Steps that a newbie trader become real trader

[Charles Agustin]

New traders need to focus on their learning process so seriously! To develop inner ability, there is no alternative to education. Education helps a person learn newly things that drive a person to innovate new and effective strategies that work on market well. But we see traders neglect education to a great extent as a result they remain lag behind highly.

 

[shoab.chow]

New trader means full of emotion, you must have to avoid it to make a professional trader...

 

[shoab.chow]

I already started the business and hope to stick on it forever...

 

[Diagraph]

When you start to trade forex, focus on building a solid trading strategy that doesn’t require you to keep a check around the clock. It might take some time for you to come up with such a trading system but it’s completely fine. Until then, you can try out as many strategies as you can to get an idea of how the technical indicators work and what is needed in your trading strategy.

 

[Chatterbox]

More than money, trading is a game of your mind. From controlling the way you react to market movements to deciding how much you wish to put into your trades, your mind plays an important role. So, when you are learning the basics of trading, make sure that you also practice emotional control so that you don’t react wrongly.

 

[pumlley]

The steps to become a real trader are:
1. Begin a journal of your trades.
2.Make a commitment to improve and to do the things you know will help you.
3. Be patient with yourself.
4. Start small and take it one step at a time.
These are a few things you can start doing right away to help you get on your way as a trader.

 

[Factualism]

A beginner can become a real trader by simply following these steps.

1. Read blogs, articles, and books related to forex trading.
2. Own a demo account and start practising.
3. Analyse the market and test various strategies on a demo account.
4. Record your progress.
5. Move to a live account and start real trading.
6. Implement risk management strategies and don’t get greedy when in a winning situation.

 

[Genetrix]

One of the major hurdles for the newbies which could add to their risk is the general lack of knowledge as well as experience of the forex market. It's advisable to get a good understanding of the market's fundamentals. Assess the capital at hand, research the markets and currency pairs which you are interested in and read the trader testimonials providing realistic expectations of returns. Being able to understand ratios, indexes, charts, and trading are some of the important skills which you need to learn when committed to forex trading.

 

[Quirky]

I completely agree with you on all the steps. This is where the success of traders depends.

 

[Wordplay]

New traders must be ready to give time to their trading careers to become experienced traders. It might take some years for them to reach the level they want to. If they try to cut their time dedicated to the market, it will come as a cut in their profits.

 

[Plethora]

A novice trader can become a professional over a period of time by following these steps:

1. Keep learning.
2. Practice as much as you can.
3. Start small and apply tested and proven strategies.
4. Learn from your mistakes.
5. Keep a trading journal and record your progress.

 

[Gumshoe]

Where every new trader tries to become a profitable trader, only a few are able to reach their goals. The difference lies in the way they perceive market situations. Before they even think of making money, they must work on developing a market instinct.

 

[Subfocal]

No real trading experience and a lot of expectations from the market are what traders need to work on when they start. It’s obvious to assume things about the market before starting out. But not being ready to change their mindset with time is what poses a real challenge. Be ready for learning and improving until you know the market.

 

[Allegator]

@Genetrix Forex education has an important role in trading forex profitably. To understand the practicality one should practice on a demo account first so as to consolidate his theoretical knowledge with practical knowledge, and then move on to a real account. The main difference between a demo and a real situation is psychology.

 

[Tomfoolery]

The key to becoming a successful trader is knowledge and skills including good money management skills. It is also important to keep your trading strategy simple and not over-complicate it.

 

[mazama_cap]

You don't have to spend a penny to figure it out. Demo like it's real, backtest everything

 

[Multisulcate]

I don’t think a newbie must follow a predefined road to trading. They must be ready to explore the market on their own terms so that they are able to decide their limits. If you stop them from doing something, they will become curious to find out what it could be. So, let them explore!

 

[Rheometer]

It doesn’t really matter what steps you are following per day. What matters is how disciplined you are and how well you understand all that you are doing. Your trading psychology has a role to play in this. So, better work on your emotional stability too while you prepare yourself for the market.

 

[Mesology]

A newbie has to be ready for a great roller coaster ride that may seem to be never ending. But once you learn to control your moves in the market, nothing can stop you from achieving what you have been planning to do.

 

[Asteism]

Just use a demo account to practice before switching to a real one. The main psychological difference between demo and real is that you don’t take your profits/losses seriously in demo because there’s no real money involved, so try to treat demo account as a live account and strengthen your risk management plan.