I received a message from a gentleman that made me write and post this article.
“While moving around aimlessly in the internet, I have chanced to come across your site. It appeared so attractive that I have gone through as many pages as I could and finally come to the conclusion that I must visit this site regularly.
As for myself, I am relatively new in the field of currency-trading. I had read a lot of e-books and practiced my acquired skills in some demo-accounts. Enthused by consecutive and relatively consistent success I started to believe that I had mastered all the skills necessary to become a successful currency trader. I then opened a real account with all the savings I had and started my real journey. The consequence of my endeavor proved to be fatal!
I have lost all my money. I do not understand why for some days I remain puzzled and behave most irrationally and lost my all.
This blow has proved to be an eye-opener. I have realized that my knowledge about both the market and about myself is far from satisfactory. I am yet to learn a lot before even thinking of playing with real money. I have to learn everything afresh from a real master. I still believe that I can learn the subject and in course of time I must be a successful trader.
I have wrote so many things just for the new-comers. This is not just as it appears. It is purely a game of applied psychology- controlling impulses of fear and greed- applying earned knowledge judiciously.
I cannot sufficiently express how happy I am meeting you. You are the person I am looking after.
You have started an excellent work. Countless people around the world will remain thankful to you for ever.”
I appreciate his kindness and I am happy that my efforts has been helpful.
The story you read above is true about more than 99% of the novice Forex traders who start learning how to trade Forex or stocks on their own and don’t know where to start and what stages they have to pass to become a professional Forex trader. Unfortunately most of them have a wrong impression about Forex trading and this is because they get misled by the information they find over the Internet. They think they can become a full time professional Forex trader by learning a trading strategy and within a short time. A few winning positions on a demo account makes them think that they are ready to trade with real money. Many of them don’t even try the trading strategy they have learned on a demo account to see how it works and how they can use it to locate the trade setups. They open a live account and unfortunately many of them trade with the money they cannot afford to lose.
Many of those who experience this will give up and will never think about Forex trading or any other kind of investment and trading anymore. This is how the sweat dream of becoming a millionaire through Forex trading can turn to a big nightmare and the worst memory of your life.
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How to Become a Professional Forex Trader
Before you learn how to become a professional Forex trader, first you have to know what professional Forex trading is.
Some people think that a professional Forex trader is someone who makes a lot of money through Forex trading as his full time job. This is not true. A professional Forex trading is someone who makes a lot of money through Forex or currency trading, but trading is not his full time job and his only source of income. In fact, professional Forex and stock traders are those who increase their wealth through currency and stock trading as the investment opportunities not as a full time job.
Who makes the beginners think that they can become full time and professional Forex traders by opening a $100 or $500 live account and turning it into millions of dollars?
The greedy brokers who think about nothing but making more money through the traders losses, do it.
They know that there are so many who love to become rich through Forex trading while they don’t know what Forex trading is all about, and so they can be easily deceived and scammed. Therefore, they make it possible to open small live accounts with a high leverage like 500:1 or even 1000:1 and 2000:1.
It doesn’t work like that.
I have explained in one of my other articles that you have to have three things to become a good and successful trader:
3. Proper mental and psychological condition
To become a professional trader first you have to learn how to trade. You have to learn the trading basics first. Then you have to learn a trading strategy. You have to master your trading strategy through demo trading. When you become a consistently profitable demo trader, you can open a “practice live account” to apply what you have learned, to trade with real money to make sure that you can trade with real money exactly as you traded with virtual money. If you can repeat your success with real money for several consecutive months exactly as you did with the demo account, then you can trade with a bigger live account or open a professional live account with a reliable broker. You can also trade through a bank account if you want which is safer and more professional.
You need time to pass the above stages. They can’t be done overnight. You can’t become a professional Forex trader within one day, week or even one month or one year. If you want to trade professionally without losing a lot of money (like something that happened to the above gentleman), you have to pass the learning stages professionally.
You can make millions of dollars through Forex trading but only when you pass the above stages properly. To do that, you need time and peace of mind. You can’t rush to become a profitable trader within a short time. You can’t make money through trading when you HAVE TO make money. You need to be financially free already and then use Forex and stock trading as good investment opportunities to increase your wealth. This is how it works.
Therefore, you have to have a good source of income that makes a reasonable amount of money for you. Therefore, you can easily cover your expenses with the money you make and then use a portion of it to invest in currency and stock markets to increase your wealth after becoming a consistently profitable trader. Learning a trading strategy and then trying to make a living through a small $500 account doesn’t work: Trading Strategies Don’t Work If You Don’t Choose the Right Living Strategy
The above words look disappointing to many of those who wanted to start trading with a small live account and make a living through it. But everything has to be done through a proper procedure to generate the good result that is expected. Making a lot of money through Forex trading is possible but only the way I explained above. If you don’t already have a good source of income then you have to generate it now and before thinking about opening a live account with a broker, otherwise you will experience the same things that the above gentleman described.
Fortunately, it has become a lot more easier to create a good source of income if you follow the right track. If you want to become a professional Forex trader who makes a lot of money through Forex trading while he already has a good source of income, you have to learn how to create a stable and consistent income first. You can learn more here: What Is Data Technology and How It Can Make You a Millionaire?