There once was a time when trading the financial markets, or forex trading, was the preserve of financial institutions and professional traders only. Since the advent of the internet and the advancement of technology, now, anyone with a mobile phone and internet connection can access the markets and live out their Wolf of Wall Street fantasies. However, trading the markets and profiting from them consistently are two very different things and for the 95 – 97% of traders who experience more losing trades than winning ones, the idea of making a full-time career of trading seems a long way away. Yet, there are 3-5% of traders who do make a career out of trading. What’s their secret? Well, it is no secret, and where we look at 3 ways to kickstart your forex trading career.
Read the News
Staying up to date on all the latest events and happenings around the world is not a difficult task. There is an absolute plethora of information readily available and free too. Once you keep on top of the news and have bookmarked the best investing news sites you are giving yourself the ability to be able to read the markets much better. It can be the little nuances in the news that can be the difference between a winning trade and a losing trade. For example, political unrest in Chile may see Copper prices rise as Chile is the world’ largest producer of Copper.
Use the Services of a Professional Mentor
There are a number of reputable professional forex mentors to choose from, with varying prices, varying courses and varying levels of success. Getting the help of a professional forex mentor will mean having someone there to help you and guide you through the difficult early learning stages. The best forex mentor will ensure you study the right strategies and help you actually apply them. Obviously, it is important to find the right mentor for you. Find one that you feel comfortable with on style and approach.
It’s easy to say and write but harder to achieve in real life. Keeping your discipline is essential for forex success. You need to have discipline in your money management, time committed and your strategies. Without discipline, you are leaving yourself open to making bad trades, chasing losses and deviating from strategies either too soon or too late. Developing a forex hobby into a forex career doesn’t happen overnight and you will encounter losses on the way. How you deal with losses, setbacks and challenges will depend on your mental strength and discipline.