How to Become a Professional Forex Trader
Hi guys, As the holiday season and New Year approaches folks start to think about what they are going to do to improve their personal & financial situation in 2021. This year more than ever with the Covid crisis. So what is your plan? You have all the tools and capital available here to achieve your goals IF you want it badly enough!
The great news is if you follow this advice you have the opportunity to trade for clients and receive a substantial profit share. All explained in the funding brochure here
In yesterday’s live training session I went through the steps I go through with private clients when they “onboard.” I showed how I went from losing for 3 years from 2002 to 2005 and how I was trading a million $ client account by the end of 2006. Nowadays things are a lot easier. Here at FMP we will give you the money to trade if you can trade like a professional.
The first thing you need to do is create a business plan.
This is an overview of what you are aiming to achieve along with clear goals and milestones.
Explained in more detail in the members area.
Below you will find some ideas to create your own life/trading plan.
I strongly recommend/urge you to spend some time and write things down.
Here are parts of member Roberts first attempt at a plan. He is still working on it and it’s a lot more detailed and in-depth, but it will give you a starting point. You need to personalise it and build it around your life. If you are working 10 hours a day, then going home and starting to trade is not the best way. So what to do?
Its in your hands. In my experience of mentoring people for almost 20 years (business as well as fx) those who complete this exercise increase their chance of success tenfold. Those who don’t will still be sat here next year wondering why they have made no progress. So which camp will you fall in?
In the words of the prophet Nike “Just do it!” 🙂
How to Become a Professional Forex Trader
Trading Plan, First Draft, Overview and Objective
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The follow trading plan shall serve as a tool to aid in reaching the goal of trading foreign currencies for a living. In order for this plan to be successful, I must follow its rules and, assuming that all rules are followed, I should be able to make consistent gains of at least 3% on my account per month, averaged over 6 months, and limit draw-down to a maximum of 10% at any time.
I shall take only lucrative trades, defined as those meeting the criteria of my strategy and risk management protocols.
I shall keep a journal of every trade and appreciate how the evidence of past trade analysis shall guide best practices. Trade wins and losses shall be calculated by the R factor as well as monetary balance.
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What do I want to achieve?
Hobby or business?
Set measureable goals: https://www.toolshero.com/time-management/smart-goals/
Stop playing at this and treat it like a business!
It’s a profession, therefore only those who trade professionally will win consistently. What time do you available to trade and analyse? Set it in stone
“I will do my analysis every xxxx”………….
I will place trades…….
Maximum number of open trades at any one time…. Not all pro or versus one currency.
Risk percentage – . % risk per trade* less for counter trend
Risk Reward Ratio – absolute minimum 2:1.
Correlation……….
Maximum number of trades per week.
Maximum risk*
Max draw-down per week.
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How to Become a Professional Forex Trader
What if scenarios……
I go on a winning streak
Go on a losing streak, stop, assess, re group. Start again reduced lot size, until……..
What if markets just don’t make sense to me right now?
What if LOTS of great looking trades all line up at once (it happens, sometimes often)
Strategy- Pick one and stick to it, stop system hopping.
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Pairs:
I shall trade eg: AUD, USD, EUR, GBP, JPY, NZD, and CAD currencies in all combinations. CHF will not be traded at this time.
If more than one trade is taken, correlated pairs will be taken at half risk if in the same direction.
Movement of stop losses shall be at my discretion and only for the purpose of limiting risk.
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Weekly Routine
I will check positions only at the close of 4-hour and daily bars.
I will perform a brief market update on Wednesdays.
I will be aware of scheduled news events of the week. Here is more on the subject of goal setting and planning:
https://www.wanderlustworker.com/the-harvard-mba-business-school-study-on-goal-setting/
Do not just blindly follow and copy someone else, these need to be personal to you. If you went to work for a fund or want to trade my money you need a clear set of rules and more importantly, you then need to stick to them. I recommend that you weave the managed fund rules into your plan. If you can prove that you can trade like a professional then the sky is the limit.
You can trade up to $2million of client funds and receive a substantial profit share (up to 35% per month). This way you do not need to over trade nor over leverage. The goal is to make 3 to 5% per month. On a $100,000 account, 4% would give you $1400 per month. On a million$ account, you get $14,000 each month.
Here is a link to the funding program where you can also download a brochure. Please note I recommend that you only risk 0.5% per trade. Funding Brochure
If you want to consider private coaching I only have a few places left for those wanting to start before Easter 2021. I am semi-retired now so only taking a few folks per month. This now includes access to my Crypto Investing website and tuition on the subject.
Details here: Private Forex Mentor Coaching Program
The first 25 minutes of the video is the “how to become a professional trader” part followed by a look at different potential trade setups.
Even if you have lots of your own money and don’t want to trade for clients this is still the way you should plan your trading business. Too many folks are playing at trading. Lifetime member Jeff wrote a great article a few years ago, entitled
So are you going to do this properly and give yourself the opportunity to completely reshape your life and income or are you going to carry on playing at trading? It’s your call!
regards
Marc
If you would like to learn how to trade like a professional check out our 5* rated forex mentor program, RISK FREE; by clicking on the “Get Started Today” Button below
