From immemorial time I meet with people opinions that trading is evil. At the beginning of my adventure with financial markets I heard: “Do not do that”, “let it go”, “it’s like a casino,” “gambling”, “no one earned on this,” and many similar. Today, after several years of investment I still hear such opinions but much less frequently. I think that every beginning trader, met not once with similar statements. How to deal with them? How to approach trading and whether it is a job for everyone?
You need to ask yourself…
If you are already an experienced trader, remember your beginnings. And if you are just starting the adventure with trading I recommend you to ask yourself two important questions:
“Why I want to take be a trader ?” and “What do I want to achieve ?”
- If your answer is that you want to change something in your life, be a professional and expert at what you do and treat investments as their own business and to take this seriously, then you’re in the right place,
- but if you want to get rich quickly and in a short time become a millionaire is personally I advise you – forget it !
Admit frankly, if you ever heard about a successful doctor, lawyer or athlete who has been successful from day to day without effort and commitment? Exactly the same thing happens with trading. If you want to become a professional you need to take time to learn and gain knowledge and experience. If you want to be a lawyer or a doctor you need to finish several years of study and do an internship or application. To become a trader you mustn’t finish specialized schools or make doctorates but without gaining experience and familiarity with the market it is almost impossible to make stable profit in long term.
Let’s consider than what exactly is needed to become a professional trader:
- computer, tablet or phone that supports trading platform
- knowledge,
- experience,
- capital – an essential to investment.
Hardware issues
They are very individual and complex, depending on your preference. Many people start their adventure with trading from a small laptop and after some time you buy another monitor. Almost everyone has a computer better or worse, so the technical aspect is almost no obstacle to become a trader (trading platforms haven’t great hardware requirements).
Knowledge
Nowadays, available to everyone. No matter who you are or where you come from, no matter whether you are rich or barely make ends meet. Knowledge you can get without leaving home. Numerous webinars organized by brokers are a source of valuable knowledge. The portal Comparic.com and my editorially colleagues regularly lead training touching diverse topics, ranging from the technical aspects of the platform MT4 to complex investment strategies in the ending. I encourage you to read the weekly dose of knowledge that can be found in the topic “Education”
Experience
This is what you cannot buy or learn from others. Everyone needs to spend his valuable time and commitment to assimilate what he learnt during training and what he saw during the observation of the market. I recently read a very interesting article, saying that the most and fastest we learn from ourselves. How to do it? It’s simple ,enough is leading a journal of investments from time to time return to the previous trades and again coldly without emotions analyse what went wrong, what could be changed and improved in the future? Most important in terms of experience, is that just the same as with knowledge you can get it at no cost even using a demo account, available at almost every broker. The only difference between demo account and real account is that you do not risk your own capital and thus getting rid of the emotions that accompany all novice traders and are the biggest bane of novice, through which it is difficult to make them earn.
Capital
Of course that the bigger the better. If you have enough money and you can afford to quit everything and devote yourself in 100% to trade at the market while having financial security in case of failure you’re real lucky. Most novice traders however, has no such financial resources, and as it turns out they spend on their investment several months savings. They do it hoping for better future. It is known that it is easier to earn one thousand having 100 000 than when your capital is only 500 but as they say: no matter how you start more important is how you finish. With large capital it is much faster to achieve financial independence but you can also lose everything. Starting with a small deposit you can also achieve the same effect, it will take you only a little more time. For sure you think trading is not for everyone because you need to have free money. For people without savings who want to try their hand at trading on the market are brokers with offer of accounts with no deposit required adding a bonus on start. One of them is the Broker RoboForex, which offers up to 50 Euro without the required down payment. Earning million from this amount will be not a matter of days or weeks, but nobody said that this is impossible.
Time
It is also at this point important to mention the time aspect, which is the subject of many discussions. A huge advantage of Forex trading is that currency markets are traded 24 hours / 5 days a week and can be analyzed both in the intraday as well as medium- and long-term trends on graphs from 1 minute to 1 month. Such a large discrepancy gives great opportunities for the selection of individual investment strategy and style. Translated into practice : depending on the available time, desire and preferences you can trade:
- at low intervals (M1, M15, M30, H1) spending the whole day on graphs,
- at low intervals (M1, M5, M15) devoting just a few hours a day of their choice time, eg. after work,
- at higher intervals (H4) devoting a few moments during the day (just look at the charts every four hours,
- at higher intervals (D1) sitting in front of charts once a day (usually in the evening, at the close of the day)
- at higher intervals (W1, MN) sitting in front of charts only once a week or even once a month.
Large spectrum of capabilities that makes almost everyone able to adapt investing into your lifestyle and reconcile them with work and family life.
In conclusion I would like to draw your attention to the fact that taking into account the above four factors that are key to a stable and systematic earning on the market, I can confidently say that trading is a job for everyone, and who just wants sooner or later, can be “a professional trader ” and to maintain from investment in Forex. Everything depends on the willingness and commitment, and then you have to be patient, because profits will come in time.
