1. This site uses cookies. By continuing to use this site, you are agreeing to our use of cookies. Learn More.

Being a Currency Trader

Discussion in 'Forex Discussions' started by painofhell, Oct 14, 2015.

  1. painofhell

    painofhell Content Contributor

    Jun 24, 2015
    Likes Received:
    Being a currency trader is a total adventure. Currency trading is something that can be a lot of fun. It's also something that requires some special skills.

    Many people would probably assume that a currency trader has to be highly sophisticated and maybe have the brain of an engineer. Actually, nothing could be farther than the truth. Trading currencies is pretty simplistic. There are some traders that love to pour over reports and figure out why things move the way they do, and that is a good thing to do, but trading currencies is really about following trends.

    When you want to make money on a currency pair, you only need to put in a trade that follows the direction that the currency pair is going. It's always a good idea to know why things move the way they do, but the actual trading method is simple, follow what you see.

    Being a currency trader is an easy job, once you learn what it's all about.

    You'll need to be able to control yourself well, particular your emotions and be able to admit your mistakes and learn from them. Those are the keys to progressing in forex trading. People tend to make up complicated ways to come up with their traders, and this is fine, but it requires that you learn from your actions. In general, humans don't like to be wrong, and in currency trading, sometimes, you just are. What matters is how you handle that and whether you learn from it.

    Currency trading is fun, the market is open 6 days a week, 24 hours. If you have access to an internet connection, you can make your trades. Depending on your trading style you might even be able to trade in just a few minutes a day.

    While this is not how many traders trade, it's the way that it can be.

    How your trading life goes, depends on what your style is. When I first started trading, I had no idea what I was doing and I was fascinated by everything. This led to not sleeping, investing too quickly, and trying out everything that I came across.

    It's really no surprise that I lost money, because I would sleep for two hours and then have to get up and check the markets. I was often obsessed with the small movements and any news report that was coming out anywhere. This could be your life if you're a little crazy.

    These days, things are different, trades are made in a few minutes a day on average, and I can trade while on vacation, or at home, or while doing anything basically. The results are better, and my stress is many times lower.

    I've seem people quit currency trading because they became too obsessed with a trade and had their account whacked down to size. It's tough, but this happens, and it happens even to experienced people. Losing money in this industry is easy because they basically hand you the beer and the keys to the car. It's up to you to toss that beer and go driving on your own and set a reasonable pace.

    Being a currency trader is a good gig, but it's not easy getting started because of some of the growing pains that you have to go through personally, and learning how not to overdo it and stress yourself out.

    All that being said, you will get through it with some patience and care. Nothing worth doing is ever easy. This is not winning the lottery, there is work involved in succeeding. If you hang in there you can make it to the other side.

Share This Page