How to Become a Successful Trader?

The first thing you need to do when it comes to forex trading is to understand what you want to achieve.

When deciding what you want, you need to be realistic. Set yourself a realistic and measurable goal. This could be something like: achieving a 20% annual return on investment, earning $5,000 in profits, or making a total of 100 pips per month or something similar. Whatever you decide, your goal should be easy to measure. It is also important as a trader to set a goal that can be achieved over a long period of time - it is recommended to set an annual goal to achieve rather than a monthly goal.

Once you have determined your main goal for the year, it is now time to start learning how to achieve it to be a successful trader. The best way is to determine the resources available to you. This could include the size of your deposit, the amount of time you want to spend on trading, and the amount of available funds you want to spend on trading-related matters (software and others). Once you have a clear vision here.

Now that you know what you want to achieve and what you are willing to put on the table, it is time to create a plan of action It is the cornerstone of the trader. This business plan should include the currency pairs you plan to trade and the amount of trades you will commit to. This is of course difficult without a proper strategy, so first prepare a template for your business plan.