How to Become a Successful Trader — Path for Advanced
Advanced traders are professionals. They have skills required to succeed, they know how to trade, and most of all, they make money! During their trading journey, they learned methods, strategies, mindset, and are now able to make consistent profits by trading currencies and other assets. Here you will see some tips that will help you to make even more money.
Are You Advanced Trader?
If you recall, advanced trader was the highest and best category in our Your Path to Make Money Trading Forex guide.
You are an advanced trader if you have some of the following characteristics:
- You have been trading for more than 1 year.
- You trade regularly and are consistently profitable.
- You are comfortable having an account with at least $10,000.
- You love trading and you make income out of it.
Do you see yourself as an advanced trader? Congratulations! You are a superstar! You worked hard to get to this point and you should be very proud of yourself. Below, you will find some suggestions to further improve your situation. If you don't think you are one, then try to check if you fall under another category in our guide on Your Path to Make Money Trading Forex.
What Does It Mean?
You are a top trader! You worked hard and you gained the skills required to be successful. Your journey is not finished though. You need to maintain your status and hopefully become even better at trading.
Maybe you never thought about some methods that you can use to save time or make more money, and this is what this guide is about. Keep on reading and, hopefully, you will find some good advice here.
What to Do If You Are an Advanced Trader
1. Keep Studying!
You already have the knowledge, but the market is changing continuously. It is so dynamic that you need to adapt to survive and remain profitable.
In the guide on How to Learn Forex Trading we introduced a few ways of learning Forex. Being an advanced trader, you obviously already learned a lot, but you could still try to read more books, perhaps books about trading strategies, they could give you new ideas or call some of your existing preconceptions and biases into question.
Participating in Forex communities — forums, social groups, and even Twitter discussions can be a good way to improve your own knowledge of some aspects of trading. New problems are constantly presented to the public view at these online places. Also, trying to come up with concise answers to questions posted by less experienced participants will help to properly structure your own knowledge.
2. Become a Mentor
Since you are already very knowledgeable, why not start teaching someone how to do it right? There are many traders out there struggling with their strategies or mindset — you could the a mentor for them, either a free one or a paid one.
Teaching other people helps to organize and refine your own knowledge and skills.
3. Become Popular Trader on Social Trading Platform
Social Trading is like social media — you join a group of people, follow, share, like, and so on. In this case, you do it with other traders.
As you are a successful trader, you could get paid for each person that is copying your trades. You are already trading — so why not making some extra money?
4. Automate Your Strategies
What if you could have more time to spend to do things you like? More time for family, sport, hobbies... You surely have your trading strategies working, but have you ever thought about automating them?
With the progress of technology and trading platforms, it is possible now to create expert advisors, which is a software that can trade for you. If you can translate your entry and exit signals to mathematical formulas, then you can automate your trading, including risk management rules and other features.
To build an expert advisor, you have a few options:
- Learn how to code and write your own expert advisor.
- Buy a software with a graphical interface that will help you creating your EA.
- Pay someone to build an expert advisor for you.
If you decide to build your own, you can have a look at:
- Our MQL4/MQL5 coding guides.
- Download our open-source expert advisors and indicators to study their structure and functions.
5. Consider Changing Your Broker
Are you using the best broker for your needs? As explained in the guide on How to Choose the Best Forex Broker for You, your choice of a Forex broker is crucial to your success as a trader. For a professional trader, improved conditions could mean increased income.
Maybe you can find a better broker with tighter spreads, more useful tools, or better execution.
6. Build an Online Business Around Trading and Forex!
You have the knowledge, you have the experience, you are passionate, you are committed, and you are profitable! You can use all of these positive traits to your advantage and you can actually make some money out of it. How?
- Become a social media influencer — basically you start posting advice, quotes, suggestions, recommendations on social media. If you are good, you will become an authority and people will follow you, With enough followers you can get paid for advertising.
- Build a website around trading, Forex, or whatever your expertise is — you can have your personal website where you teach, share market analysis, promote products, and many other things, your imagination is the limit.
7. DO TRY!
Don't be too comfortable just because you are a trading superstar now. You need to stay a superstar, remain profitable, and, why not, improve your situation.
Keep your knowledge up to date, become a mentor or a popular investment leader if you want, automate your strategies, check if the broker you are using is your best choice, and build an online business around your experience — it is possible and you wouldn't be the first one to do that.