By analyzing the low success rate people in Hong Kong often become confused with trading business. They think no one can make a profit in the Forex market. Though it’s a very sad fact, 96% of the investors are losing, people barely know the reason. How many people understand the key reason for which they are losing money? Most people start trading without even knowing the basics. If you start exploring the fact, don’t be surprised, if you find 10% educated traders. Now let’s come to the key question. Can we become successful in the Forex market? To find the answer, read the article.
Are you serious about trading?
The first thing which you need to know you, the depth of dedication. If you are not dedicated, you are not going to overcome the obstacles trading. People find it hard to make a consistent profit since they don’t give enough time to find the key reason behind the losing trades. To make your life better, you have to push things to the next limit. Unless you are well educated and know the details of the trading business, you should not trade the real market. Be serious with this profession and only then you can change your life.
Will power to learn
You must have the will power to learn new things. Those who don’t dare to learn new things are always losing money. For instance, we all know the Fibonacci retracement tool is a great way to find the best trades in the trading platform. But do you think you can take advantage of the Fibonacci retracement tools without understanding its use? You must have the tenancy to learn new things and only then you will be able to make a consistent profit. Think about the conservative trading method so that you can find high-quality trades without having any issues. Keep on learning new things and you will feel the change in your skills.
Can support your family
To become a fulltime trader, you must have the ability to support your family for six months. Those who don’t have the skills to support their family for six months are always losing money. Before you start trading the Forex market as a fulltime trader, make sure you have the courage and financial backup to support your family when you have bad times in trading. Though this will be tough at the initial stage but without having these skills, you can’t become a successful trader.
Do you have a trading plan?
You must have a trading plan to make a consistent profit. Those who use the aggressive method or other people’s trading strategy can’t make any real progress since they don’t have enough skills to trade the real market. You need to develop your skills based on your trading method. Once you develop the basic trading plan, trading the real market. Keep track of the trades in the journal so that you can analyze the losing orders. Analyzing the losing trades and see if you can make a profit from this market. If you feel comfortable with your trading system, start taking things seriously and you will become a successful trader.
Can you control the greed?
Greed and emotions are the most dangerous enemies for the retail traders. Those who trade the market with greed always lose money. You might become emotional after losing a few trades but this is not the style of the professional traders in Hong Kong. Losing or wining should have zero impact on your trading career. Unless you can trade the market without any emotions, you can’t become a skilled trader in the Forex market. So, focus on your psychological development since it determines your success. Once you learn to control emotions and greed, you can trade like the pro. But it takes time to control emotions and greed.