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Do You Have What it Takes to Trade Forex | Ep. 015

Do You Have What it Takes to Trade Forex The Forex Warrior Podcast

To be a successful Forex trader requires a lot of specific traits that need to come together synergistically to be successful over the long term.  Dr. Jason Gospodarek shares the traits necessary in Do You Have What it Takes to Trade Forex.

Money

You can learn to trade on demo accounts and without a lot of money. You can watch YouTube videos and take part in forums. When the rubber meets the road, you need the funds to start a trading account.

Most brokerages will allow you to open an account with a small amount. These are sometimes called micro or mini accounts. Each brokerage has their own name.

To obtain a lower cost per trade or spread or smaller commission on an ECN account, most brokerages require a deposit of roughly $2000.00 US dollars. This is a pretty good average across the board to unlock lower trading expense. Generally speaking, the higher your deposit the lower your trading expense.

For a VIP account, some brokerages require about $10,000.00 US dollar deposit to get the best trading parameters. This will get you a very small spread or commission on ECN based accounts.

Time

If you don’t have the time to learn, trade and to monitor your trades, you might as well not trade. Put in the time to trade and to journal it. Much like continuing education as a doctor, you need to stay up to date on the newest technologies and the latest trends.

If you stick with the same strategy over the course of your trading career, at some point that strategy is likely to stop working. Forex trading requires a long-term approach to trading and education. You have to have time to dedicate to trading.

To hear the rest of Jason traits for successful Forex trading, download and listen to Do You Have What it Takes to Trade Forex.

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About the author, Jason Gospodarek

Dr. Jason Gospodarek has successfully managed several forex related websites for nearly 14 years, has been a mentor and daily live forex streamer on a leading forex educational website, and has helped to launch two forex brokerage firms. He has been involved in the money management side of the business as well as the back end and setup of metatrader liquidity pools over the years. Although he manages his own funds in the currency markets, he also helps lead new and seasoned traders down their path to trading success. While all his trading is done live currently, he has worked to create and have his own automated trading robots (EAs), as well as fully customized trade copying software, created. He is also the founder of the popular podcast "The Forex Warrior".

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