• The Forex, Binary Options Forum - welcomes you to our Community!

    DigitalCashPalace Forum is dedicated to discussions about Forex, Binary Options, commodities, stocks related.

    Please take a look around, and feel free to .

How to Become a Forex Trader

Want to become a forex trader? Where exactly does it all begin?

Here are the steps you can take to ensure you score high rather than end up with a string or regrets for the rest of your life.

· The Basics: Set realistic goals. Resist the temptation to go in head first however tempting that is. Set measurable goals as you start out. A profit of 100 pips per month is a great place to start. Additionally, keep your trading capital (at least $300) ready.

· Choose a Forex broker: Personally I use Forexchief broker; Some of its features are 1:400 leverage, low spreads and fast order execution. I did my due diligence before registration, so you must do the same. You can’t trade Forex without a retail broker, so choose wisely.

· Practice on a Demo Account: Before going live, you want to flex your muscles via a demo account.

· Seek Plenty Of Advice: Along with practice, you need someone who will show you the ropes of forex aside from forex resources.

· Go Live: After a few months of making consistent profits on the demo account, start making live trades. Stick to the same practices no matter what.
 
An analyst should have a bachelor's degree in economics, finance or a similar area. They may also be expected to have at least one year of experience working in the financial markets as a trader and/or analyst and be an active forex trader.
 
Become a Forex trader is very easy; since there is no restriction. But, making consistent money is so tough. Without having a good trading skill; success is truly impossible here.
 
The basic step in order to become a successful forex trader is to gain as much knowledge as you can about it. There is no other way possible. You also need to ask yourself if you are ready for the losses that you will surely face in forex trading. You need to be passionate about forex trading.
 
The basic step in order to become a successful forex trader is to gain as much knowledge as you can about it. There is no other way possible. You also need to ask yourself if you are ready for the losses that you will surely face in forex trading. You need to be passionate about forex trading.

Yes mate; that’s the only one door! In addition, learning Forex is a long term journey; there is no quick process here; although I see a number of new traders try to learning everything within in single night.
 
I like your suggestions. Very good advice. Also you are correct about Forexchief, I trade with the broker and they have very good services and trading conditions. Best broker for any trader to start with.
 
I like your suggestions. Very good advice. Also you are correct about Forexchief, I trade with the broker and they have very good services and trading conditions. Best broker for any trader to start with.

Hello mate; are you a scalper? Or long term trader? I am curious to know your trading skill.
 
LeeMark, I don’t think that he is scalper. It seems to me that he is a promoter of that specific broker. Anyway, I am always advising new traders to choose brokers not by tempting offers, but only if they are officially registered for conducting brokerage services
 
LeeMark, I don’t think that he is scalper. It seems to me that he is a promoter of that specific broker. Anyway, I am always advising new traders to choose brokers not by tempting offers, but only if they are officially registered for conducting brokerage services

Security is the main concern, that’s why regulation is the key instead of so called trading offers!
 
There are many trading sites from which it is possible to motivate yourself. As a new trader, I have learned a lot from Forex Factory. That education has motivated me a lot.
 
If the investment is good and the money management can be maintained properly, then it is possible. But you have to trade according to the discipline and you have to maintain the risk. If you can trade in such a way then it is possible to earn a lot of money from trading.
 
Top