Maybe you've been thinking of becoming a professional trader. However, perhaps also you've been held back because you think there are some qualifications you'd have to have that you haven't attained. You may be surprised to know that there are no credentials you must have to be a forex trader. This is a wide open field and one in which to a large extent you determine your level of success.
A professional trader needs to be qualified or have business contacts that can help him or her get started; otherwise a job at a financial powerhouse is out of the question. The situation is different, however, if you work for yourself. Then all you need is your own computer, the ability to get online, and some money to start trading with.
Many forex traders work in the comfort of their own home, for themselves, and are successful. While I do have special qualifications that are helpful (a Finance and Accounting education), this type of knowledge is superfluous to being a forex trader and did not influence my success at all. You can be just as successful without a lot of finance or accounting knowledge.
So what exactly are the skills need to tackle the foreign exchange market?
That's a reasonable concern, but it's probably better to say that you need certain attributes, rather than certain skills or qualifications or credentials to start out. This presumes, of course, that you are capable in arithmetic and basic mathematics.
You have to have a high level of motivation and be unwilling to fail. This mindset will help you get over the rocky parts of your path to forex trading success. Forex trading requires a time when you will be testing the waters, which includes dealing with inevitable losses. It will take you a while before you learn the game and can start making more money than you lose. Until you start making money, you will have to rely on your desire to succeed to keep you focused on your goal.
As with any profession, one of the keys those crucial intangibles to succeeding is discipline. As I stated earlier, foreign exchange can markets can be unpredictable, volatile even (which is what makes them so potentially profitable). You must understand that there will be times where these market gyrations are simply marginal events and you should NOT abandon your overall game plan. Keep to your gameplan, which in all likelihood, if you keep to it, will turn profitable in the long run. The temptation to change plans at midstream will seem great, so be prepared for such moments.
Like I said, anyone has the potential to be successful trading on the forex market. The qualities you will need to have -- which are more important than any education or financial skills -- are a high level of motivation, and the discipline that allows you to remain focused even when you are losing money in the short term.
A professional trader needs to be qualified or have business contacts that can help him or her get started; otherwise a job at a financial powerhouse is out of the question. The situation is different, however, if you work for yourself. Then all you need is your own computer, the ability to get online, and some money to start trading with.
Many forex traders work in the comfort of their own home, for themselves, and are successful. While I do have special qualifications that are helpful (a Finance and Accounting education), this type of knowledge is superfluous to being a forex trader and did not influence my success at all. You can be just as successful without a lot of finance or accounting knowledge.
So what exactly are the skills need to tackle the foreign exchange market?
That's a reasonable concern, but it's probably better to say that you need certain attributes, rather than certain skills or qualifications or credentials to start out. This presumes, of course, that you are capable in arithmetic and basic mathematics.
You have to have a high level of motivation and be unwilling to fail. This mindset will help you get over the rocky parts of your path to forex trading success. Forex trading requires a time when you will be testing the waters, which includes dealing with inevitable losses. It will take you a while before you learn the game and can start making more money than you lose. Until you start making money, you will have to rely on your desire to succeed to keep you focused on your goal.
As with any profession, one of the keys those crucial intangibles to succeeding is discipline. As I stated earlier, foreign exchange can markets can be unpredictable, volatile even (which is what makes them so potentially profitable). You must understand that there will be times where these market gyrations are simply marginal events and you should NOT abandon your overall game plan. Keep to your gameplan, which in all likelihood, if you keep to it, will turn profitable in the long run. The temptation to change plans at midstream will seem great, so be prepared for such moments.
Like I said, anyone has the potential to be successful trading on the forex market. The qualities you will need to have -- which are more important than any education or financial skills -- are a high level of motivation, and the discipline that allows you to remain focused even when you are losing money in the short term.
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