Forex is a dynamic world where many people enter with the dream of making money and living a wealthy life. However, not every trader can fulfil this dream. Becoming a successful trader in the largest financial market requires something extra.
And the people who have that ‘Extra’ factor are regarded as forex gods. Beirman Capital can help you on your path to becoming FX God. In this blog, we will have a detailed study regarding the fascinating term forex market god and all the related concepts. So stay tuned.
Understanding the concept of Forex God
Forex God is a term that refers to a person with a supernatural understanding of the currency market and how it works. Their exceptional skills make them survive in the market and stay consistently profitable, managing the overall risk.
Simply, A forex god is a trader with excellent market knowledge, the right strategy, proper trading psychology, and good analytical skills that help to become a successful trader.
Well, you may think such people are perfect with the perfect strategy and analysis methods. However, that’s just one of the trading myths. These people know the market well and understand that both negative and positive outcomes are a part of trading. They embrace the downsides and learn how to turn unexpected market upturns in their favour.
The forex is the biggest financial market where traders take advantage of currency exchange rate fluctuation. When traders feel that the value of a particular currency will rise they buy that currency and sell when they think that its value will fall.
Forex trading may look easy at first, but that’s not the case. Keeping an eye on every beat of the market and identifying the right opportunity is difficult.
There is a reason why only 10% of traders become successful in the forex market. And if you want to get a place in these 10% of traders you need to become a forex god.
How to become a forex god
You must be wondering if becoming a forex market god is possible. The answer is yes; nothing is impossible in this world. However, achieving the Forex god status requires continuous efforts. To help you out, here is a step-by-step process to becoming the FX God:
Learning the Basics of Forex Trading
Knowledge is the most essential weapon of the forex god. Without proper knowledge, a trader can never be profitable. Many people think that learning is not necessary in trading, but that’s just another myth.
Forex trading is a professional career that requires knowledge of the global economy, news, economic events, geopolitical factors, statistics, and overall financial markets.
The trading market is quite complex, and you need to learn a number of things to deal with the market complexities. So, if you are skipping learning, you are already out of the race to become the forex god.
But, if you want to learn, then the most common question that comes to mind is where to start learning. The Forex market is vast; thus, for basic learning, you can consider the following points:
Master Forex Market Analysis
A forex god knows how a particular event will affect a currency market and gives birth to opportunities. The analysis is where the power lies in forex trading.
Your success depends on how well you know the market. Thus, once you have understood the forex market basics, it is time to master the three major market analyses:
Fundamental Analysis: Start with fundamental analysis; it is the most important analysis, especially if you are trading in currency. A currency is a representation of a country, so everything that affects a country will also impact the currency.
Fundamental analysis deals with analyzing economic, geopolitical, and financial factors that affect a currency. Central Bank announcements, Interest rate decisions, trade balance, and employment data are some key fundamentals to monitor in the currency world.
Technical Analysis: Numbers never lie; you can take advantage of numbers by organizing technical analysis. Technical analysis involves watching charts, trend lines, indicators, and candlestick patterns to identify potential opportunities.
Normal Traders may find this method complex, but forex gods enjoy it. You can identify crucial trade points like market trends, opening and closing price, support and resistance, stop loss and take profit points with this analysis.
Sentimental Analysis: Many traders generally give the least importance to sentimental analysis. However, in the social media world, one tweet or opinion can change the whole market scenario. And forex gods never miss a chance, so they even consider what the majority of people feel about a currency pair.
Well, everyone knows about these three types of analysis, indicators and their impact. The analysis is subjective; not every time the price moves in the way you have interpreted. Thus, forex gods know how to organize them effectively and when to place trade based on analysis.
Have a solid trading plan
Having a plan and having confidence in your trading plan are both different things. And the second one makes you a forex god. You can only gain confidence in your plan when the results are favourable.
For this, The first thing you need to do is identify your trading goals, strategy, currency pairs, platforms, and time frame of your trade. The trading goals should be realistic and in accordance with your capital.
When it comes to strategy, you have numerous options like scalping, day trading, copy trading, price action, position trading, swing trading and others. Many traders think strategy and plan are the same, but they are actually not.
Strategy is a part of a plan, and a plan is a way more wide. It is a roadmap to your trading journey and contains everything that you need for trading. Further, the plan demands continuous updation and changes based on trade results. So, to become the forex god, you need to have a solid and flexible trading plan.
