Do You Think You Are on The Right Track to Become a Profitable Trader?

That is a million dollar question: Do you think you are on the right track to become a profitable trader?

Who can give you the answer of this question?

I know many of you have no teacher or mentor. You are learning to trade forex on your own. So it is only “you” who has to find out if you are on the right track or not. It is not too hard to find this out at all.

A forex traders must have two things to make money consistently through forex trading:

  1. Good technical knowledge and experience
  2. Good mental balance

The first thing is not too hard to provide, even if you have no teacher. It doesn’t take you more than half an hour to know what forex trading is all about: Forex Trading Explained in Simple Words

Then you learn about the chart analysis basics which doesn’t take you more than a few days:

  1. Chart Analysis
  2. Support and Resistance Breakout

You have to learn about the candlestick signals and patterns which is our favourite trading system: Candlestick Signals and Patterns

You also need to read about the indicators and learn which one works for you: What Indicators Can We Trust and Do We Need the Most?

You are almost done with having “good technical knowledge” so far. I don’t think it takes more than a few days, one week, or maximum one month to do this (depend on the free time you have for spending on learning the above things).

If you are like us and you want to choose the candlesticks as your trading system, then you already have a trading system when you reach to this stage and you finish the above tasks, because you have learned to trade through the candlesticks patterns by following the above articles and video. If you like to choose a different system, then you have to look for it over the internet or ask a trader friend to teach it to you. But before doing it, you really need to read this.

The grass is not greener at the other side. After following the above articles and videos, you will have everything you need to start trading. You don’t need anything more.

Let’s say you have done the above tasks and you already have your trading system (either the trading system you have learned through following the above articles/videos, or a different system you have chosen on your own). Now, to gain the “technical experience”, you should open a demo account and start demo trading the way it is explained here: How To Become a Successful Forex Trader (Video)

When you are done you can open a live account and start live trading, again the way it is explained in the above video.

I know that many of you still need to spend some time to reach to the level that you can open a live account and start live trading. So do it and pass all the stages successfully before you open a live account.

What About the Good Mental Balance?

If you follow the above stages carefully and precisely, you will built the mental balance you need for trading. You will become able to control your emotions and trade properly. The below videos can be a big help: How To Become a Successful Forex Trader

Also these articles help you know the probable mistakes that you can make and the way you can stay away from them.

This looks very easy to do. It is really easy if you set your plan and focus on the things I explained above. If you don’t, then you will have problems in becoming a profitable forex trader. I have seen so many novice traders who have spent over 5 years on learning, but they have not got anywhere yet. It is because they do not have a plan. They learn and try, learn and try and… . They always learn new systems, try new indicators and… . Their time is spent on repeating the same cycle over and over.

Follow the above plan and see yourself a profitable trader within the shortest time. You have started trading forex to become able to make money one day. You have not started it to kill some time and make yourself busy. Forex is not a computer game. It is a business. Treat it as a business. In any business, you have to have a business plan to become successful.

This is what I suggest you to do:

  1. Sit back and analyze what you have done so far.
  2. Find your mistakes.
  3. Take a few steps back and unlearn all the extra things you have learned and followed so far.
  4. Set your forex business plan. See in what stage you are according to the above program I gave you.
  5. Spend some time on the above articles/videos and learn them all. Stop doing anything extra.
  6. Start demo trading the way you learned here.
  7. Start live trading  the way you learned here. Be careful about the amount of the money you are risking.
  8. Repeat your success over and over on your live account, the way you did on your demo account.
  9. You are done.
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