How To Be A Better Forex Trader – A Beginners Guide

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Aspiring to be great at forex trading is a constant pursuit where one learns from zero knowledge through the stages of being an amateur and higher the ladder to being a pro in the trading game.

Overall, reading through, you’ll grasp what it takes to trade with high quality and not chase quantity. Also, get to learn how experts trade in comparison to newbies.

By picking on the proposals of the expertise shared here, you’ll change the way you trade as a beginner. If you are an expert, you’ll find the clear shot of the specs you require to adjust to help you make it to the hallmarks of being among the best at forex trading.

How To Be A Great Forex Trader

Many traders can master how to be better at forex trading.

Only if they follow the correct path, and that path is a hidden gem that grinds new traders so hard.

Seasoned and successful traders do not trade the markets, which separates them from newbies.

Traders do not benefit from going for formal education to become better at trading forex. If anything, formal education has little applicability in forex markets.

The best way to go about it is getting a good mentor– who knows the ins and outs of the markets. Also, getting better at forex trading takes patience and emotional intelligence.

Coincidentally, no formal school teaches you to be patient enough to handle forex trading.

From an expert's point of view, newbie traders want to trade very fast – entering and closing trades and keeping eyes glued to screens. That is better known as trading the markets.

Seasoned FX Traders Don’t Trade The Market

Yes, they do not.

In better words, experts at forex trading who make consistent profits do not trade the markets. They somehow allow the markets to come to their regions of preference.

To elaborate further, you’ll notice new traders opening and closing trades so rapidly for its fun. No, experts never engage in that form of trading.

And that effect comes with new traders arising from how they learn trading from the current courses.

Newbie traders watch the markets constantly. They want a scenario where they open positions and close them quickly. The truth of the scenario is they should not have opened positions in the first place.

Opening many trading positions is a recipe for disaster in forex trading.

For one, you increase lot sizes unknowingly – and high lots equal to an increased risk of getting margin calls and, at extremes- blowing accounts.

Getting better at trading requires the patience to plan, study and analyze markets. It’s the price a good trader pays the markets to win.

We can also refer to it as – waiting for the forex market to come to you. And not you chasing the markets- where none is a master of them.

Markets go up and down numerous times, pointing to multiple opportunities for traders.

And to reaffirm the main point once more – a successful FX trader Never Trades the Market.

What Do Seasoned Professional Forex Traders Do Then?

Yes, a great question – So How Do Experts Approach Markets?

Get it right. Experts in the forex market sit on a computer for a very long analyzing the charts.

What are they looking for?

A setup that presents an opportunity.

An opportunity that is very, very good within the forex market charts. And I repeat- an opportunity that is very, very good.

Experts wait for markets to come to them, not them chasing the markets. They allow the opportunity to fill up-waiting patiently.

For instance, if they decide that 1.2000 is a good area to buy at a price, they will wait until the market gets to that price. Next, they do not just enter immediately but analyze further to see if it's a good area.

An expert sits and keeps analyzing as they carry on with some other preoccupation, like reading a newspaper or another hobby or any self-improvement tasks.

If the market does not get near the area of interest, they carry on with pre-occupational tasks: fishing, relaxing on beaches, or going out with friends or family.

When the market comes to the pre-planned area, they take some more analysis before getting in. They do enter the markets calmly. Notice – they enter the markets calmly.

There’s no hurry, no emotions, or anything heart pounding.

Every step they take, they stand firm and cautious.

Agreeably, Expert and Newbie traders conform to the Tortoise and Hare analogy in that order.

So the one question here is, who are you among the two? Are you a hare? Are you a tortoise?

This is a fact that trainers should always emphasize. Be it in online training or any occasional sessions they attend to offer to coach physically.

Quality Not Quantity

Go for quality.

Take quality trades “A” and steer away from chasing quantity “B” or “C” trades.

Look at your trading style, and chances are if you are the frequent type – entering and repeatedly exiting trades, you can spot the quantity “B” or “C” trades you are taking.

Quantity trades do not help your trading in the forex market. That ends up burning your mental and emotional energies for very little income.

Learn to trade the old, slow way. That's how industry experts do it right all the time.

In most Newbie stories, you trade like the hare – biting on every carrot that comes your way. And Sorry, you blow accounts, and it hurts!

Things change for good when you learn to trade like the tortoise – taking quality in the place of quantity trades.

Trading with quality gives so much more than the elusive quantity trades. And also, quality trading gives you way more time to

Looking back at the era of newbie trading, you spend almost all day with eyes glued to the screen.

It’s a series of stressful and nerve-wracking experiences for no good reason. Traders end up so weak with little to no profits. Or even end up blowing accounts at the tail end of everything!

You'll notice changes when you trade correctly – chasing quality, not quantity. You get healthier.

But most importantly, you trade with no stress and free up your time to take on other things that you are interested in with your life.

