Just like in the school, a forex trader also has levels according to their knowledge, skills, and experiences in the forex market. Increasing phase in forex trading level is called forex trader levels and could be passed naturally without formality at all. So, what is your level in forex trading? In this article, we are going to discuss forex trader’s levels with their certain capabilities, which are required points to trade money currencies successfully. Well, and let’s begin from the top level and learn how you can level up your grade.
1. The Professional Forex Trader
Being a professional forex trader means you work full-time as a forex trader wherever you are. This level is the top of other levels and the highest achievement that traders dream of. To become a professional trader is not easy that you must be mastering everything about forex. In case you don’t know, actually there is only 30% of traders can achieve this “God” level. The good thing in this level that you can gain profits no matter what the condition in the market is (dancing with the market). Therefore, you have no financial problem anymore as a trader. You have huge income as much as a superstar. You can write books about forex, multiply your account without limit and endless margin, buy super luxurious yacht, and other luxury things. Forex traders who have achieved this level, as far as I know is George Soros, Martin Schwartz, Ed Seykota, Wolfgang Flottl, Helmut Elsner, Jerome Kerviel, and Brian Hunter.
2. The Consistent Profit Maker
In order to become a consistent profit maker in forex trading, you must have already a proven system that consistently make profits in the market. The system could be automated forex trading system you always depend on, which is forex robot or what so-called Expert Advisor (EA). Without signal from the system you decide not to open a position.
In this level, suppose we start targeting 20 pips every day for several weeks consistently and then advancing it to higher pips, that could be 40 pips and so forth so on. Trader who have mastered this level can advance to highest level that is The Professional Forex Trader. But, it is reported that unfortunately there are only 3% of 5% traders in this level can level up.
Executing cut loss is a risk of the business. Taking it is as easy as taking profits, that you do already know that your system is reliable to make more profits than having loss which is moderately at least 2% from your balance.
3. The Intermediate Forex Trader
Being an intermediate forex trader means you begin to understand that nobody can forecast what will happen in the forex market in 30 seconds accurately. Therefore, you want to create your own trading system that fits your style and modify the already existing trading methods with your own twist to make more profits.
An intermediate forex trader also is said to be very conservative to keep their equity. They would open a position after considering a number of highest probabilities to make more profits than losing their money according to signals from indicators they always depend on. In minimalizing loss, an intermediate, forex trader always set up stop loss, which is actually a risk in trading. If you knew that you would make more profits, then why should you set up a cut loss?
4. The Basic Forex Trader
Traders in this level have learned the basic of forex trading and wanted to have a system that truly makes profits consistently. Usually, in this level traders have unstable psychology to get rich fast from forex market without considering unlimited loss they could experience during their phase of trading. And usually, they don’t hesitate to purchase EAs or forex robots as long as it’s reliable. As a basic trader, reading new tutorials of forex trading, every details of forex, and what is profitable, is a must for a basic trader to strengthen their understanding, as well as reading weekly forex news for fundamental analysis.
After reading this article about levels of forex trader, I hope you can identify level of your forex trading. Hopefully, you would also advance your trading skills to become a more and more successful trader.
LOL i am just a noooooob
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