1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Can anyone be a Forex Trader?

Discussion in 'General Forex Talk' started by shaunna75, Feb 6, 2011.

  1. shaunna75

    shaunna75 Private

    Joined:
    Feb 6, 2011
    Messages:
    20
    Likes Received:
    1
    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.
     
  2. Frau Mayer

    Frau Mayer Recruit

    Joined:
    Sep 21, 2011
    Messages:
    5
    Likes Received:
    0
    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.
     
  3. RahmanSL

    RahmanSL Major

    Joined:
    Jan 16, 2010
    Messages:
    2,526
    Likes Received:
    218
    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!
     
    #3 RahmanSL, Sep 21, 2011
    Last edited: Sep 21, 2011
    KaylaM likes this.
  4. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,685
    Likes Received:
    2,236
    The key to making money in forex is to first learn to lose money very very slowly. :D
     
  5. Frau Mayer

    Frau Mayer Recruit

    Joined:
    Sep 21, 2011
    Messages:
    5
    Likes Received:
    0
    or find some optional ways to minimize your losses
     
  6. Frau Mayer

    Frau Mayer Recruit

    Joined:
    Sep 21, 2011
    Messages:
    5
    Likes Received:
    0
    or at least to restore them
     
  7. maximtrad4

    maximtrad4 Recruit

    Joined:
    Oct 12, 2011
    Messages:
    4
    Likes Received:
    0
    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.
     
  8. WaveRider

    WaveRider Sergeant

    Joined:
    Mar 7, 2011
    Messages:
    304
    Likes Received:
    15
    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.
     
  9. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,685
    Likes Received:
    2,236
    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."
    :D
     
  10. Pharaoh

    Pharaoh Colonel

    Joined:
    Oct 3, 2007
    Messages:
    19,685
    Likes Received:
    2,236
    I'd be very wary of someone offering a "perfect strategy". Even if there was such a thing, markets and market conditions change over time, so the perfection would eventually become imperfect.
     

Share This Page