Sunday 25 July 2021
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How long does it take to become a successful trader

There are many things you need to consider to answer this question. In fact, no one can say the exact time required to become a successful trader. However, if you consider the basic parameters, within a few years you can easily make a huge profit and support your family. Living your dream life in Singapore is a very challenging task. But if you know the key ingredient required to master the art of trading, you will never have to rely on your traditional day job. In today’s article, we are going to assess the key parameters which determine the time required to master the art of trading.

successful trader

Devotion and dedication

Devotion and dedication are the most important quality which determines the success rate of any person. Not only in the Forex trading profession but in every aspect of life have also you need these two qualities to become successful. At the starting of your trading career, it’s very normal you will have to overcome many challenges. But if you devote yourself and learn the details of this market with proper dedication, it won’t take much time to understand how this market works. Once you begin  to synchronize yourself with the dynamic nature of this market, even after losing a few trades, you will be able to make a consistent profit.

Professional mentors

You can significantly reduce the time required to master the art of trading by seeking help from the trained traders. The experienced traders will always give you a clear guideline to trade this market with an extreme level of precision. In a nutshell, they will high light the key features of technical and fundamental analysis. Many people have mastered the art of trading within a short period of time with the help of the experienced trader. Being a fulltime trader, always try to trade with the best broker. Experienced traders prefer CFD trading at Saxo due to their premium trading environment. You won’t have to make things complex to learn the art of trading. Follow the guidelines of the experienced traders and you will be able to make a decent living out of trading.

Mental development

Psychological development is crucial to your trading success. Never think you can earn huge amount of money without doing the hard work. Even if you know the proper way to trade this market, there is no assurance you will be able to control your emotions. Once you start to trade this market with emotions, it won’t take much time to lose your investment. For this reason, successful traders always suggest the new traders trade the market with an extreme level of caution. Learn to embrace the losing orders. Losing or winning should never matter to you since the outcome of any trade is completely random. Try to find high-risk reward trade setups so that you can easily overcome the loss with a few winners.

The ultimate answer

If you can follow the above mention tips, you can learn the art of trading in less than a year. Always remember, there are three major forms of market analysis. You can’t succeed in this trading business based on technical analysis. Unless you educate yourself properly, you won’t be able to assess the fundamental data. Some of you might think the fundamental analysis is not required to make a profit from this market. But if you observe the successful traders closely, you will notice all of them are analyzing the fundamental data to assess the strength of the market trend.

Being a novice trader, open a demo trading account with Saxo. Practice hard so that you can easily make a profit in the long run. Note down your trading mistakes and try to learn new things on a regular basis. Push yourself to the edge so that you feel the urge to learn new things.

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