand all about Forex trading.
Moving forward, be trained. Using demo accounts in Forex, you can practice trading without financial risk. In live trading, in case you experience losses and regretful choices, still, you can gain learning from them.
This is a very important goal for every Forex trader. It informs you and shapes your personality at the same time.
2 – To create and follow a well-thought trading plan
Soldiers don’t go to battle without an operation plan. Teachers don’t appear in classes without a lesson plan. Traders don’t trade without a trading plan.
This is a basic and realistic goal for all traders: To create and follow a well-thought trading plan. It’s where you depend on when the time for actual trading comes.
You watch, study and analyze the market movements. You come up with strategies and risk management techniques according to your assessment.
All these are part of your Forex trading plan. What’s more, you don’t just create it and leave it. Of course, your goal is to follow and stick to it.
Some Forex traders fail to abide by their supposedly effective plan because they let their emotions and impulsive choices take over during the live trading. As a result, they lose.
Make it a goal to not just write but most crucially, to obey your Forex trading plan.
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3 – To become a part-time Forex trader
Some people leave their full-time jobs or give up their self-employed business to become a full-time Forex trader.
Do you think that’s a wise idea?
Well, the truth is that most of them cannot and will not immediately attain the full-time Forex trading career. It’s not easy.
That’s why the better and the smarter goal, which is also the most realistic goal, is to become a part-time Forex trader.
When you manage to get there alongside your fixed earning job or business, that would be good. You can give attention to Forex trading but not your total attention.
This allows you to enjoy the trading industry and hopefully earn too while you have set your own limits.
Be disciplined. Aim to have this goal, so you will also not be alike to those people who have wrongfully turned Forex trading into what it’s not, which is gambling.
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4 – To profit but not to profit big (especially in the beginning)
Many Forex traders get disappointed after knowing and experiencing some trades with not-so-huge returns.
Some get impatient because they want to earn quickly, as soon as they trade for the first time. These mindsets and reactions are the roots of unrealistic goals.
Opposite to that must be your objective. Desire to profit but not to profit big, particularly in the beginning. High levels of expectations can lead to high levels of disappointments.
If you’re a beginner Forex trader, real talk, you don’t have the best capabilities and techniques yet. Yes, aim to profit, but be thankful and excited even if it’s just small, especially if you are still on the starting line.
Don’t expect an enormous catch with the most ordinary fishing rod. Unless you’re already a seasoned fisherman, don’t really expect so much.
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TARGET LOCKED!
Goals lead you to motivation and inspiration. You develop a sense of direction when you know what your aims are.
Because of having goals, you are ready and willing, driven and dedicated, to do whatever it takes to achieve them.
These are highly important in human life, and these are important in Forex trading.
Emotions are powerful, and they can easily overtake Forex traders who get blown by them.
Nonetheless, setting your eyes on your goals can always help you collect yourself back and recover quickly even when you’re emotionally affected.
And these goals cannot be just anything; they must be realistic. They cannot be too good to be true. They cannot be the opposite of the amount of effort you put into your dreams.
Holding on to realistic goals in Forex trading keeps you focused and away from expectations that are overly high and that will later on bring you down.
This prevents you from unwise and harmful Forex trading actions and habits, saving you from heartbreaking losses.
Realistic goals are attainable, given the amount of time you have, the resources present and the work you diligently apply.
See to it that you have them, and value them as they are one of the strongest components to the bridge to winning in Forex trading.
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ABOUT THE AUTHOR:
Nicole Ann Pore is a writer, an events host and a voice over artist. Quality and well-researched writing is her worthwhile avenue to enlighten and delight others about things that matter.
She is a daytime writer forFP Markets, one of the leading forex brokers in the world. Nicole graduated Cum Laude from De La Salle University Manila, Philippines with a Bachelor’s Degree in Communication Arts.
