How can I become a successful forex trader?
I blieve this question can be broadened to trading in general not just forex.
I would say you need the adequate discipline, the correct psychology, a system that fits, the willingness to learn, and a capital you can lose. Let me elaborate each.
1. Adequate Discipline - I always start with this one. Trading involves discipline to follow a system may it be manual or automated. Yes, even automated systems need discipline. Running one still involves occassional intervention and monitoring and involves discipline. And you build discipline when you gain confidence in the system you use. You gain confidence if you've stuck long enough with your system and have profitted from it.
2. Strong Psychology - in a forex community I've been involved, this was one thing emphasized. From experience, anything that invovled money also involved emotions. And anything that involves managing our emotions require a strong psyche.
3. Fit System - this is something you've built or copied. There are a lot of factors to consider here: When will you be trading? How often will you trade? When will you exit to either take a profit or take a loss? Will you be trading fundamentally, technically, or both? I believe these are just some of the questions every successful trader should be able to answer.
4. Willingness to Learn - Education for short. Every trader started somewhere, and they started from not knowing. They then educated themselves to move themselves to knowing and then eventually to doing.
5. Capital You're Willing to Lose - I consider trading a business - it needs capital to start. Whether it be capital invested by others or money you invested yourself. If you're just starting, I suggest the latter - it somehow lessens the pressure to immediately profit from trading. Did I already mention that it should be capital you're willing to lose? Yes, I did. The repetition's intentional.