No, the industry is not getting rolled down by the mafias and the big boys we are talking about also not don. They are the elite traders who maintain a successful and envious career with no stress, proper managing of their investment and making consistent money. It is a rare quality and skill that only a few have mastered and if you look at the industry, you will notice the number is shrinking every day. Not all the people have the discipline and the willingness to trade profitably and most of them fail. They become greedy after some profit and they start taking risks that do not pay off. The result is they lose money but they never take lessons. They still continue in this way until they lost the last dollar of their deposit and have to close their account. Joining the big boys club of Forex is a dream of every trader.
You cannot deny that you thrive to be a good trader but when you have achieved your dream, it does not stop there. It grows on and on ultimately you can reach the sky. Joining in your dream club is also possible for you if you follow some simple tips with dedication. Always remember the easiest steps are the hardest parts when it comes to following them. They look so simple but their importance is great which many people do not realize. This article is going to explain how you can join the club of your dream to become an elite trader.
Large banks and institutions
The large banks and institutions are always one step ahead in the trading business. They never follow the herd in the Forex market since the majority of the traders are losing money. They always consider all the variables and trade this market with managed risk. In order to become a profitable trader, you must start thinking like the banks and large institutions. CFD trading is extremely easy provided that you know how to deal with your losing trades. Stop being so predictable and never ignore the market trend. Try to use your technical knowledge to find the overall trend of the market as it will significantly improve your trading performance. Take your time and if required use the demo accounts for the first six months. But never start trading the live assets based on your gut feelings as it will result in a huge loss. Follow the conservative technique to protect your investment from the wild swings and be a confident trader.
Practice and repeat
The first tip is to practice and repeat the process. If you have practiced one plan for a thousand times, make sure you are practicing the plan again for a thousand times more. There is no limit to practice and every time it gets better. The big traders do not trust in luck and they only believe in their plans and the charts. They make their own fortune than depending on the trend to come and benefit them. Repeat this process until you achieve perfection.
Give yourself a new target every time you succeed
Always look out to the star and wonder how you can achieve them. Your career should be stopped after you have reached your goal. Make a new goal and plan for reaching that success. You will fail but also learn many new things on the way. Learn to dream big in your career as it will grow your confidence and you will progress in your career.
Focus on one thing at a time
Try to do one thing at a time. Never try to multitask as this may not work out. If you are practicing strategies, only practice one strategy. If you are planning to trade, only place your trades in one market. It will help you to understand your performance and improve your result.