The Masterforex-V World Academy Explains the Importance of Treating Your Trading As a Profession
Every profession or career requires special training and education, and trading in the financial markets is just like any other profession. It requires the right training and discipline in order to make it big in this business.
Miami (I-Newswire) December 27, 2013 - Every profession or career requires special training and education, and trading in the financial markets is just like any other profession. It requires the right training and discipline in order to make it big in this business. Among all the financial markets, the Forex market has been gaining a lot of popularity in recent years, but unfortunately not everyone is giving this market the respect it deserves.
The Forex market is bigger than all the other financial markets. There are more than a trillion dollars exchanged every day in this really huge market. Forex means foreign exchange and it is a decentralized market where all the currencies of the world are traded, no wonder why this market is so big. Forex offers a lot of advantages for traders over the other markets, but if you are not aware of the risks associated with this market or any other market you may get burned.
The professionals at the Masterforex-V World Academy will help us take a deeper look at how a beginning trader or a trader that has not been able to make it successfully in this market can change the way of thinking and start applying real business management techniques to their trading.
First of all we must realize that trading is 90% psychological. You do need a winning strategy and sound money management, but if you do not have the discipline to apply your rules correctly, most probably you will end up making mistakes and becoming prey of your emotions. Keeping your emotions in check is probably one of the most important aspects that you need to control if you ever want to call yourself a professional trader.
Due to the fact that trading should also be treated as any other career, it requires time and effort to start seeing the fruits of your hard work. At the beginning we may encounter a lot of obstacles and frustrations when our positions go the opposite way immediately after entering the market, but as we grow and mature in our way of looking at the markets, we realize that there are things that we do not have control over them and we learn to dust off those losing trades, because we are conscious that they are only temporary.
There are though other aspects of the trading business that we can control. For example, having the right technology and Internet connection is essential for the success of our career as a trader. That is under our control. Also, choosing the right broker is also under our control and it is our responsibility to do the right research and due diligence when choosing a broker. The broker is more than the middle man between us traders and the market, the broker is our partner in business. That is why you should choose a broker that is trustworthy, professional, regulated, and that has had the best reviews by fellow traders.
The task of choosing the right broker can overwhelm you, because of the vast amount of brokers available out there. You can go crazy trying to compare all the advantages and disadvantages that each broker has. Fortunately, at the Masterforex-V World Academy, there is a rating list of brokers that is updated every month to make it easier for traders to choose the right broker.
But when you are looking at a list of brokers, you must also keep in mind that not all brokers fit all trading personalities and strategies. For instance, a trader whose main strategy is using scalping techniques or automated systems like Expert Advisors or the so called "robots" should choose a broker that allows this type of practices. Also there are brokers that cater mostly to high profile investors with big sums of money to deposit, requiring minimum deposits of 10 thousand dollars or more. Therefore, if you are just starting you may want to choose a broker with no minimum deposit levels.
Another aspect besides choosing the right broker is the education that you will be seeking in your journey towards becoming a professional trader. There are lots of courses, seminars and education programs on the Web that you can take advantage of to get the education you need about the markets. The Masterforex-V World Academy is proud to have some of the best education programs on the web. Actually, the Academy has been known by being the best Forex education project in Europe since 2009, with the great benefit of being free of charge to its members.
During an interview with some of the best experts available at the Masterforex-V World Academy, we asked them to please point out the most important points to keep in mind when deciding to become a professional trader. They mentioned for instance the aspects that we mentioned above, but also added the importance of having a trading plan. Just like any other business needs a business plan, you also need a trading plan.
Your trading plan should include very specific rules for entering and exiting a trader, also very sound money management rules. You must be aware of how much are you willing to risk on every trade, how much of your total equity are willing to invest per trade, how long are you planning to hold your positions; you must decide before hand if you are planning on being an scalper, a day trader, swing trader or position trader, and what amount of your savings are you going to set aside for trading.
By the way, the experts recommend that you don't use more than 10% of your hard earned savings for trading and under no circumstance you should borrow money or take out a loan to start trading. This is not recommended, because when you are trading, your mind should be free of any pressure or stress. If you are placing a position thinking that you will be making the needed monthly payment for your loan, you are in for a big disappointment, because most probably your emotions will take a hold of you and make you open positions that do not have a high probability of winning.
Finally, the experts at the Masterforex-V World Academy (http://www.masterforex-v.com) recommend having a working station that is comfortable and enjoyable. You must feel relaxed and with a fresh mindset in order to take the right trades. Patience is really important in this business. At the Academy's website you may find the results of traders using the SAKS trading system as proof that if you are discipline and follow the rules correctly you can really become a profitable and professional trader.
Published On:December 27, 2013
Print Release:Print Release
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