Trading is an active lifestyle that is centered around investing and making trades based on the current trends seen in the financial markets around the world. Many people choose to get into trading as a means of earning good money. As a trader, it’s possible to for a man or women to be their own boss, set their own hours, and have the possibility of an unlimited income down the road, as demonstrated by Greg Secker. Of course, this doesn’t come without unique challenges, so it’s vital to be educated and prepared before starting down the road to becoming a trader.
#1 – Have a Firm Grasp on the Basics
Many people want to make money by trading, so they simply jump right in without educating themselves on the methodology involved. As with any new endeavor, it’s important to have an understanding of the basics before a person actually begins. A person new to trading should learn about how the Forex market works, the terminology used during the trading process, and have a solid foundation to stand on prior to getting started.
#2 – Find a Successful Mentor to Emulate
Many of today’s leaders in the Forex trading space began by following the lead of someone who had already proven themselves to be successful at trading. Everyone starts somewhere, even the most successful industry leaders began at the bottom and worked their way up. By copying the trading style and methodology of someone who has years of experience and a great deal of success behind their name already, an individual who is new to trading can take much of the guesswork out of the process and begin their trading career already ahead of the game.
#3 – Learn One Trading Strategy Well and Stick to It
One mistake that a lot of newbies make when it comes to trading is to constantly switch up their trading strategies. It may make sense to do this, as a person might think it would give them better odds of a good outcome over the course of time. However, it will only serve to create confusion and shift a trader’s focus in different directions, which is not conducive to making a good profit. Excellent focus is a key element to success, so it is imperative to choose one trading strategy, learn it well, and stick with it long term.
#4 – Keep Emotions out of Your Trades
Emotion is the enemy when it comes to trading. It can be easy to get upset when dealing with a loss or setback, for example. Beginners especially have a tendency to panic and make rash decisions when it appears that the deck is not stacked in their favor. Making decisions based on fear, regret, anger, frustration, or any other emotion only leads to disastrous results.
#5 – Be Realistic
If a new trader sets out to become a multi-millionaire on a very modest trading budget, he is sure to be disappointed. Yes, it is possible to earn very good money trading, but this is a process that takes a great deal of time and effort. It’s possible that trading might offer some of the most lucrative options in terms of becoming wealthy, but it comes at the cost of years of persistence, dedication, and mental stress.
#6 – Define Your Goals
A person cannot arrive to any destination without having a detailed plan for getting there, and the same is true of trading. Each method of trading has it’s own methodology involved, it’s own degree of risk, and requires a specific plan to follow to see it through to fruition. A trader newbie will have to decide on an exact trading budget, a daily plan of action, a detailed plan for knowing when to exit, and the adaptability to cut one’s losses as needed and move forward with the next trade.
Greg Secker is an entrepreneur and master trader who founded the Knowledge to Action Group in 2003. With offices around the world, this group consists of several companies that provide the latest in terms of trading software and technology.
Mr. Secker was born in England and went on to attend the University of Nottingham to study Agricultural and Food Sciences. He began his professional career as a trading technologist at Thomas Cook Financial Services where he helped develop the systems currently used in foreign exchange trade. When he was 25 years of age, he became Vice President at Mellon Financial Corporation. This is where he learned from some of the best financial traders in the industry. Mr. Secker retired from this position in 2003 to become a full-time trader within the Forex realm. He proceeded to become a mentor for many others hoping to become as successful as he has been in the trading world.
Mr. Secker also founded The Greg Secker Foundation, a non-profit organization that provides a number of youth programs targeted at providing better education opportunities and teaching leadership skills to underprivileged youth.