Is forex trading for you?
Anyone can become successful trader, but very few do. Mastering the art of trading requires time, proper knowledge, and experience. Oscar Wild in his famous quote said it well: “Experience is one thing you can't get for nothing”. Trading forex is no exception. So what separates the ultra-profitable elite from the rest of the forex crowd? The defining characteristics are persistence and discipline. It takes persistence to keep trading and learning even after repeatedly losing your entire account. And it takes discipline to keep good records so you can learn from your mistakes and eradicate them.
Obviously persistence and discipline alone do not suffice. To become a consistently profitable trader you also need a method, money management system, and understanding of your psychology. If any of these critical elements is missing you will most certainly fail to achieve the level of consistency required to become a part of the trading elite. So how do you acquire the needed skills, develop the right mix of personal traits and create a mindset most conducive to profitable trading? First and foremost, you need to commit yourself to gaining education. Reading is absolutely required.
Education is the first important step in the right direction. However, unapplied knowledge has no power and experience is needed to turn it into wisdom. The beauty of forex trading is that you can gain market experience without wasting any of your precious capital. All that is needed is to open a demo account with one of the many forex brokers. Currently, I have accounts with www.xtb.com, www.fxcm.com, and www.cmsfx.com . They all have decent platforms and offer free demo accounts. I believe that FXCM even offers micro accounts for traders with miniscule capital. Choose an online forex broker and open a demo account.
A journey of a thousand miles begins with a single step. Lao-tzu,
