There is no doubt that forex trading is one of the most rewarding activities in the world, and hundreds of thousands of traders can easily prove it. What does it take to become a forex trader in India? It takes discipline and patience. These two traits will definitely help you join the list of the most successful traders and, eventually, share your own experience.
Who are the Richest Forex Traders in India
Being one of the most successful traders in India, Pravin has a lot of recommendations to share. Ten years of experience has led him to teaching future traders, investors, and analysts the ways of achieving profitable trading objectives.
Talking about the areas of expertise, Pravin focuses on trading and investing theories (forex market trading, stock market trading, commodity market trading, recommendations on fundamental analysis, technical analysis, and risk management techniques) applying best practices. You can find more helpful information on his social media pages: YouTube, Instagram, Twitter, and Telegram.
This trader has a lot to be proud of at the age of 34. Knowing all trading pitfalls and subtle aspects, Shashikant became the richest forex trader in India. At the age of 22, he took the first steps in learning forex. In the course of training, he was failing again and again. But this is the way how he understood the importance of a step-by-step approach. There is such a good expression, "don’t bite off more than you can chew," and this is what you should keep in mind. Knowing the basics means having more chances to develop expertise.
The recommendation from Shashikant is pretty simple – don’t look for easy ways to learn how everything works in the forex market. The thing one should bear in mind is that patience, hard work, and discipline really pay off.
Anish Singh Thakur
This professional started his forex trading path at the age of 19. Singh has been working hard on developing and improving his expertise in price action strategies and risk management techniques through the years to finally get to the desired top – he is proud to be a founder of the stock market training institute. Now hundreds of thousands of novice traders can get insightful recommendations on the profitable ways of investing.
Talking about the recommendations, Singh highlights the importance of working smarter and harder. Those who want to make stock trading a source of income should focus on in-depth research and analysis when it comes to the decision of buying and selling shares. Leave other’s recommendations behind.
And one more success story that brings a focus on the importance of experience. Atul is a stock and forex market specialist ready to share his expert tips with anyone who is ready to work hard. He succeeded in attracting thousands of Indian investors and traders to join his YouTube channel.
The area of expertise is the following: forex trading and investment management.
How to Become a Successful Forex Trader
These are the traits you should concentrate on if your intentions to trade forex in India are serious.
- Discipline. With thousands of opportunities arising every second, there are a lot of those who get lost because of ignoring the importance of planning. Information comes from everywhere, and it might be both helpful and unreliable. Your timeframe, your plan, your strategy, your analysis, your decisions – it’s all your responsibility.
Patience. This is when you need to hold your horses and think rationally. When it comes to trading, all your decisions should be based on the proven facts. There is no rush.
- Flexibility. The forex market is all about ups and downs. There are many factors that can change the market direction (economic issues, political announcements, public holidays, etc.). There isn’t any universal way of conducting trading operations, so the ability to adapt plays a crucial role. But it all comes in combination with the two above-mentioned traits.
- Сarefulness. You should always double-check. There are different resources offering updates, but not all of them are the ones you should base your decisions on. It’s all about quality and verified information. You can read daily forecasts and market overviews on JustMarkets to stay on top of things. In case you have some gaps in understanding the forex market, visit our articles section.
There are many of those who haven’t shared their success stories yet. Maybe you’re the next to join the list of the best traders in India. A successful trader is the one who never stops learning, analyzes his/her past performance, focuses on facts.
Remember that your risk has to be justified and affordable. Yes, you should be ready for unprofitable turns, and the money you deposit shouldn’t be the sum you rely on. Your money is a tool. It’s just a tool.
Read more: Can you Make a Living Trading Forex
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Try your hand at currency trading by opening a demo account on JustMarkets. It’s a quick and risk-free way to master trading in the most liquid financial market. A practice account will help you learn trading basics and develop a strategy before investing money. Start trading today to take care of your future tomorrow.
How can I Trade Forex in India?
If you know the theoretical part of forex trading, the next step is to choose a reliable broker and open a trading account. If you’re a novice trader, it’s better to start with a demo account is a great and risk-free way to combine the theoretical part with practical activities. Develop your expertise, and then you’ll find your trading “gaps”.
Can you Get Rich by Trading Forex?
Forex trading can help you become rich if you are ready to devote your time to learning and invest money in trading. Don’t look for simple and quick ways of making money; think of money as your tool.