How to become a trader

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What you need to do to become a trader?

When a person decides to become a trader, he is interested in a lot of questions: how to do it, how much time he have to spend in order to achieve his goals, what difficult can appear, and so on?
Lets try to describe what you need to do to become a trader.
Should warn in advance – every trader selects a set of action on his own. That means that it is impossible to describe the exact necessary algorithm.

I offer a general scheme, which can take advantage of a novice. So, consider the 8 steps that you must follow in order to become a successful trader.

1. Go from talking to action!

If you decide to start learning forex trading, you must immediately begin to act. To do this, find the original information: who are called traders, what forex is and how it function. The more information – the better. Try to learn everything related to the subject of finance. Further examine in details, what deal is: how they open, who buys and who sells, which profit or loss they can bring, the best programs for traders.

There are other ways – take a course or talk on the discussion forums.

2. When all terms become clear, and the word “graphics”, “trading strategy”, “platform”, “quotes” and others from this sphere will no longer be strange for you, you can proceed to the opening a demo account. This virtual account is perfect for studying, because it does not require real money. At the same time try to combine your theoretical knowledge with the practice will be useful.

3. After you pass the first two stages, the fun begins. Let’s try to learn how to earn by trading. This part of the training is complex, so it may take some time.
On average, to learn how to earn by trading, may take a few years (2-3). Of course there are other cases when people do it much faster. But you should not hurry. The trader is a profession, not just a way to earn easy money.

4. You can understand how to create your strategy, studying the thematic literature. Today there are many books about forex trading. You can see and learn other people trading strategies, styles and approaches to trading. After trying a few of them you can understand what is suitable for you.

Also useful would be to study the materials on money management and learn how to manage your capital.

5. This step follows from previous. All knowledge is required to apply in practice. For example, after reading about the graphical analysis, and going into a graphics program, it is necessary to look yourself shapes in the chart. And seeing a certain method of money management, try to apply it in your trading.
So everything you learn, you should try on practice. Only such way will let you find your own approach.

6. After you pass all the previous steps and determine your approach to trading, another difficult stage begins: creation of a strategy that will be profitable.

7. Open a real account. It is important not to invest large sums at once, but try your technique during several months. Results will show if your technique successful or not. If yes – excellent, go on. If no, do not worry, just analyze your mistakes and correct them.

8. And the last point: psychology. All traders risk, and thus the emotions of some of them may just rolls over. It is important to learn to control and suppress emotions. Because if your emotions lead you, you have no chance for success.

Pass each step in order and you will certainly be able to become a successful trader. But it is necessary to note once again that this plan is just approximate.

So you can see that you have to learn trading by yourself. Yes, you cannot study this profession in university. But, fortunately, there is the opportunity to learn from successful traders.

Remember,  all depends on your desire.

I wish you success!

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