One of the biggest mistakes that many Forex traders make is that they don’t treat their Forex trading like it’s a business. Instead, they treat it like a gambling addict instead of calm and calculating traders. If you want to succeed as a Forex trader, you have to think of it as a serious business, because it is indeed a very serious business.

I have mentioned this in my past education articles as well that forex trading should be treated as a serious business. To be a successful Forex trader, it is important that you treat trading like a business. It is unlikely that you could put £50 into a business and turn it into £20,000 in a short frame of time. You need to apply this same theory to Forex trading. One of the biggest reasons traders lose money is having an expectation of turning a small amount into very huge profit in a very small phase of time. 

There are costs to being a forex trader, just like any other business. Your goal as a trader is to try and bring in more money through revenue (all winning trades) than you have going out through your costs. If you can do this, you will make a profit. However, if you let your costs (all losing trades) get out of control, eventually you will lose money and your trading business will go under (and one day you will blow out your trading account)

 

Here is a review of the steps you should take to start your forex business:

  • Make a business plan.
  • Choose regulated and reliable broker.
  • Practice on a demo account and find suitable and profitable strategies.
  • Start trading with small amounts until you are consistently profitable with real money.
  • Gradually increase your trading size and the time you spend with trading.
  • Always evaluate your performance and try to improve your trading.
  • Find a method that gives you an edge over the market.

 

Last, not least, get informed to stay ahead of the crowds: this one is very important because like any other business once you become profitable the education does not stop there. The markets are changing and evolving all the time and like all good businesses, you must move with the times. Continually seeking further education and market knowledge will help you stay ahead of any changes to the market.

As I mentioned above, you will have to make sure your winning trades are more than offsetting all your trading costs if you want to be a profitable trader. So, there are basically two ways to accomplish this:

1) Aim to have winning trades that are significantly larger than your losing trades.

or

2) Have a very high percentage of winning trades compared to losing trades

 

For making a good trading plan for business you will need the following –

  • Discipline
  • Fibonacci levels
  • Supply and Demand Levels
  • Chart Patterns
  • Trending Lines
  • Correct Money Management

 

Trading requires hard work: treat trading like a serious business and it will reward you accordingly.


All information on this website and hosted events are only for educational purposes and are not intended to provide financial advice. Any statements about profits or income, expressed or implied, do not represent a guarantee. Your actual trading may result in losses as no trading system is guaranteed. You accept full responsibilities for your own actions, trades, profit or loss, and agree to hold the Master Trading Strategies team and any authorized distributors of this information harmless in any and all ways. Past performance of a security, market, sector or any other financial product does not guarantee future results. All investments involve risks including losses that may exceed the principal invested. The use of this website constitutes acceptance of our user agreement.

Editors’ Picks

EUR/USD bounces off lows, back near 1.1330

EUR/USD bounces off lows, back near 1.1330

EUR/USD meets daily support around the 1.1300 neighbourhood, managing to regain pace and revisit the 1.1330 region. Sentiment turned after President Trump proposed a “straight 50% tariff” on European imports, undermining the pair’s bullish momentum.

GBP/USD eases from tops, revisits the 1.3500 zone

GBP/USD eases from tops, revisits the 1.3500 zone

GBP/USD benefits from broad US Dollar weakness, climbing to its highest level since February 2022 past 1.3500 at the end of the week. UK retail sales data surprised to the upside in April, lending extra wings to the quid.

USD/JPY slips as Japan’s core inflation hits two-year high

USD/JPY slips as Japan’s core inflation hits two-year high

The Japanese Yen extends gains, with USD/JPY falling to near 143.00 during European hours on Friday. Japan’s core CPI rises 3.5% YoY in April, the highest in two years and above expectations. Headline inflation stands at 3.6%, the same as the previous month and the lowest since December.


Editors’ Picks

EUR/USD bounces off lows, back near 1.1330

EUR/USD bounces off lows, back near 1.1330

EUR/USD meets daily support around the 1.1300 neighbourhood, managing to regain pace and revisit the 1.1330 region. Sentiment turned after President Trump proposed a “straight 50% tariff” on European imports, undermining the pair’s bullish momentum.

GBP/USD eases from tops, revisits the 1.3500 zone

GBP/USD eases from tops, revisits the 1.3500 zone

GBP/USD benefits from broad US Dollar weakness, climbing to its highest level since February 2022 past 1.3500 at the end of the week. UK retail sales data surprised to the upside in April, lending extra wings to the quid.

Gold keeps the bullish tone near $3,350

Gold keeps the bullish tone near $3,350

Gold extends its weekly advance, trading around $3,350 per troy ounce on Friday. The rally in XAU/USD is driven by broad-based weakness in the Greenback, particulalry after President Trump’s threat to impose 50% tariffs on European imports.

Apple stock sinks below $200 after Trump threatens more tariffs

Apple stock sinks below $200 after Trump threatens more tariffs Premium

Trump grows irate at Apple's move into India. President claims Apple must produce US-sold iPhone in US or face a 25% tariff. US equity futures slip more than 1% in Friday premarket after Trump threatens the EU with a 50% tariff.

Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution

Ripple Price Prediction: Whale accumulation sparks hope as rising exchange reserves signal caution

XRP sustains mid-week recovery as XRP/BTC flashes golden cross for the first time since 2017. Large volume holders increase XRP exposure, indicating rising demand and investor confidence.

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The Best brokers to trade EUR/USD

The Best brokers to trade EUR/USD

SPONSORED Discover the top brokers for trading EUR/USD in 2025. Our list features brokers with competitive spreads, fast execution, and powerful platforms. Whether you're a beginner or an expert, find the right partner to navigate the dynamic Forex market.

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