A trader is an individual who actively engages the financial markets and executes trades with the purpose of maximizing assets while also minimizing financial risk. He single-mindedly focuses on currency trading and obtains partly or all of his income from currency trading.
There are two categories of people that get into Forex trading: those who already have a job and they want an extra income and those who have no job or income and they want to make money through Forex trading. But this occupation is a great opportunity for everybody to make money, regardless of your net worth, social status or education.
The perception of Forex trading and the reality of it are quite a bit different:
- There is no limit in the amount of money you can make. You can grow your account exponentially in a very short time, or you can have a medium or long-term approach to it.
- You don’t have to have a lot of money to start trading Forex. Contrary to popular belief, you don’t need a 300k account to start with. You can begin with even the smallest amount of money.
- A full-time trader doesn’t necessarily work full-time. Forex trading is not a 9 to 5 job. You can make an excellent trade that gets you a nice profit and then take the rest of the month off.
As a Forex trader, you will most likely have to accomplish all of the following tasks:
– do research and gather relevant information, analyzing data and valuations of different markets;
– be an independent thinker, base your decisions on your own technical or fundamental analysis;
– identify patterns and predict how markets will move, then buy and sell accordingly.
– be able to function well and think clearly under high levels of stress.
Keep in mind that Forex trading is difficult, but it is not impossible. It is a highly rewarding occupation that requires skill, discipline and money.
- Your progress 8% 8%