Professional Forex Trading - How The Pros Trade
Almost anyone can become a forex trader, because you dont need any highly specialized skills to succeed, and you definitely dont need a degree to be successful. As long as you have the basic aptitude for trading, you should be ready to begin.
However the ability to acquire employment at some of the higher-end, established financial institutions that deal in foreign exchange does take some work. It is important to have those valued qualifications and proper network of contacts. However, if you choose to conduct foreign exchange activities for yourself, with your own capital, then in addition to your own computer with internet connection, you don't need any qualifications at all.
In fact, there quite a few traders who make a living on the foreign exchange market trading on their own, from their own homes! In fact, although some do boast of degrees in finance and business, most will tell you that those degrees are not necessarily the reason for their "Forex" success. This further cements the point that trading in Forex markets does NOT require the specialized, formal training required for other areas of finance.
At this point you must be asking yourself what skills you do need to be able to trade like a professional.
That's a reasonable concern, but it's probably better to say that you need certain attributes, rather than certain skills or qualifications or credentials to start out. This presumes, of course, that you are capable in arithmetic and basic mathematics.
To put it succinctly--motivation, motivation, motivation. That has got to be the key attribute you need to be a forex trader. You have to have that so that you have the fire in you to begin and the courage to continue when you run into the inevitable crisis. Deals will explode and you'll feel inadequate at times, but you must forge on to the next one. You probably won't make huge profits right away, but with persistence the sky is the limit!
This is a great career if you have the motivation because you can't be too old or too young. You can be a man or a woman, as it's expertise and the ability to generate profit that will be respected, not gender. Along with motivation, you have to be focused--eyes on the prize--and you do have to be disciplined.
For one thing, anyone who works out of their home has to be to get the job done and not get distracted by household or social tasks. But it's also true that you're working with money and you must be disciplined to keep working and not get too disappointed or too excited. You will develop your own way of trading, but the attributes you bring to the system are probably just as important, if not more so. - 23199
However the ability to acquire employment at some of the higher-end, established financial institutions that deal in foreign exchange does take some work. It is important to have those valued qualifications and proper network of contacts. However, if you choose to conduct foreign exchange activities for yourself, with your own capital, then in addition to your own computer with internet connection, you don't need any qualifications at all.
In fact, there quite a few traders who make a living on the foreign exchange market trading on their own, from their own homes! In fact, although some do boast of degrees in finance and business, most will tell you that those degrees are not necessarily the reason for their "Forex" success. This further cements the point that trading in Forex markets does NOT require the specialized, formal training required for other areas of finance.
At this point you must be asking yourself what skills you do need to be able to trade like a professional.
That's a reasonable concern, but it's probably better to say that you need certain attributes, rather than certain skills or qualifications or credentials to start out. This presumes, of course, that you are capable in arithmetic and basic mathematics.
To put it succinctly--motivation, motivation, motivation. That has got to be the key attribute you need to be a forex trader. You have to have that so that you have the fire in you to begin and the courage to continue when you run into the inevitable crisis. Deals will explode and you'll feel inadequate at times, but you must forge on to the next one. You probably won't make huge profits right away, but with persistence the sky is the limit!
This is a great career if you have the motivation because you can't be too old or too young. You can be a man or a woman, as it's expertise and the ability to generate profit that will be respected, not gender. Along with motivation, you have to be focused--eyes on the prize--and you do have to be disciplined.
For one thing, anyone who works out of their home has to be to get the job done and not get distracted by household or social tasks. But it's also true that you're working with money and you must be disciplined to keep working and not get too disappointed or too excited. You will develop your own way of trading, but the attributes you bring to the system are probably just as important, if not more so. - 23199
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posted by X - Men @ 12:29 AM
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