Anyone can be a Forex trader as long as they are determined and willing to face the ups and downs of this business. It takes a certain amount of persistence, patience and the ability to adapt to changes easily and not all people have those qualities. If you can control your emotions, approach Forex trading as a business and not just there to gamble, and if you are willing to learn more about this industry then you are all set to becoming a Forex trader.
Can anyone be a Forex Trader?
- Thread starter shaunna75
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Frau Mayer
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It's difficult not to agree with you here. Diligence, patience and a realsitic approach to this business are the key things one needs to make a successful Forex trader. Besides, proper money management is of importance here, I think. Everybody knows that losses are inevitable at Forex just as in any other business, so one should calculate in advance what losses he or she can afford. As has been mentioned, realism is indispensible here too. Thus please don't be too hopeful and dream of making millions out of 1$. In reference to this I would also warn against brokers who offer super micro (I like to call them 'nanotechnological'=)) accounts with the min deposit of 1$. Most of them care to attract more clients rather than to provide good services to them.
RahmanSL
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Can anyone be a Forex Trader?
Simple answer....Yup!
Why??...coz I am here too!
I trade the forex, and so I am a Forex Trader : )
Do I make money from trading the Forex??..Nope!
Didn't realized I was supposed to make profits...cost me quite a lot of "Ks" to come to that realization.
..all along, I thought it was an internet paid game program...you know, a game on being a Trader doing battles against a few million Traders to get ahead!
Luckily a wise immortal named "Pharaoh" mentioned something about gold & silver pyramid....and also something vaguely about embalming a holy cat...and suddenly I was enlighten.
Eureka! I now know I can make money in trading the forex, while having fun with it at the same time.
But alas, I also realized I will have to meditate more in order to attain a higher state of consciousnesses (thought I heard a certain enhancement "medicine' does the trick too), my mind & soul free from greed, impatience, impulsiveness, but with good money management.
So, now all I have to do is to elevate my state of mind to a higher level and I got trading the forex as good as...well...money in the bank!
Simple answer....Yup!
Why??...coz I am here too!
I trade the forex, and so I am a Forex Trader : )
Do I make money from trading the Forex??..Nope!
Didn't realized I was supposed to make profits...cost me quite a lot of "Ks" to come to that realization.
..all along, I thought it was an internet paid game program...you know, a game on being a Trader doing battles against a few million Traders to get ahead!
Luckily a wise immortal named "Pharaoh" mentioned something about gold & silver pyramid....and also something vaguely about embalming a holy cat...and suddenly I was enlighten.
Eureka! I now know I can make money in trading the forex, while having fun with it at the same time.
But alas, I also realized I will have to meditate more in order to attain a higher state of consciousnesses (thought I heard a certain enhancement "medicine' does the trick too), my mind & soul free from greed, impatience, impulsiveness, but with good money management.
So, now all I have to do is to elevate my state of mind to a higher level and I got trading the forex as good as...well...money in the bank!
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Frau Mayer
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or find some optional ways to minimize your losses
Frau Mayer
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or at least to restore them
maximtrad4
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Hm..... I think that a person has to have some special characteristics ... because to become a good trader you must be a good analyst, to be disciplined, the trader must also be psychologically stable, and you have to be able to control all your emotions.
WaveRider
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Forex is for anyone, but not for everyone
Joe Dinapoli describes traders that have a special indicator or combination of them that tells them to buy or sell. They are wildly successful for 6 months to at best 10 years. Then they go down in a ball of fire and go work at Kinko's or ask dad for more money. Raghee Horner says something similar. "No, buy when the indicator makes this little squiggle, not that little squiggle." Poof - poverty.
I might add to that:
1. Traders that do whatever somebody else tells them they should do.
2. Traders that let EA's trade for them.
3. Probably anyone that isn't disciplined enough to have learned how to do anything else well, won't have the discipline to learn to trade well. If you're not a disciplined person, Forex probably isn't a good place to learn that quality.
4. Naturally fearful, indecisive people. I think these get wrecked in forex.
It seems the best long term successful traders are intelligent, naturally curious, tech savvy, determined people who really enjoy sitting behind a computer for hours a day and who enjoy keeping up with the market. They tend to be type A personalities who are decision makers. Arrogant enough to think they know where the market is going, humble enough to admit they were wrong and wise enough to not risk much. All successful traders are consistent.
I suppose anyone can be a trader. Successful trader? If you hate blood and poo, will you be a good nurse? If you like and 8-5 job, will you be a good novelist? We can all do it but most of us should just watch TV as a hobby. It would be a lot less expensive.
Joe Dinapoli describes traders that have a special indicator or combination of them that tells them to buy or sell. They are wildly successful for 6 months to at best 10 years. Then they go down in a ball of fire and go work at Kinko's or ask dad for more money. Raghee Horner says something similar. "No, buy when the indicator makes this little squiggle, not that little squiggle." Poof - poverty.
I might add to that:
1. Traders that do whatever somebody else tells them they should do.
2. Traders that let EA's trade for them.
3. Probably anyone that isn't disciplined enough to have learned how to do anything else well, won't have the discipline to learn to trade well. If you're not a disciplined person, Forex probably isn't a good place to learn that quality.
4. Naturally fearful, indecisive people. I think these get wrecked in forex.
It seems the best long term successful traders are intelligent, naturally curious, tech savvy, determined people who really enjoy sitting behind a computer for hours a day and who enjoy keeping up with the market. They tend to be type A personalities who are decision makers. Arrogant enough to think they know where the market is going, humble enough to admit they were wrong and wise enough to not risk much. All successful traders are consistent.
I suppose anyone can be a trader. Successful trader? If you hate blood and poo, will you be a good nurse? If you like and 8-5 job, will you be a good novelist? We can all do it but most of us should just watch TV as a hobby. It would be a lot less expensive.
Pharaoh
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Ah, that's where I went wrong.
I thought screaming and cursing at my trading platform it would be more effective than saying "If you have a chance, I humbly ask you to please reverse the price action long enough for me to close in profit."
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