If we were to sum up the key to becoming a successful operator in one word, it would be with the word “discipline”. In currency trading there are many things to study, learn and know before speculating and succeeding in making money, but one thing is certain: it is important to remain consistent and perfectly disciplined in the process. of training, as well as in money market futures trading sessions.
The basics for studying when you start operating
There are a lot of forex educational resources on the internet, and if you are new to forex trading, we invite you to check out our 10 videos to understand forex trading, as well as our free trading courses. Feel free to spend time there to familiarize yourself with the Forex market and understand the basics of trading. It may take a month, two or even three months to study technical and fundamental analysis.
Do you think that spending a few months learning the basics of trade is too much? Well, think again, if you can master the methods of money market analysis in just a few months, you can be very satisfied. The profession of a trader is comparable to any other profession, sometimes compared to that of a surgeon. In addition, whether you are a surgeon or a trader, you will need 5-10 years of study to excel in one of these two fields and actually achieve success. In a few months you will master the basics of Forex and probably make some money, but you will still be in the intermediate trading range and not in the expert trading range.
Apply your knowledge in a demo account
Once you have perceived and understood how the Forex market works, that you can analyse the price of currency pairs, understand the various technical indicators and have developed a trading strategy, you should move on to practice and apply your knowledge on a demo trading account. You cannot initiate real trading without having gone through the simulation and tested your trading strategy and plan for at least a few hundred hours.
Start in real life with a small deposit of money
Once you see positive results in your demo account for several consecutive weeks or months, you can finally think about entering real trading and depositing money with a forex broker. However, to make the transition between the demo account and the live account smooth, we recommend that you make a small deposit first. The difference between the demo and the real account will be perceived at the level of emotions related to trading involving your own capital and real financial risks.
Invest more money or grow your capital gradually
After several trading sessions in real mode with moderate capital, if you have comfortable savings and want to invest more money in Forex, you are completely free to do so. If you ever do not wish to make an additional deposit, simply increase your capital with the income generated by your trading. In this second case, we recommend that you try the Forex Pyramid strategy as well as the compound interest method, which will probably allow you to grow your performance curve much faster.