I started trading Forex to make money, and I didn’t have a plan. Can you guess what happened? Yes that’s right I blew my account rather fast, it is a good thing it was a micro account with only $100.00. The way that I started my trading career is the way that many of us start our trading careers. By acting on impulse without a plan on how we are going to achieve success. Unfortunately, that is not how it should be done. There is a right way to begin your trading career that maybe just maybe you can avoid two or 3 margin calls before you get warmed up.
Before I talk about the right steps to take I want to ask all of you out there a question. Do you Love what you do? I remember working at my job and while I was on the job I was miserable all day long and I hated my work. I finally found something that I don’t just like I love. Did you ever have dreams when you were young about that special career that just never seemed to happen? I think to be truly fulfilled in life you should attempt to find something that you love to do. In my case it was trading forex and running this site. I hope that you are able to find something that is truly what you have been dreaming of doing. So now for the sake of this site which is all about Forex Trading, that you have decided that you want to trade Forex as your new career.
So you want to Trade Forex???? That is a great goal and I admire anyone that attempts to make that happen but please don’t jump in without taking the necessary steps to ensure success.
Here are 3 steps that you must take in order to trade forex for a living? I am listing these in order of importance.
1. Have your financial house in order — If you are trying to start to trade forex to get yourself out of a financial jam or to make money quick because you need cash. Then stop right now and don’t do that because that is a recipe for disaster. If you don’t have the money to trade then don’t trade plain and simple. I am not trying to dash your dreams but if you begin trading with money they you can’t afford to lose then the psychological pressure will be too high and you will lose everything.
2. Have the Right System — Having a system and a strategy that works is crucial to trading success. This must be figured out before going on to being a trader for a living.
3. Actually Make Money — I know people that have quit their jobs to trade and they were still losing money. Please provide for yourself a winning track record that has proven profitable over a period of time before you think of trading forex professionally.
So I hope that you have benefited from the tips on how to trade Forex for a living. I am always referring to Winners Edge Trading as a Forex Company that truly cares and desires to help. So I have decided to add financial and career coaching as a service available to Forex Traders. The truth is is you don’t have your financial life in order you will struggle and I want for each of you to be able to focus 100% on trading and not have money matters on the back of your mind.
Part two of this article will be written by my financial and career coach Ed Burns of The Provision Group. Ed is a financial and career coach and he will be featured next week. With his article about how to get ready to trade and what your financial picture should look like.
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