When entering into market every new trader wonders about how to become a Successful Forex Trader. Although the answer could be very simple and straight forward, many traders tend to make it complicated.
During our Professional Trader Interview we have had a chat with the professional trader behind Daily Free Forex Signals, Mr. Yury Safronau.
As a professional trader what can you recommend people who has just started trading?
It may be surprising, but what I have learnt during my 7 years of trading is Discipline and Psychology among the most important factors for Forex trading which are connected to each other.
You have to be disciplined, you have to follow the rules you have set up as a part of your Forex trading system. Not only that you have to apply Money Management and Risk Management rules to your trading routine. From my point of view these are the key factors for Successful Forex Trading.
Additionally, new traders think that they need a proper analysis, or a "holy grail" and then they will make millions of money. However, the reality is much different. There is no Holy Grail and we are not 100% sure what will happen in the market. Even right now, although I can analyse and try to speculate on the market based on my 7 years of trading career, but I am not 100% sure that the market will go on my way.
So, if you are not sure, why would you trade your analysis?
The market is based on odds. Since we have buy and sell in the market, you start with essentially 50/50 chance of winning. Even if you open your chart and try to look on the market direction based on price action you can increase the odds on your favor. If you are wondering about how to become a successful Forex trader start looking into increasing your odds first.
What do you do as a professional trader?
As a day-trader, I look at the market on daily basis and most of my free time is devoted to the market one way or another. I would either be looking into Technical Analysis, or share my analysis as a Free Forex Signals, or trading, or talking to my investors about their portfolio or I would look into how to optimize my trading strategy.
But what I like about trading is the Freedom that I have. I can trade from anywhere in the world. I can trade from my phone or tablet, although I do not recommend trading from phone nor tablet.
I can go to a tropical fancy island even right now. First of all, I have flexibility and trading pays of .
How do you trade Forex with mobile? How do you maintain your focus when you are distracted by so many outside factors?
First of all I don't risk too much when I use my phone to trade Forex. I know that even if I lose the amount of loss would not be substantial. It all comes to controlling what you can.
If you can control your Greed, you can control your loss.
Additionally my mobile trading strategy is really simple. My trading is based on Price Action mostly and Moving Averages. If the price breaks above the moving averages on an up trend I buy and the opposite to sell.
All the time I use the phrase the TREND IS YOUR FRIEND. And I trade with my "FRIEND."
Learn more about Yury Safronau.