What the profession looks like from the inside
The environment in which a currency trader will work will certainly have an impact on his earnings level later on. If you trade at home, there are distractions: Currency Forex trader.
The kitchen is always full of food.
There is a TV in the room and there are interesting magazines.
Always something asks his wife, children run. As a result, the currency trader: loses focus on the task, and can make one or more mistakes that will inevitably lead to the withdrawal of the deposit.
What should a currency trader do: to be successful?
In order to trade successfully, all irritating factors must be balanced out. For example, you can rent an office near your home. As long as you go to it, your brain will be oxygenated and ready for a productive day. First, it's a laptop with the Internet, a phone to contact the broker during force mature situations (and the broker's number is clogged in the speed dial), smartphone - for remote access to quotes on the chart.
Flowers may grow in the office. Try to choose a room that is spacious enough. Turn off all communications in the morning. Drink coffee and have breakfast. Only then do you go to mail, news, answering phones. This is your time when you have the right to fully relax and disconnect from the outside world.
Next you will need a trading platform, charts from different providers to compare prices, news feed/video, browser, several monitors. Work out a plan in case of Internet disconnection — this way you will save your nerves and save your money. Currency trader.
Engage in fundamental and then technical analysis. Pay attention to how the price behaves at the pivot points. Take the minimum risk. When the price moves in the range, you should look for true and false breakdowns to detect the moment. Gaps are used as targets for open positions. Breakouts of strong levels and repeated tests of the corridor are important.
The rest of the day there is trading and additional analysis. It is necessary to make breaks in work - after them concentration and adequacy of perception of market information increases. At the end of the day it is important to get positive emotions. It is possible to leave the market after a good deal. But if you have left in a minus, although you have done everything correctly - it means that your fault is not here, and the market behaved differently. It happens.
Why does the profession of a trader look attractive?
Many people want to engage in trading, because it gives them certain advantages, compared to the traditional way of employment. For example, in trading on financial markets there is no boss (if you do not work for a hedge fund or a large bank), there are unlimited opportunities to earn money, to integrate into the market environment you need a small initial capital. It is up to you to decide how much time you dedicate to trading, whether it will become your main or additional source of income.
The principle of working with currencies is quite simple: you buy cheaper and sell more expensive. Or in reverse order, if you play down. Then the asset is sold first, and later it is paid off at a more affordable price. So that's the secret. Success!