5 Steps to Becoming a Full Time Forex Trader

If you want to become a full time forex trader and make a career out of trading the international currency markets then this article will show you the 5 main steps you need to follow to achieve your goal.

Step One

The first step is to start your Forex education today. As with any job you need to become knowledgeable on the subject. Forex careers are no different and you’re going to have to start reading books on Forex and learning from people who have already mastered the subject.

It is a good idea to listen to audios from FX experts who will share with you their insights into how to successfully trade the difficult but rewarding currency markets.

Step 2

Once you’ve commenced your Forex education the second step is to start paper trading. What this basically means is you start trading with imaginary money. There are many online forex trading platforms that let you sign up and start trading with pretend money.

This is an important part of your training because it allows you to learn from your mistakes without actually losing money. You can expect to do this for 6-8 weeks while continuing your Forex education too.

Step 3

After you’ve been paper trading for a while you should start to make profitable trades with the
imaginary money in your account. At this time you want to move onto step three which is to ‘dip your toe into your water’ by starting to trade Forex with real money.

You’ll immediately notice a difference in terms of the emotions you feel on a trade. The key is to start with small amounts of money and not risk more than you can use, and to learn from every trade you make in the FX market.

Step 4

Step four comes when you start to consistently make profitable trades with small amounts of real money. Now it’s time to start trading with larger sums of money. You will want to reinvest your earnings in these early stages towards full-time training to build up your capital reserves.

It be a good idea to take on an extra part-time job and/or to save as much money as possible from your main job to build up as large a trading fund as possible.

Step 5

Step five arrives when you’ve been consistently trading profitably for at least 6 months and you’ve been earning enough to cover all your expenses with a little to spare. You also want to have a decent amount of cash stashed away in case you come across some short term difficulties.

At step five you finally become a full-time trader by giving up your job and living your dream with Forex as a full-time career. It is exciting and profitable, but remember to continue investing in your Forex education to ‘sharpen the saw’ that will enable you to sustain a full-time Forex career for years and decades to come.