Become an awesome trader: 5 steps

Becoming a professional trader is the dream of many, certainly of all those who approach online trading. Also, because being a professional trader means to earn a lot and to conquer that financial freedom that is, after all, the object of everyone’s desire. The climb to professionalism, however, is difficult, and not everyone can reach the top. You need dedication, discipline and even a bit of luck. It may be useful, for those who dream of becoming a professional trader, to remember what are the 5 basic steps (see more here).

Study

FIrst step

The study is a fundamental component for the life of a trader. In particular, the analytical tools require the most intellectual resources. We need to learn how to perform technical analysis and fundamental analysis. The first is the study of the chart and prices in order to draw signals about the future of the asset, while the second is the study of economic events outside the market, always with the same purpose.

Practice

Once the aspiring trader has assimilated the theory, it is necessary to practice. Here too the question of “how” takes on a certain importance. The only way to practice would be to enter the market and invest. This exposes the beginner to significant dangers, as the risk of losing his capital. So, what to do? Brokers help beginners and offer demo accounts alongside traditional and real accounts. These allow you to trade in the real market but with fake money.

However, the most alarming statistic for those beginning a career in Forex trader is that only 15% of investors in the currency market end the year in earnings, thus bringing home some results. That’s why we also recommend you to:

Keep an overview

It is not enough to learn a trading system and use some pre-packaged techniques to be a trader. You can certainly learn, and in a short time, how to use an indicator, or to read the signals that come from the study of the chart. All this is a necessary asset for conscious trading, but it is not enough: technical knowledge must be integrated with the study of factors external to the market that can influence the price. Only a good analysis of the socio-economic conditions related to investments can provide an overview that can help the trader in the right choice.

 Develop the discipline

In the most famous films, traders are unruly, exuberant, improvisers. Well, it’s a completely wrong view. The real trader is a scholar: he analyses, ponders and only then acts. It is certainly an activity that requires its times, composed of steps that can be boring.

Accept the losses

This is a “psychological” passage of fundamental importance (check it here). It is clear: nobody likes losing, in trading as in life. Yet, sooner or later we are called to take a decisive step: learn to accept defeats. This is true in life, which is certainly studded with ups and downs, but is even more valuable in trading. Sooner or later, and in the young life of the beginner sooner rather than later, defeat comes to visit. And it does so with the traditional burden of disappointment and disillusionment, as well as desperation for the loss of money.