Trading is not a get rich quick scheme. Trading the forex market requires an extreme level of patience and dedication. Anyone can be a trader at any time with a very small amount of deposit. But, “Is this enough to quit your day job?” Taking trading as the full-time profession is very challenging and requires firm determination, dedication, and devotion. The number of a successful trader in this industry is very less compared to other business. But those who are successful is leading a way better life than any other profession in the world an unlike other business there is no limit on the potential earnings. This makes it so lucrative and risky investment.
If you truly believe that trading is the right job for you then you should reconsider your financial position and have to set definite “mindset”. Professional traders who are trading the forex industry for a long period have time have developed unique sets of rules in their trading life. They know that trading is the prime source of their income and they can't afford to take any unwanted risk in this field. Unlike the novice traders, they do their math way before they enter the market. “So let's see what it takes to become a successful trader.”
Trading Stability: This is the most important criteria that all the professional traders develop over the course of time .Trading stability is such a versatile term in the finance industry and it can be achieved overnight. Winning and losing is just a part of trading. You must accept your losses and stick to your trading plan very firmly. In the eyes of trained professional “rational logic” behind each and every single trade help them to execute quality trades in the market. They embrace their loss as they do to their winnings and make sure that at the end of the year they are profitable.
Trading stability and strict discipline are closely related to each other. If you lose the grip of your discipline than you are going to lose you “trading stability”. If you truly believe that trading would be your full-time profession then you must maintain the chain link with discipline. Most of the novice traders fail to achieve success in the forex industry due to lack of “discipline and unexpected trading outcome”. On the contrary, the professional traders are overly concern about their trading discipline rather than their winning streaks. They use the proper “money management” technique in every single individual trade they take. Unlike the novice trader, they are more concern about their investment rather than their potential profit.
Financial backup: This is one of the most important things that every trader should keep in mind before making the forex trading as their prime job. You might have the best trading strategy in the world yet there is high chance that you will have some losing months in every single year. Even the most “successful traders and large hedge fund institutions” face losing months over the period of their trading career in every single year. “So how can you still make forex as your prime source of income?” This is when the terms financial backup comes. Most of the successful forex traders have at least 6 months of financial backup since they know that today or tomorrow they will have losing months. This backup is then going to suffix their losing months. Trained professional doesn’t lose hope with their losing months since they know that better trading opportunity will always present itself. Once they face a losing month in their “trading profession” they carefully adjust the loss and meet their daily need for the financial backup. The backup is again adjusted to its original net value once the traders make enough amount of profit by trading the financial instrument. Basically, the backup helps the trader to trade the market without worrying about their financial situation regardless of trading performance in any single individual month. They always perform within their safe zone and avoid unnecessary risk.
Smart approach: The most common distinctive features among the successful and struggling traders’ remains within the approach. Successful traders are always concern about their investment whereas the novice traders are always busy with the calculation of their potential profit. The “hard truth” about the market is, a handful of traders are the survivors of this industry. These people are the smart people who act perfectly in the right situation. If you want to become a successful trader then you must change your thinking procedure. Always make sure that you are going to make at least twice the amount which is being risked in any single trade. This type of practice is often known as “money management” in the forex industry. Things might sound so simple but in reality trading, the forex market without any emotion is way more difficult than you can imagine. And this simple thing can't be achieved in a single day or a month. Professional traders spend years of hard dedication in mastering the art of proper discipline in financial trading. So if you are thinking to lead your life by trading the “financial instrument” then you should consider your current approach towards this industry and bring necessary changes as soon as possible so that it turns into a habit. Remember a single mistake is enough to wipe out your whole month hard earnings.
Summary: Forex is very risky investment until you properly master the true art of forex trading. Maintaining consistent profit in this industry requires some key sets of criteria. If you tend to lead life by trading the forex industry then you must develop the perfect stable trading strategy. You should stick to your trading plan and accept losing orders happily as you do to the winning ones. To be precise there should no “emotional attachment” in forex trading. There is some person who goes all in this industry in search of treasure. But smart traders think about the overall situation and acts smart. “They never investment any money which they can't afford to lose.” Until and unless you are perfectly confident with your trading strategy, you should consider another source of income also.Trading can never be learned with tons of other financial pressure since it will push you to trade with your emotions.