Four essential things for the full-time traders

[Anonym]

Full-time trading is extremely difficult. The moment you step into the trading world is the very moment you start taking new challenges. As a new trader, you should know the fact, only 5% of the traders are successful in the Forex trading industry. Majority of the traders are losing a significant amount of money in the retail trading community. The retail traders don’t understand the importance of trading knowledge. They always place a trade without doing the precise market analysis. You might get lucky with your emotional trade setups but as a full-time trader, you can’t afford to trade the market based on gut feelings. You have to create a simple but effective trading system so that you can easily place high-quality trades in favor of the long-term market trend. Now we will discuss four important elements which are essential for the full-time traders.

Precise knowledge of Forex market
Do you really want to lead your life based on currency trading? Do you really think trading is the right profession for you? If so, you need to educate yourself with the proper knowledge of the trading industry. Knowledge is power and there is nothing you can unless you truly understand the nature of this market. To understand the market nature you have to read a lot of books. Most of the retail traders want to get rich without doing any hard work. But if you focus on the long-term scenario you will understand that trading is easiest to make money. You have to trade this market with the high level of patience or else you won’t make any real progress. Professional traders at Singapore always one step ahead. They know knowledge is power. For this very reason, the always read books and articles to keep themselves updated with the latest market news.

Professional brokerage firm
You need to have best Forex trading account, to do the perfect market analysis. The pro traders often say that without having a professional trading platform it’s almost impossible to do the perfect technical analysis. For this very reason, they always trade with the reputed broker like Saxo so that they can easily experience the best possible trading environment. It’s true that the professional brokerage firm will charge a little bit higher to its clients but considering the longer term scenario, you are paying nothing for your offered service. At the time the novice traders often fail to identify the perfect broker. But this is extremely easy. If you do some extensive research you find the list of the reputed broker who is offering a high quality trading environment to the retail traders. Always make sure that your broker is regulated and have to hassle free transaction option. Never trade with the low-end broker as a full-time trader.

Proper knowledge of money management
Money management is very crucial to your trading success. If you trade this market with the high-risk exposure you are never going to make any real progress. Most of the novice traders are losing money due to their lack of money management skill. If you can place a trade with precise risk, even after losing 50% of the time, you can easily make a huge amount of money. Never trade the market for more than 5% risk since it will ruin your trading career. Try to master the art of trade management as it will help you to full fill your dream.

Trading journal
Most of the novice traders don’t follow trading journal in the Forex market. They simply place a trade and forget about their past trade setups. But this is not the right way to learn Forex trading. You have to track every trade so that you can easily learn from your trading mistake. Maintaining a journal is little hectic but once you get habituated with it, you will understand its importance.

[Mrs. DAX]

Oh, I didnt see this posting before. Thats a nice summary for every starter in terms of CFD Trading. Maybe a bit too difficult to read for some of our German Community Members. But I think, you summarized the most important aspects.

Especially money management plays an important role for me. And I only trade with brokers from the EU. Thats maybe only my view on the things, but I had some bad experience in the last years.

[Einstein]

Gefällt mir auch gut, wobei wir das Thema ja schon mehrfach hatten. Ich denke, die große Mehrheit von uns Nutzern hier wird den Inhalt schon recht gut verstehen, auch wenn es auf Englisch ist.

Was etwas stört bei diesem zwar als Werbung erkennbaren, aber durchaus lesenswerten Inhalt: Es geht nur ums Thema Forex, CFD Trader sollten diese Infos aber mindestens ebenso im Blick behalten. Viele Assets, niedrige Einstiegshürden, ausreichend viele Order Zusätze und eine gute Einlagensicherung sind für mich die vier wesentlichen Themen.

[Autor]

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