Best Forex Trading Course

Investing in the Forex market might seem to be a daunting task especially if you are a beginner, and have just started exploring the Forex market. Although experience is said to be the best teacher when dealing in the Forex market, it is good to learn about the Forex market briefly before making your first investment.

There are several ways in which you can start expanding your knowledge of the stock market. You can either start reading books or ask for tips from your friends or family members who have prior experience of trading on the Forex platform. However, the former is a time-consuming method while the latter is not always a credible learning source.

If you want to learn about investing in the Forex market that would help you gain knowledge, and tell you all you need to know about the market, then you can opt for some professional courses available on the internet. These courses are developed by Forex markets experts who have years of training Forex traders.

Now, there are thousands of courses on the internet that claim to teach you about Forex investment. However, not all of these courses are reliable and give accurate information. So which is the best Forex course for learning the ins and out's of the Forex market?

Asia forex mentor course by Ezekiel is by far one of the best Forex learning courses on the internet, and they are one of the best learning sources if you want to expand your Forex trading knowledge.

They have been featured on multiple different leading forex platforms and Forex events happening around the world. Ezekiel's platform is the perfect solution for you to learn because their clients include multiple trainees and bank traders from private trading institutions around the globe.

It is the number one course available on the internet because it also reaches new bank traders and has fun managing if you want to make money from trading forex stocks and other commodities.

You can get a great return on investment by indulging yourself in this systematic course. Even if you are a beginner in the field and do not have enough experience and knowledge about Forex trading, you still join this program with zero knowledge. Everything will be taught to you from scratch, and you can enroll yourself in this program right now to get started.

Check out the testimonials on the website and start your Forex trading journey right away. The good thing about this course is that you will be crystal clear about what you need to do from day one.

They are using a return on investment approach to teaching their students. It is a scientific method of beating the market, and you will not be taught this somewhere else.

Best Forex Brokers

Final Thoughts

There’s a path on how to be a good FX trader.

It takes great patience and analysis. And following it correctly makes Forex trading one of the best ways to grow incomes even in cases where you have other interests.

Trading the right way takes loads of time where you analyze charts for as long as a good opportunity takes to come up.

Trading for quality wins in the long run, so steer away from trades that score big on quantity.

Quality trading is confident trading. Quantity trading is fearful and greedy trading – where traders fail terribly at patience and analysis –  which are two critical components for succeeding.

Most new traders fail because they trade for quantity – opening many trades and closing them within short spans of time.

Expert traders win more trades by waiting patiently to run a few trades that increase the odds to win huge profits- hence they go for quality and not quantity.

How To Be A Great At Forex Trading FAQs

How can I become a better FX trader?

To become great at forex trading, one must accept the transformation. And the transformation  in the picture here builds on two pillars:

#1. In-Depth Analysis of markets

Expert traders make sure you take due diligence to predict the subsequent movements in price action with a predefining set of rules.

That is what experts will refer to as a strategy. In the simplest form, it is a set of rules which helps define your entries. And if the rules point towards an opportunity, you stay super alert. Next, see number two -below.

#2. Entry into a super-profitable set up at the right opportunity and at the earliest stage

And or exit out of a bad trade at the earliest best opportunity.

Again it must be within your strategy. Look at your price action and add another later of rules to help you have a clear mind on whether to enter or not.

And also, if you enter and the conditions go opposite to your prediction – how will you exit.

It’s also worth mentioning at this point that a good trading strategy will have two bases that add some flavor to the above two:

First is capital protection – let your strategy foremost preserve your capital.

Why?

You can always live to trade another day – there are numerous opportunities.

Second, if you win a trade, how can you exit at the best position that gives you the highest returns. You do not want to close positions too early and neither too late.

Many factors contribute to your ability to conquer the markets successfully and be a successful forex trader.

While one can make it alone, the general journey of an FX trader towards success gets shorter with a critical focus on:

• Dedication to learning from established traders and mentors

None of us was born knowing anything. We all learn, and so should you if you aspire to be a better trader in FX markets. You have to keep improving day by day, for when you stop learning, you’ll perish as the market's dynamics shift every other moment.

One key point is successful trading is unique with every trader that joins the forex industry.

For instance, you may notice that you get successful trading certain currency pairs if you follow one or two trading strategies – where your chances of losing trade are almost nil.

That's where you concentrate, master those financial markets, plus your market moves and that's all it takes for your trading career.

• Practicing diligently to progress in the entire pursuit

Here, we mean grasping the gems from your studies or mentors. As educationists say – repetition is the mother of all learning. Repeat things over and over.

Make everything almost poetic, and you should be on the correct path. Open demo accounts,  install, uninstall indicators.

Know what that unique button means and so much more. I should not add here that you can monitor price action via MT4s on Android and iPhones- just to help you figure out how far you can practice matters around.

If you start forex trading, explore trading platforms with a demo account. Feel free to make every mistake you can on that platform – including losing a trade.

Allow yourself to see how forex markets move with regard to any currency pairs. Move away from scenes where a single trade holds your career captive.

