It’s quite an ambitious goal to go from a newbie to a god in the world of forex trading. However, let me assure you right now that it can be done. Of course, it’s hardly going to be an overnight process. There are a lot of concepts to learn and information to process. You have to choose the right trading strategies and the most suitable forex broker. Very importantly, you need to train yourself not only on the technical skills, but emotionally, psychologically, and mentally as well. Are you ready to take your forex trading skills to divine levels? If so, here are some fundamental steps that you can follow.
7 Steps to Becoming a Forex God
Becoming a forex god can be a long and arduous journey. As with any long journey, there’s no better place to start than with the basics. First, you need to understand how forex trading works, as well as the unique features of the forex market. Then, educate yourself on the fundamental concepts of currency pairs, pips, leverage, margin, and so on. Get an idea of how the more popular trading platforms work, like MetaTrader4 and MetaTrader5.
1. Gain Comprehensive Knowledge about Forex Trading
Once you have a firm grasp of the basics, you can move on to learning the more advanced concepts that have an impact on forex trading. Familiarize yourself with the monetary policies of the biggest economies in the world. Be mindful of geopolitical events and macroeconomic indicators, all of which have a huge impact on the forex market. You will also have to make a habit of watching the news. Economic reports, in particular, will definitely affect your trades. The next area to tackle is technical analysis, which can be a bit of a challenge for many beginners. However, if you are naturally inclined to become a forex god, it shouldn’t be much of a problem. This is the part where you have to learn how to read and interpret charts, identify support and resistance levels, and identify trading signals. You might have to experiment with using a variety of technical indicators. You will find yourself getting up close and personal with Bollinger bands, moving averages, Fibonacci retracement levels, and so on. If it is getting overwhelming, keep in mind that there is no pressure. You can always learn at your own pace,
2. Develop a Trading Strategy
By developing, we don’t necessarily mean creating a trading strategy from scratch. There are plenty of existing strategies that you can choose from. However, you might have to make tweaks to align it with your goals. Your choice of strategy would depend on whether you want to go into short-term or long-term trading. You also have to take your risk tolerance into account. At the same time, you have to consider the amount of time that you can allocate for your trading activities.
3. Have the Right Mindset
One very important element that determines your potential of being a forex god is your mindset. Forex trading requires technical skills, but emotional and mental control also play a significant role. Many experienced forex traders have suffered insurmountable losses but not because of a lack of skill. The more common reason is that they allowed fear, greed, and other emotions to affect their trading decisions. Emotional trading can lead to your downfall. To prevent this, you must have the right mindset from the beginning. The risk of loss is an integral part of trading. You should be able to accept it when it happens. Analyze your mistakes and use them as a lesson to further improve your strategy for future trades.
4. Make the Most of Available Tools
There is an abundance of trading tools available today for charting, technical analysis, and so on. You just have to pick the right trading platform that can give you access to all the tools you need. MT4 and MT5 offer a wide range of advanced tools that are more than sufficient for most traders. Some forex brokers also have their own proprietary platforms that come with customizable features at your disposal. You can try out these platforms by signing up for their free demo accounts. However, many traders today prefer the use of automated trading systems. These systems not only take away the risk of emotional trading but also improve efficiency. 
5. Learn from More Experienced Traders
Scouring the net would already yield mountains of useful information for forex trading. However, if your goal is to be a forex god, you must have a more extensive and more in-depth education than the ordinary online trader. A good way to do this is to seek out a seasoned trader who can impart actual first-hand experiences. Expert traders can teach you many things that cannot be found in any forex tutorials or blogs. At the same time, it is also helpful to exchange ideas with fellow traders in online communities. In the forex industry, there is no single way to look at things. Opening your mind to other possibilities can give you a wider perspective. It can even help you hone your own personal strategies further.
6. Adjust to Market Trends
One of the distinct characteristics of the forex market is that it is dynamic. Market conditions change a lot, and you must be able to adjust accordingly. Just because one strategy works today doesn’t mean it will benefit you forever. A real forex god is able to switch from different strategies, depending on what the current market trends call for.
7. Diversify Your Trading Portfolio
The classic saying “Don’t put all your eggs in one basket” applies perfectly to trading. Forex may be your focus, but you must not put all your capital into it. It is always a good idea to spread risk by diversifying your trading portfolio. In addition to trading currencies, you can also explore other instruments like bonds or stocks. Most importantly, make sure you always have a financial safety net. Never put all your money into trading, even if you are confident that you are already a forex god. You still never know when the winds will change in the world of forex trading and when that happens, it is always better to be safe than sorry.
