How to become a successful forex trader with a stable income

How to become a successful forex trader with a stable income

Many people want to start trading, and many have during the pandemic, but there are essentials you have to go through if you want your trades to be lucrative and have something that lasts. Forex is not gambling and it should never be considered as such. It involves lots of observation, learning, being consistent and patient, and most importantly not going blindly into it. The beauty of forex and the possibilities that the internet gives is that we don’t have to own a stupendous amount of money to start trading, and the market works 24/7 on the internet and it is decentralized (not controlled by any authority). Instead of falling for scams, why not use tools the right way and see how much you can benefit from them. Of course, we will cover the “scam” part, as the things you must be aware of in order to start your journey to become a successful forex trader.

What do scams look like?

Seeing a flashy ad or a video where some cheap actor swears he got money so fast that he couldn’t even grasp it? He now started his own business, bought his own island, and finally paid off his debts? And it all happened within a week? Days? Sorry to burst your bubble, but that rarely happens even in movies. This is a type of marketing that scam companies use to make you sign up with their “company”, and it doesn’t matter if you give “only” 150$. Imagine thousands of people doing so. They make lots of money and suddenly, you won’t hear from their support team, nor the “broker” you were signed up for. You got scammed and it was so easy, and you even knew it. Why does it happen? Because we tend to act impulsively, especially if we need money at the time. It’s easier someone chews up everything for us than to google up a couple of necessary things. 

How to check if the company is certified and licensed?

Even though Forex is decentralized, there are websites that act as regulators, meaning there is a list of certified companies on their site. If the company you want to work with is on that list - great! You are good to go. Similar goes for brokers - you should google up the name of a person you were talking to, see what comes up, and check the reviews first. They can tell you things you didn’t even think about. The next thing is seeing if they have some kind of portfolio or even their own website or a page. If you can barely find anything and the reviews are horrible - you know they are scammers. On the other hand, if they have everything we mentioned, you are good to go and we are happy you will get to work with an expert. You will need one, especially as a beginner if you want to become a successful forex trader.

Constant learning

People forget that trading means learning about the economy, various charts, etc. This doesn’t mean you can’t trade if you don’t like economic stuff. It means once you figure out a goal, and your trading plan, you can focus on the specific asset you want to trade with and try to follow the news and what’s going with that company instead of looking at everything (which is never the case). As a beginner, along with education, it’s important to get individual help from forex mentors, which can advance your journey a lot. Getting a forex mentor doesn’t mean you should stop researching by yourself, but it will prompt you to do better. Having an expert can only be a plus, so you can be more confident about asking for help. It’s great knowing you have someone who will give you the advice you can apply, or at least try out. What’s important is to take your time to learn and don’t stay away from people who know what they are doing and they’re in the industry for years. This will teach you many things and put you on the right track to become a successful forex trader if you want to be in the market for the long run.

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