Here are our 10 Key Steps to Becoming a Successful Trader. These steps were created from experience and knowledge of our professional full-time traders.
1. Treat Trading as a business
A few years ago one of our members who had graduated to trading professionally, wrote a great article on this subject. He titled it “Treat trading like a hobby & it will pay you like a hobby. Treat it like a business & it will pay you like a business.” You can check it out here:
2. Preparation & Fundamentals: Plan the Trade. Trade the plan.
Look at fundamentals. What is happening around the financial world? Is the $USA currently strong or weak? Which pairs look weakest and have had negative news? Which look strongest? Trading strong versus weak dramatically improves the probability of a successful result. Only then go look at charts and technical analysis to pinpoint entries, stops and targets.
3. What news is due out in the day(s) ahead?
If you are looking to take a trade make sure that there is no big news due out in the next few hours. I never trade the news as it’s a mug’s game. Wait until it comes out and let the dust settle. I NEVER trade NFP Friday (USA jobs release first Friday every month). It’s a wild ride and Forex at its silliest so why go looking for trouble?!
4. Never take a trade that doesn’t (technically) have the possibility of making at least double the amount of money risked.
This is known as the risk versus the reward. You need to be taking trades that have a risk/reward of the bare minimum for every $1 risked / a possible $2 reward. Most retail traders CAN make winning trades BUT their losing ones are bigger than their wins. Ultimately they lose money even if they are winning 60% or more of the time. A professional trader, on the other hand, can win less than 50% or even 40% and still be very profitable: Money management is vitally important, much more than the win ratio. The key fact is how MUCH you win per trade, not how MANY.
5. Learn technical analysis.
The most profitable traders understand fundamental AND technical analysis. Its two sides of the same coin. We teach you both. Things to look out for that could technically spoil a trade? Is there major previous support or resistance in the way? Fibonacci, pivot points, EMA’s etc?
In the image of The Nzd on a weekly chart (below) I advised members not to short it as it came down to 0.6810, why? This example is a very simple one, price previously bounced off that multiple times since 2009!
That is a very straightforward example of a trade that would “probably” fail and therefore the chances of making twice the risk were very poor. Of course, it could have broken, but the odds were against it. It’s better to wait for the price to break a big area, then look to take a trade.
If this pair does break 0.6800 then it could fall a long way and the reward versus risk will be excellent. Until or unless it does, walk away!
For more examples of finding trades with a good risk/reward potential check out the report on this page: https://www.forexmentorpro.com/blog/win-forex-members-422-pip-winning-week/
10 Key Steps to Becoming a Successful Trader
6. Be flexible.
No system works all of the time. The tricky part is knowing when to stop using one strategy & use another. This is where following a mentor is important. We have 3 different systems that enable us to trade in almost all markets. We show you how and when to change from one to the other. My team and I have been trading over 25 years collectively and have seen it all before, so follow people who have “been there and done that.”
7. There is no “holy grail” system out there.
The fake marketers will have you believe that for $99, $299 even $999 you can buy a system that will make you rich without having to do any work. Guess what, its simply not true.
8. Forget about the money!
This sounds counter-intuitive, but, unless you have at least $50.000 of your own money to trade then it will be very difficult for you to quit the day job and trade for a living. However, there is some good news. If you can prove that you can trade successfully, then we can introduce you to investors with capital. These guys will allocate money for you to trade & you get a share of the profits.
One of our founder members is now trading an account of over a $million and gets a hefty cheque each money that he is profitable! Others are on an incubator program where they are trading amounts from $2500 to over $200.000. Focus on the education. Prove you can do this and the money will follow. Of course at this stage, you may only be looking to make additional income and not want to trade big money, but its comforting to know that the choice is there in the future.
9. Make a commitment to yourself that you WILL succeed.
Let’s face it, if you want to earn the rewards & the freedom to work and live anywhere in the world like successful forex traders do, you need to put in the time and effort and learn how to do it for yourself. If you are not serious about learning how to do this and enjoy the financial rewards and freedom it can bring, then don’t read anymore!
Go off and find something else, we can’t help those who won’t make the effort.
10. Surround yourself with experienced, positive, people
Surround yourself with experienced and positive people, including more experienced students, who have been where you are now. They are all wanting to achieve the same goals. If you are struggling with something, you only need to ask. Full-time trader & mentor Pierre du Plessis runs the forum, so if it’s an urgent question – ask him or other senior members in there. If it’s a more personal question submit a ticket to the helpdesk. We host weekly live training sessions where you can ask mentors any questions you like.
There you have it.
10 Key Steps to Becoming a Successful Trader
You can go off and implement it yourself, or choose to fast track your progress by teaming up with my team & I. We will do everything possible to help you achieve your trading goals.
Try our 5* rated forex mentor program TODAY 100% risk-free. If for any reason you feel its not for you within the first 30 days, we will give you your money back. No questions asked.
I wasted $20.000 and even worse, 3 years of my life before I finally went off and found someone to mentor me. That was another $5000 spent but within 9 months I was trading for a fund and eventually $million accounts, so it was the best investment I ever made.
You, on the other hand, have the opportunity to be mentored by real working traders for a fraction of that cost:
If you would like to learn how to trade like a professional AND receive full video training courses plus detailed daily analysis BEFORE the event where we show you what we intend to trade, where & why, then check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below