Caution: Towards the end of you mastering how the market moves, try different trading strategies from the technical analysis concepts you already have.

The greatest advantage of a demo account is allowing you to see the reality of how a trading platform and foreign exchange work while testing trading strategies.

Commitment to Improving all along in one direction to success

The best student out there is one who goes down and accepts they do not know. Listen and respect your mentors. Ask them questions and even share trading ideas.

And, recall that a  teacher can only pump not more than 30% of the content. If you make it through, be the student who digs for the remainder -70% of the content.

Perfection in technical analysis, a trading strategy, spotting a great trading opportunity and entry point, plus completing numerous successful trades is what culminates into an increase in your trading capital.

The best way to perfection is to trade with a plan. Have your trading day figured out. This is not a thing you do a single day and give up. Explore trading plans that help your mentality grow against the challenges you face.

Benchmark: As your trading experience increases do not get into live accounts with haste. Set high benchmarks to achieve through your trading plan.

For instance – stick ton demo accounts until your technical analysis and trading strategy are able to double your trading capital within the trading platforms you chose.

Fast forward

Therefore, trading is a discipline that calls for analysis and changing mindsets and targets.

View forex trading as a game where you are free to devise your best strategies and work with good currency pairs to win more than you lose.

It’s a process that takes different timelines for every other trader getting onboard. Going at it alone can work. However, you are open to accelerator programs to help you shorten the learning curve.

Traders would be best not to resign if they cannot buy a book or course. It's best to explore paid-for or free eBooks, videos and move towards gradual transformation, working with a mentor to build on top of everything.

Mentorships work in places that accelerate your progress towards meeting and grasping the more delicate details traders fail at going at it alone.

Customize Your Way with a trading strategy

You will never find a perfect ar one size fits all path to success in the market. Everyone follows a distinct path with such distribution.

Everything seems to vary: trading plan, the trading day, and trading options.

It's funny how trading opportunities arise. There's a category that trade based on market news. So the market movements, their trading plan, and financial instruments they target builds on fundamental analysis to predict market movements.

The market news seems to throw different difficulty levels. Trading plans building on fundamental analysis may appear to pose greater hurdles for some. Surprisingly, others in the market feel it give them the best entry point for the highest potential profits.

Can you get rich by trading forex?

The short answer is a BIG yes. With one significant condition – if you trade in the right way and the right markets.

Traders have many opportunities and strategies to make profits. But, the many opportunities here mean nothing if you do everything wrong.

There's no reason you should not blow account trading wrongly. I delve deeper into this to try and give you brief notes on how you can go about it.

Forex trading is the only kind of trade I know that can make you hell rich overnight – working with the correct trading strategy. And equally send you into brokenness with equal or even severely ruthless shocks!

Below are three key pointers to help you figure out how FX can make you rich:

Change of Mindset

Changing your mindset will help you get rich trading FX markets. Utmost, if you have to make it, stop approaching markets with greed.

Or better, FX is not a get-rich-quick scheme. And your efforts through strategies and patience are a considerable portion of the recipe you need to get there.

If you weed out greed and know how to go at it slow, you guarantee yourself getting rich trading forex.

Relevant Mentorship and Habits of  Progress

Getting there is a gem. You can go at it alone – a riskier path for many starter traders. Or walk with others who’ve gone ahead of you.

I prefer the latter – for you may part with some fee, which you'll else pay to the raving markets if you ignore the words of the wise.

And it's pretty simplistic. Once you get the hang of how experts do it, good for you. You’ve hacked it, and all you need is Rinse and Repeat. And keep perfecting the game repeatedly – not forgetting every rule you pick along with technical indicators.

Consider OPM

This is a concept where a trader has huge capital – borrowed funds. It could be from family and friends.

And the word of caution here is – Never consider OPM trading strategy or other people's money if you are not perfect earning profits with smaller amounts of capital accounts.

The reason is –  you'll multiply the losses and, unfortunately, in more significant numbers.

With that said, OPM only allows you to do better analysis and work slightly higher lots – commensurate with your capital size.

And its a pretty simple concept if you get it right – within the concepts of good trading risk tolerance limits.

With OPM always apply the correct trading strategy. You are still in the one market where you need to track good trading opportunities. Still, a bad trading activity with OPM will derail your profit targets.
Financial institutions are at a better advantage to explore OPM via a dedicated money manager. And they approach the market with a sophisticated trading plan with huge access to virtual funds. This should not scare you at all.

No local law prohibits their practice. If anything they amplify trading opportunities and as well too suffer at the hands of the market.

For instance, if you have an account holding $1,000.00, you can risk 2% per trade. If you have ten-fold of that, which amounts to $10,000.00, you still do 2%. The only significant thing is you'll be risking ten times your smaller account; else, you’ll earn ten times of it in a single trade from the market.

Word of caution again, OPM is pretty sweet. But doing it wrong is equal to pointing a gun on your forehead….and hoping to pull the trigger and be alive the next day!