Roadmap of Becoming Professional Trader

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painofhell

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Some of my friends and also some girls from Miss Dukascopy contest asked me about how to become a trader. So I decided to write about it.
I would say there are three stages for becoming professional trader: Learning stage, Practicing stage and Advancing stage.

LEARNING STAGE

If you decided to to be a trader you should start from basic. You can feel liking jumping over some subjects but you will have to come back to them later. You should read about history, tools, terminology and etc.
After getting general information and learning terminology you may start using trading platform and start trading. Learn your trading platform, tools and differences.
Every trading platform has plenty of indicators. You should learn indicators well and choose the best one’s suiting you.

Some will tell you indicators is useless, but they are not. They should be used in combination for technical analysis. After understanding how indicators work you should learn technical analysis in combination with your indicators.


You may also start learning fundamentals analysis and then news trading. Fundamental analysis is method that uses economical indicators for predicting market move.


There is difference in trading fundamentals and news trading. Both based on economical news but fundamental trading considers longer period of time than news trading. News trading takes advantage of market move at the time of news release.

PRACTICING STAGE


While learning trading, technical analysis, fundamental analysis you will see that there are different methods of analysis and different strategies of trading based on different indicators and analysis. You should test some and see which is more suitable for you. See which strategy will give you more profit. Chose best strategy for you and stick to that strategy.

ADVANCING STAGE

You will see that you won’t winning all the time. You will have winning and losing trades. In advancing stage trader should start teach himself, his trading style. We all have strength and weaknesses and trader should find and accept these sides.
Next thing to do is building rules based on your strength and weakness. You may find it unnecessary but it is very important to build your rules. You will see that it will help you to keep stable profit for longer periods.
 
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Hakone

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Hello traders! I want to say here that it is really a challenging job to get success on the Forex market for a long time. You must have to work with a startegy which gives slow and steady profit. You cannot become a millionaire overnight. You have to believe in it in order to stay profitable. Be practical!
 

Niyang

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now im start learning fundamental part.. after fail to compete in technical.. maybe im more to long period trading...
 

2iquelo

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Hello traders! I want to say here that it is really a challenging job to get success on the Forex market for a long time. You must have to work with a startegy which gives slow and steady profit. You cannot become a millionaire overnight. You have to believe in it in order to stay profitable. Be practical!
This is very true. For you to start considering yourself to be a professional trader. It is not practical to think that you can become a millionaire overnight through trading. Scammers can make you a millionaire, but be sure to lose all that money plus much more to them in a twinkle of an eye
 

Nosero

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I also agree with statements above. I think that as in any other business, becoming a successful trader on Forex market requires continuous learning and gaining experience in order to perfect trading strategy which will be able to provide continuous green pips and also profits
 

KristanXX

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I think trading is a learning curve and you will learn as much as you will spend time on the market. It is good to start with a smaller amount as you have to invest something for learning. You will not know how much you have learnt if you will not trade. Thanks
 

Viaso

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There is no hard and fast rule for becoming a professional trader. You need to work slow and steady for getting the success as a trader and it is the way to get success here. If you can take some profit from the market every month then you are a professional trader.
 

Pelanali

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Folks, I dont know about you, but it seems to me as an extremely hard job to become professional trader. I mean, it is great responsibility which requires excellent skills to be able to generate enough profits from your trading in order to pay your monthly bills. What do you think?
 

Electric Rainbow

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Stages are very well explained above in this thread. i think a good profit earner is a sign of a good trader.
 
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