No matter which profession you chose in your life, you are bound to face obstacles. Without having the proper training and strong knowledge of a particular subject, you can’t expect to be the best. For example, think about the scientist in our society. They are hardworking and passionate people. If you ask them what their hobby is, they will say experimenting. This statement should give you the highlight importance of devotion in any profession.
Trading Forex is a very convenient way to make a profit in real life. You don’t have to depend on other people. You can expect to maintain a high standard of living during the economic recession period. But becoming successful traders takes time and you have to overcome three major stages. These stages are –
- The beginner’s level
- The intermediate level
- The pro-level
The beginner’s level
The beginner level is the most dangerous stage of retail traders. Knowingly or unknowingly people lose a huge sum of money. Some people often get scammed by choosing the wrong broker. This stage lasts for six months to one year. Depending on your devotion and working efficiency, you will eventually overcome this stage. At the beginner level, stop expecting to become rich. The concept of profit should be erased from your memory. Your primary concern should on the learning strategy. Getting the right education and practicing in the demo trading account is the most crucial thing in the trading profession. Once you get skilled at demo trading, you no longer belong to the beginner level. It’s time for you to trade the real market and this when the intermediate level begins.
The intermediate level
The intermediate level is often known as the stage of curiosity. The traders will explore different sectors of the options trading industry and look for the ultimate solution. They might buy robots or automatic algorithm which will do the trading. Soon they will understand the importance of manual trade execution. But for that, they will have to gather knowledge and explore the major branch of market analysis. Learning about technical factors might seem easy but things will start getting hard in fundamental and sentiment analysis. However, analyzing the fundamental data is not that tough. Read some prominent articles on fundamental analysis and you will the things to look for to analyze the economic condition of a country.
The third form of market analysis is known as sentiment analysis. This is where the term experience comes into action. You can’t gain significant knowledge of the sentiment analysis section by reading books or taking help from the seniors. To be good at sentiment analysis, you have a focus on your trading experience. Once you have decent skills in the three major branches of market analysis, placement of any trade will not be an issue.
The last stage is the pro level and this is where thing begins to change dramatically. You will no longer struggle to make a profit. In addition to this market will take a different phase. Instead of staring at the chart, you will start to gather knowledge. For that, you will start socializing with the professional traders via the social media platform. In less than a year, you will be dependent on the trading business. You no longer have to worry about your financial need and you will have enough time to spend with your family members. Most of the time, traders start to change their living standards. But to reach the third level, you need to trade the market for at least three years. Expecting to become a pro in less than 3 years is more liking setting unrealistic goals.
Everyone has to face these three different stages in their trading career. The successful people stay at the pro level and they analyze the market from a different perspective. They are not biased with emotions rather they take actions based on logic.