Can anyone be a Forex Trader?

[Neutral]

Like others have said, yes anyone can be a forex trader. Can anyone become a consistently profitable forex trader?... that is the real question though.
I think a small esoteric proportion will make the transition to being profitable quicker than most others and this is for a number of reasons. Here are a few of them IMO:
1) 95% of 'traders' will never find or develop a profitable trading plan for lack of dedication. Don't worry though, most hedge funds can't get it right either.
2) Most new to the industry will waste 99% of their time searching for the Holy Grail (EA's & indicators) & dismiss the important/boring stuff (economics, price action etc)
3) A large proportion of 'traders' start trading with real money before they have developed a profitable trading plan and blow their account/s.
4) Of the 5% of 'traders' that have a profitable trading plan, a percentage of these people will not be apt at managing risk & will therefore still lose.
5) Most are addicted to the sensation of trading (exciting!) & the associated adrenaline rush, rather than managing their account (boring).
6) Some people can't take losses as their psychology dictates if they do A, B, C then they will always be right (conventional wisdom). Markets are unpredictable though. It's more about probabilities and managing your risk that will see you end up profitable.
7) Most 'traders' don't have the patience, discipline or commitment and are usually drawn into the world of forex on the assumption of untold wealth & easy money.
8) It is a lot of hard work and depending on which school of thought you come from, their is a lot to learn before you can begin to understand the mechanisms of supply & demand at play (ie. Economics, TA, price action, manipulation etc)
9) Trading is more akin to running a business, be it part-time or full-time. However, I don't think the psychological demands are comparable between running a conventional business & running a forex business.

For the record I am in the 95% who are not consistently profitable but the above is purely what I have learned thus far.

 

[Jack Francisco]

Any one can be a forex trader if they have the determination to learn and to be patient with the aim to increase your knowledge and skill about this market, not necessarily your account size
Invest into your trading education and open an demo account to practice a lot until you feel that you have the confidence in yourself that you would be able the real market of Forex.

Don't be like the man who built his house upon the sand, who's house came tumbling down when the storm came. This is a picture of a trader who isn't prepared; one who hasn't built their sound foundation.

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.

 

[homa]

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.

yes , why not , after trading in a demo account you can be a goof forex trader .

 

[duderex]

anyone can trade forex but not every one can be successful, coz its a business

 

[univeralfunds]

A Very Good question that yet is very difficult to answer

 

[homa]

every body can be a good trader but they nedd to learn many things from professional traders

 

[Aesop02]

every body can be a good trader but they nedd to learn many things from professional traders

Not sure they need to learn from "professional" traders, i'm not even 100% sure what makes a "professional" trader! It might help to learn from successful traders, I think everyone can learn, but in fact they actually need to take their own path. Trading can be extremely personal and how you deal with your own emotions and thoughts goes a long way to decide whether you'll make it in trading or not.

 

[Pharaoh]

It's so variable and so personal. Some people do follow a "professional trader" and get good results. Others try to follow the same trader and fail.

I think much of it comes down to personal style. If you love fast action and try to scalp pips based on reflex, you may do well developing a scalping method all your own or learning from some sort of scalping mentor. A person who prefers to contemplate trades carefully and aim for 50+ pips per trade may never get any good results from scalping no matter how good the method or training is.

 

[Aesop02]

It's so variable and so personal. Some people do follow a "professional trader" and get good results. Others try to follow the same trader and fail.

What would you class as a "professional" trader? Someone who makes a certain amount full time?

 

[Pharaoh]

Exact definitions of professional are hard to come by. I'd say the difference would be that a true professional in this sense is someone who has some successful followers as opposed to the those who always have excuses about why each and every follower fails.