Learn how to trade forex

steps to success

On the way to success in trading, most people (with a few exceptions) are usually pass the following steps:

– Learn about the existence of the financial markets in general

– Learn about the possibility to invest on them (from books, from friends, from advertising)

– Gather the necessary information (books, courses, articles in the internet)

– Open a real account with a broker

– Start to trade

– Constantly lose deposit

– Begin to realize that they need more information and experience

– Look for more information

– Try different instruments

– Go back to the market with “the turned” experience

– Again lose deposit

– To advise with the “guru” of the market

– Go back to the market and continue to lose money

– Again, try different financial instruments

– Realize that something is missing

– Begin to look for more information

– Go back to the market and start to see things that have not noticed before

– Begin to understand that for success on forex they need more knowledge, experience and time than it seemed at the beginning.
Most people give up at this point, because they understand that trading – it’s not easy money, that is serious work

Those who stay start to look for working forex trading systems, begin to receive the first profits, but feel that something is missing. Finally they understand that they need more specific rules and discipline. They take pause and develops own rules and methods of trading. Again start to trade. There is a certain success, but still fluctuates at the opening of the deals.

Change, modify the rules, because they see the need to improve the methodology.

They feel that now they are really on the way to successful trading

They begin to take responsibility for their results, because they understand that success depends primarily on human rather than on methodology

They continue to work, become more confident in their technique and begin to stick to the rules

They still break the rules, so their results are still unstable

They understand that they are already close to the target

They go back and re-working on rules

Create a belief in the rules, go back to the market and work

The results of their trading significantly improved, but they still tend to deviate from the rules

They understand how it is important to follow the rules, because they see the effect of rules on the results

They start to understand that the lack of success is in themselves (because of lack of discipline and deviation from the rules because of some fear) and they start to work to know and understand themselves (the psychology of trading).

They continue to work and market more and more teach them to know themselves.

They become masters of their system and rules.

They start earn slowly and steadily, but understand that they should not be too cocky, otherwise the market will punish them.

They continue to learn and gain experience.

They stop thinking and allow their system to work for them (trader becomes boring but successful), their deposit is growing.

They earn more money than they could ever imagine. Trading becomes their main source of income.
Every trader passes such or similar stages. Have you found yourself in this text? At what stage you are currently in? And if you are already a successful trader, think whether your way to success passed through all these stages? Share your experiences passing the way from beginner to professional.