Can anyone be a Forex Trader? | Forex Factory

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Can anyone be a Forex Trader?

  • #1
  • First Post: Jun 28, 2012 11:25pm Jun 28, 2012 11:25pm
Anyone can be a Forex trader as long as they are determined and willing to face the ups and downs of this business. It takes a certain amount of persistence, patience and the ability to adapt to changes easily and not all people have those qualities. If you can control your emotions, approach Forex trading as a business and not just there to gamble, and if you are willing to learn more about this industry then you are all set to becoming a Forex trader.
  • #2
  • Jun 29, 2012 12:14am Jun 29, 2012 12:14am
Anyone that can make or come across a long term profitable strategy can be a trader of any market.
  • #3
  • Jun 29, 2012 9:50am Jun 29, 2012 9:50am
And with automatic trading, it's even easier.
Trading is far from being rocket science... but what you need to do is being prepared to loose money. It happens to the best of us.
  • #4
  • Jun 29, 2012 10:50pm Jun 29, 2012 10:50pm
Anyone can be a forex trader, if he/she fulfills some basic requirements of it like risk taking ability. I think, becoming a profitable forex trader is much better than simple forex trader.
  • #5
  • Jun 30, 2012 8:56am Jun 30, 2012 8:56am
Quoting reynuevo
Anyone can be a Forex trader as long as they are determined and willing to face the ups and downs of this business.
Yes, anyone can be a forex trader, but he cant be a good trader who makes consistent profit without some abilities. General people lack the forecasting power, hard determination and control over emotions and greed to be successful in forex trading. Hence forex market is not suitable for everyone.
  • #6
  • Jun 30, 2012 7:50pm Jun 30, 2012 7:50pm
Quoting Tylin
Yes, anyone can be a forex trader, but he cant be a good trader who makes consistent profit without some abilities. General people lack the forecasting power, hard determination and control over emotions and greed to be successful in forex trading. Hence forex market is not suitable for everyone.
YEs, risk taking ability is very important..
  • #7
  • Jul 1, 2012 4:38am Jul 1, 2012 4:38am
Can anyone become a forex trader.

Absolutely. Come on take a dip. The water is safe and feels so good
  • #8
  • Jul 1, 2012 5:22am Jul 1, 2012 5:22am
Of course anyone can become a forex trader.
Anyone can go to a casino.
Anyone can win the lottery.
Put some money in the slot machine & spin those wheels.

Can you become a skilled forex trader, that is the question.
It never gets easier, you just get better
  • #9
  • Jul 1, 2012 10:45am Jul 1, 2012 10:45am
Anyone can be a forex trader, but keep in mind that only few will become a successful forex trader.
Fear prevent possibilities, and so does Greed
  • #10
  • Jul 2, 2012 3:28am Jul 2, 2012 3:28am
Quoting xtrader101
Anyone can be a forex trader, but keep in mind that only few will become a successful forex trader.
Yes, sad to see but that's true..
  • #11
  • Jul 2, 2012 10:10am Jul 2, 2012 10:10am
Just as long as you are willing to accept the losses. I agree that few would be great traders though
  • #12
  • Jul 2, 2012 11:33am Jul 2, 2012 11:33am
I don't think everyone is cut out to be a Forex trader. You need a strong understanding of Macroeconomics & Econometrics which is a subject that doesn't interest everyone. The people who are consistently profitable are those with a unbreakable passion for self-improvement because it takes a great deal of time and energy to improve ones skills and continuously improve them to stay ahead of the markets.
  • #13
  • Jul 3, 2012 12:34am Jul 3, 2012 12:34am
Quoting MySignature
I don't think everyone is cut out to be a Forex trader. You need a strong understanding of Macroeconomics & Econometrics which is a subject that doesn't interest everyone. The people who are consistently profitable are those with a unbreakable passion for self-improvement because it takes a great deal of time and energy to improve ones skills and continuously improve them to stay ahead of the markets.
Yes, the info is available and anyone can start trading right way once they have registered an account. The problem lies in making a profit since most of the traders [new ones] end up blowing their account within the first two weeks or earlier.
The key to success in trading is determination to succeed at all costs and the ability to learn from one's mistakes..
  • #14
  • Jul 3, 2012 9:06am Jul 3, 2012 9:06am
At first you have the money to invest an no knowlegde/experience.

Then the mistakes happen, costly mistakes.

Then you have the knowledge/experience, but the money is gone, and so are you.

This is why I strongly advise demo accounts, using them like you're using real money, take it seriously. It's the best way to experiment strategies and discover new tools. I'm currently using tradecopier dot com, for instance, it's turning out ok...
  • #15
  • Jul 11, 2012 12:42pm Jul 11, 2012 12:42pm
Quoting Terraforce1
Just as long as you are willing to accept the losses. I agree that few would be great traders though
yup you are right, risk taking is very important to become a good trader..
  • #16
  • Jul 12, 2012 1:33pm Jul 12, 2012 1:33pm
Quoting Forexnuts
Yes, the info is available and anyone can start trading right way once they have registered an account. The problem lies in making a profit since most of the traders [new ones] end up blowing their account within the first two weeks or earlier.
The key to success in trading is determination to succeed at all costs and the ability to learn from one's mistakes..

I agree and apart from a willingness to put the hours in and learn, one of the biggest problems in making a profit is drawdown. Even with good trading knowledge there will be drawdown and losses. It is most frustrating to see trades do well and then watch as retracements eat into your profit. When you have experience, you will accept this and even identify where people who are feeling like you (aka the market) are closing their trades. This is the equivelant of selling, if you are long, or buying if you are short. So you watch people selling (if you are long) and wait for them to stop. This causes chart patterns where things like retracements, flags, pennants, wedges and so on occur. It takes confidence in your ability to ride out these drawdowns and losses so that you can take the longer term gains provided by the market.

The above argument works on any time scale, by the way...
Gone to a better place
  • #17
  • Jul 12, 2012 1:41pm Jul 12, 2012 1:41pm
Anyone can become a (successful) Forex trader for the exact same reasons that anyone can become a Judo Black Belt.
To improve is to change. To perfect, is to change often.
  • #18
  • Jul 12, 2012 10:55pm Jul 12, 2012 10:55pm
Hi, everyone, i am new here, and my one of my frined told me that forexfactory is a good place to communicate with experienced traders, so i come in.
And, by the way, here is the question.
Which forex trading platforms support floating spread? fixed spread?

Hope to get your reply.
  • #19
  • Jul 13, 2012 12:49am Jul 13, 2012 12:49am
Well, I think you must mean brokers, because a platform describes the type of trading software used, as far as I know. So your question would probably go well in the broker thread.
Gone to a better place
  • #20
  • Jul 13, 2012 10:43pm Jul 13, 2012 10:43pm
Quoting rainlylover8
Hi, everyone, i am new here, and my one of my frined told me that forexfactory is a good place to communicate with experienced traders, so i come in.
And, by the way, here is the question.
Which forex trading platforms support floating spread? fixed spread?

Hope to get your reply.
There are four IKON's forex trading platforms support spread, including MT4 Multibank,MT4 Turbo Meta,MT4 Maximus and Prodigy.

MT4 Multibank trading platform supports floating spread, MT4 Turbo Meta supports fixed spread, MT4 Maximus and IKON Prodigy support floating or fixed spreads.

Please choose the trading platform that suit your own personal needs to trade.
Hope the answer will help you.
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