Start walking the Forex trading journey alone once you can make at least 5% monthly returns in your Forex trading demo account. It’s time to reap the hard work you have put in. This article highlights essential tips to help you find out whether you are ready to take your Forex Trading career to another level.
When Should You Start Trading a Live Forex Account Without the Help of a Forex Mentor?
1. When You Have Passed Through Basic Forex Knowledge and Understood How the Forex Market Operates
If you come to the Forex market with the right mindset, you will understand that gaining Forex trading skills requires time, just like the skills taught in colleges.
Professionals spend years patiently learning how to carry out their duties, but beginner Forex traders want to be “experienced” traders in a few weeks or months. If you were lucky to go through college, how many years did it take you to pursue the course you majored in?
It’s incredible how people can stay in college for years but cannot dedicate even six months to learning how to become a professional trader. Take your time to gain trading knowledge before you start trading on your own and call yourself a professional trader.
2. When You Have Practiced How to Trade
Practicing on a demo account enables a trader to determine whether a trading strategy is reliable or not. When you take your time to practice on a Forex demo account, you will be like a soldier who has gone through military training and is ready to face the enemy.
3. When You Know How to Balance Your Risk to Reward Ratio
Obtaining consistent profits in Forex trading relies on how a trader sets his risk to reward ratio. Start trading on your own if you can achieve over a 50% win rate in your trading system.
4. When You Have a Good Trading Capital
Forex trading is an investment opportunity that requires capital for a trader to realize considerate profits. Good capital enables traders to overcome greed and set achievable trading goals.
5. When You Have an Edge
An edge is what makes a trading strategy work for a trader. If you don’t have an edge, you may have a strategy that works for other traders but does not work for you. That is because they already have an edge with the strategy.
An edge is obtained by testing a trading strategy consistently until a positive result is achieved. It is achieved automatically.
FAQs on Walking the Forex Trading Journey Alone
Armed with the above “weapons,” it is possible to make a living out of Forex trading if you are disciplined. It would be best to remember that the Forex trading journey is not a walk in the park. Many new traders give up too early before they generate profit from the business. They find trading difficult because they do not embrace consistency, discipline, patience, and compounding. Learn to separate yourself from this group of failures if you expect Forex business to pay your bills.
I hope this article has helped you understand when it is right for you to start walking the Forex trading journey alone. If you have any questions or concerns, you can leave them in the comment box below.
Disclaimer: Trading forex involves risks, and it's important to carefully consider your investment objectives and risk tolerance before participating in the forex market. The information on this website expresses our authors' opinions and is meant for general knowledge only. Even though OpWell Forex provides reliable Forex Trading products and services in good faith, our website's content is not intended to substitute for professional investment advice. Therefore, we shall not be liable for any loss incurred as a result of consuming any of our resources.