If you want to be a lawyer, doctor, engineer or skilled worker – to work in any professional capacity – you face several years of education and many years of practice before you become really successful in your profession. Becoming a successful forex trader is not a task easier than either of those professions mentioned above.

There is not a part-time trader out there who doesn’t dream of getting to the point where they can throw their day job to the wayside and trade currency from the deck of their pool. This is a legitimate fantasy that few will achieve, and for those that do it will be a hard road to get there.

Risk management is one of the most key concepts to surviving as a forex trader. Risk management is a combination of multiple ideas to control your risk of losing all at once during trading forex. Without good risk management an exceptionally gifted trader will lose just as much as a bad trader.

Trading is like any other business where losses are a part of the game. But losing over and over again can lead to psychological scarring that can paralyze and fill the trader with dread when approaching the trading table. It is well known that fear of losing actually leads to losing. Stops are placed too tight instead of giving the price action room to breathe.

Forex trading plan is one of the most important tools in forex trading for new traders and also for experienced traders too. Before you start trading you should know that having a forex trading plan is one of the most important pieces of the puzzle for becoming a consistently successful forex trader.

We could say that yes and no. Many new coming traders of this currency market ask such questions. There is no unequivocal answer to them. The name "profession" implies the existence of certain human skills through the use of which a man receives financial profit.