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What Do You Need in Order to Become a Trader

How to become a binary options trader

This is a question that rises in the mind of many people that take an interest in the field of trading. If you are one of them, then you must know that you have already made the first step just by asking yourself this pertinent question. However, there are a few more steps you must follow before you can consider yourself a trader and they are presented below.

Step 1. Reasons to Become a Trader

Establish exactly why do you want to be a trader. Although this job can be very rewarding it takes a lot of dedication and hard work, therefore the stronger the reason the more motivated you will be to become successful. Focus on something specific that you know will keep you going throughout this bumpy ride; “some extra money” is not the “why” that will motivate you to complete the learning process.

Step 2. Type of Traders

Traders usually divide into two categories: swing traders and intra-day traders. As their names suggest the ones in the former category deal with days to even weeks investing while the latter category consists of traders that hold trades of minutes to only a few hours. There is no precise way to tell which is better unless you try them both and choose the one that suits your personality best. The type that will get you more money is the style that makes you more comfortable to gain experience and soon turn you into one of the best traders in the field.

Step 3. Dedication

Some may put the blame on the lack of time for their poor progress. If you truly want to be successful you must learn to integrate the trading into your lifestyle. You mustn’t neglect your job, your eating habits, and even your recreational activities for this, but you have to find a balance that will allow you to properly care for each aspect your life and make progress in trading, at the same time.

Step 4. Strategy

You will need to develop a strategy that will bring you the maximum of profit on a chosen market. You will obviously have to study the market first, analyse it thoroughly, and then apply the methods that will guarantee your success. This last step is very important as it will determine whether the effort you have put into this was worth it. However, if you have the right motivation you cannot fail.

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