4 Steps to Becoming a Forex Trader

There are a few steps that you will be taking to get from where you are to becoming a successful currency trader who can make consistent profits over the long term. Each step is very important and will take time and effort, but they are all necessary if you are going to be serious about trading.

1. Your first step is going to be to learn everything about the FX market and about trading. You have to start studying technical and fundamental analysis and familiarizing yourself with different approaches to trading. when your basics will be cleared, you can start testing.

2. Find a trading method and start backtesting. Don’t waste your time looking for the perfect system because it does not exist. Find something that feels intuitive to you and that you understand, and then start testing it on the old Forex data. You will need to achieve consistent profits over a long time period — try aiming for at least 200 trades.

3. Once you have found a profitable system backtesting, you will move on to demo testing. After that Open up an account with a Forex broker you have researched and will fit your needs. And then You can trade virtual currency. You will need to be profits for 2–6 consecutive months before you go live with real money.

4. Go live. At this point, you will be ready to finance your account with real money and trade using the methods that you have tested. Follow them to the letter and make the same decisions that you would have made during your demo tests. you will probably start losing If you change your plan again and again because you are using real money. if things are not working out then Don’t be afraid to go back to the drawing board. If you lose your profitability, you should return to demo testing until you are profitable again — however, it takes a long time.