9 Principles to Consider When Deciding for a Career to Become a Forex Trader
A forex trader is a person who has a profession full of challenges. This means not everyone has the ability and willingness to undergo a career as a forex trader.
If you decide to pursue a career as a trader, there are at least 9 important principles you need to have.
Here’s a further explanation.
1. Never Think You Can Get Rich Through Forex
If you take a career path as a forex trader because you think get rich quick in just a short time, then you should not continue the intention.
The above goal is not realistic, because in forex you will not be able to control the movement of prices in the market. This unpredictable price movement is what makes traders lose when taking the wrong action.
In addition you will also tend to underestimate analytical techniques in forex when thinking can get rich quick in a short time only. As a result you will more often experience failure than the profit earned.
2.You Want To Follow The Existing Process
Focus on the learning process in your journey of forex trading rather than thinking about the benefits to be gained. The process you follow will make your trading skills better and improve the techniques and how to analyze them. So the benefits can be more easily you get in the future.
3.Trader Forex is a person who continues to learn
Do not ever think that forex is something you can easily master in a very short time. You need to spend a lot of time mastering 1 other techniques and techniques in order to get consistent profits.
Do not be a satisfied person just because you can get one benefit only. Keep learning, especially when you lose. Find out what caused you to lose and try not to repeat it again.
4.Do Trading With A Simple Way
There are so many people who think that forex trading is a very difficult and complicated thing. Actually you are wrong in interpreting it, because it could be too many indicators used to make you confused when trading.
We strongly recommend that you do not use too many indicators and should use 2 to 3 indicators only. Important indicators that you can use are indicators to look for incoming signals to the market, indicators to read trends, and indicators that confirm a trend.
When the 3 indicators we mentioned above say the same thing, then you can already get a very strong trading signal.
5.Do not Leave the Main Job Before Making a Stable Profit
Starting a career as a forex trader requires sufficient capital so you can bear when the market price is floating .
Thus when you can not earn a consistent amount of income, you should not leave your main job and switch to full-time forex trader.
It will be very difficult when you do not have the money to eat because the results of forex conducted can not give consistent results and on one side you’ve left the main job.
6.You Have to Like Challenges
Loving the challenge we mean here is that you belong to the type of person who loves to learn from time to time without stopping. Because in forex trading there are various new trading techniques that can be tried and you should always evaluate the techniques used.
When you experience a failure to get profit from trading techniques that are used even though it has tried it many times. So it may not be a technique that is wrong but the techniques used are not in accordance with your psychology or trading time is not appropriate.
7. Willing to Work Alone
The next consequence to be accepted when choosing a career path as a forex trader is you have to spend most of the time in front of a computer screen or laptop. You can also wake up and work at night and then sleep during the day to pursue price movements that become great opportunities.
If you are not too fond of working with such patterns, then you should rethink when going to a career to be a forex trader.
8.Types of Fear Not Fear
Forex trading is like a business in general, meaning there is a risk of failure that you will encounter while living it. Professional forex traders are living their careers as a business and they are well aware that failures can get them someday.
9. Must Have Stable Emotions
Stable emotion is the main requirement that you need to have when going to the profession as a forex trader. Without a stable and controlled emotion, then you will tend to take revenge when suffering losses. Something like this is not a good thing, because it can make you suffer even greater harm.
If you have mastered the 9 principles we described above, then you are able to undergo a career as a forex trader.
Hopefully the explanation we have given above provides knowledge and inspiration to all of you who have read it. Please feel free to ask us if you have any further questions related to the topics we have mentioned above.