5 Stages To Becoming a Successful Trader. What Stage Are You In?

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You cannot become a successful trader overnight. You need to go through several steps and face countless hardships to be able to obtain the success you dream of. In addition to that, you need the knowledge to perform your trading plan accurately and a trading plan that is reliable and easy to use. In this case, the MetaTrader 4 (MT4) is the best Forex trading platform to use. It is true that there are now countless platforms, new and updated with features that you can choose from. But if you want something reliable and tested through time, then you may want to consider the use of MT4.

But before you decide about the platform to use, it is much better if you get to know the steps of becoming a good trader. You need this for awareness. What stage are you in?

 

1 – Unconscious Incompetence

This is the stage wherein you get interested in trading. You see ads showing lots of money, luxury cars, and huge houses, then you get curious about this means of earning money online. Most of these ads would claim that trading is easy as learning your first letters.

You become excited about your first trade thinking that you are already well-prepared. You thought everything will run smoothly until you encounter your first loss. You try to reverse the situation by trading again and again. You trade without a plan and that’s even worst.

In case you experience the initial success, you will get hyped and determined to earn more. That’s when the time that your brain sends the signal that trading is really very easy. Then the initial success that you got turned into a nightmare. The amount your loss is more than the amount you gained. Then you move on to the second stage.

2 – Conscious Incompetence

It is in this stage where you realize that trading isn’t a child’s game. You notice that there is actually a lot of work involved in trading. You slowly realize the sad truth – you are not competent enough to become a successful trader.

Then, you start doing what you should have done from the start – read and learn about trading. You start getting to know some of the most trusted trading platforms, the MetaTrader 4. You become curious with indicators such as moving averages, Divergence, Fibonacci Lines, Fractals, Pivots and so much more.

3 – The Eye-Opening Moment

You come to the realization that trading is risky and hard but it is not impossible to earn from it. You can even earn money just by using moving averages. You can earn as long as you get your head straight on your goals and ensure that money management is ready at all times.

4 – Conscious Competence

In this stage, you start to make trades based on the signals sent by your system. If you lose, you don’t get too emotional about it, you move forward and plan another successful trade.

5 – Unconscious Competence

This is the last stage of becoming a real, productive trader. You are trading on autopilot. You are the star in the trading Forex trading chat room. You can finally hold your held high and say “I am a currency trader’.

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