3 More Steps to Getting Started Day Training Trading Forex for a Living

This article is a continuation of part 1.

So, next we have Step 3, which is signing up for a demo trading account with a broker. Your goal is to start practicing trading, and I would advise you only practice during free time hours at work or at home. The highest rated broker by actual users on this site is Easy Forex. Your job will be to sign up with a broker, and setup a demo trading account. When you’re in this phase, expect to be doing a lot of practice, and plan to take your time in this learning phase. Don’t being trading with real money until you’ve established a history of profitable and successful demo trading.

Be very aware that demo trading is very different from money trading. The simple fact that you’re using virtual money instead of real money will cause you to think different about your trades. Make sure to keep consistent and follow your trading plan or strategy, so that when you make the switch over to real money, you’ll be way ahead of the game and prepared for more realistic trades.

Step 4 is to expand on step 3, if it went well. If you’re starting to see consistent profits, plan to transfer money into a real money account. As you become more confident in your trading, continue to put more money into your bankroll. Understand that you won’t always make the right decisions or as much profits as you would with a virtual account because you have the fear of loss suddenly lurking. Stay with your system, and plan; and take the emotions out of your trading.

Step 5 is the step every trader dreams of achieving. It’s a level where you can predict what you’re going to be able to make based on your previous average gains from real money trading. Once you’ve achieved level five status, you should be close to making more than your current job is paying you. Therefore, you can begin to quit your job and work as a full time forex trader. This gives you the freedom to work the hours you want, and yet the ability to continue to increase your bankroll. Always remember, that forex trading isn’t a get-rich quick type of scheme and that it might take years to get to this level. Forex trading is a long-term adventure, and there’s a reason why only 1% of traders ever make it to level five… it’s more difficult than hyped-up websites make it out to be.

The only way to achieve all five steps is to be patient through each step. Remember that it isn’t your trading system or plan that could be your potential downfall, it’s your own emotions that will sabotage your success. Fear and greed are the two emotions that are most dangerous to a traders bankroll. If you can learn to keep calm and keep these emotions under wraps, you’ll be able to enjoy the full-time forex traders lifestyle.

If you follow the three steps above, you can easily expect your income to grow and with time, you’ll only become even better at trading Forex. Best of luck.

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