Become a Pro in Risk Management
Risk is an inevitable part of currency trading. Traders who know how to deal with market risk have a huge potential to become a forex market god. Many people think that forex gods never lose money in the market. But what if I tell you that even these market wizards suffer losses?
However, the only difference is that they just keep the loss small and never play with their risk management rules. Such traders always trade with an ideal risk-to-reward ratio. Also, they understand the importance of using stop loss levels and how to set them ideally. These things help them stay in consistently profitable positions.
Further leverage management is an essential component of dealing with currency trading risks. Many successful traders have earned a huge amount of money in the market by using leverage facilities. But that’s just a positive side; leverage even has adverse outcomes, and traders may end up blowing up trading accounts. So use this facility but in the right way, and avoid trading with unrealistically high leverage.
Go for the right Forex Broker Platform
Even forex god needs some power; your broker will give you these powers. Having a good strategy, analytical skills, and knowledge is useless with a vague broker platform.
Numerous types of forex brokers are present in the market. However, ECN brokers are more suitable for traders. Further, for a smooth trading journey, you should go for a broker with ultrafast execution, tight spreads, automated tools integration, and overall user-friendly platforms.
Beirman Capital is an ideal platform for the people dreaming of being a forex god. Here, you can upgrade your knowledge, use multiple trading strategies, find analysis and automated tools and all the things you need to become a successful trader. We also provide demo account services, so you can even check the suitability of our platform.
5 Qualities that make you a Forex God
Not every trader can be a forex market god. It requires some extraordinary skills, attributes and qualities to be a market god. And, if you want to achieve the status of trading god, then below are the five forex secrets to get it:
Embrace your Losses: There is a myth amongst the people that forex trading gods always win, but that’s not true. No traders can predict the market with 100% accuracy because the trading world is dynamic and keeps changing.
Thus, even with the best strategy, analysis methods and exceptional knowledge, the chances of loss are still there. However, these losses do not affect FX Gods because they know that losses are a part of the game.
Firstly, they don’t take more risks than they can afford. They analyze every loss and find out the reason behind it so that they can work on their downsides and turn the negative outcome in their favour.
Believe in Simplicity: Your strategy is the most crucial element of your trading journey. Many people think that to achieve success in the market, you need ultra-complex and advanced forex trading strategies.
However, first of all you don’t need strategies but a single strategy. Using multiple investment strategies or continuously switching them is just a waste of time and resources.
Complex strategy means a complex trading journey. And the forex market gods know that; therefore they keep their strategy as simple as possible. A simple strategy gives you a sense of clarity and is easy to follow. It ultimately results in a smooth trading journey.
Strive to achieve Consistency: If traders are given the choice to choose between consistency vs high profit, most of them will choose high profit. However, the FX market god aims to achieve consistency.
Consistency is earning a decent profit but consistently. It’s a state that makes you a trader whose profit is always greater than loss. It’s the hardest skill to achieve in trading.
One can make a high profit due to luck or by chance. However, consistently earning a decent profit requires knowledge, the right psychology, and proper analysis. Consistency makes a difference between successful and unsuccessful traders.
Adaptability & Flexibility: Unexpected market turns, or events can have a significant impact on your trading. Many traders lose their calmness at this stage and end up making the wrong decision.
Forex Gods are those who stand out in this situation and make an informed decision. They are adaptable to change and customize their trade based on the market conditions. Even their plan is quite flexible and allows them to make changes accordingly.
Discipline and Patience: People generally think of forex trading as a quick way to make money. New traders give the least importance to discipline and patience. However, to achieve the status of forex god, these two things are a must to have.
Patience is all about waiting for the right opportunity and time to place a trade. The skill is rarest in the market; traders generally strive to place the trade as early as possible. However, they failed to understand that it is not about who placed the trade first; it’s about who made a good return.
In addition, discipline enjoys a significant importance in the foreign exchange world. Trading with rules, developing a trade journal and dedicating time to learning come with discipline. It enables traders to deal with currency trading risk and manage emotions efficiently.
Conclusion
Becoming a Forex god is not as complicated as it looks. Especially now when you know some Forex secrets and tips. You just keep yourself up to date, learn continuously, trade with an ideal strategy, and master market analysis.
Also, forex traders never strive for high profit; they strive for the correct method, psychology, consistency and discipline. With the right process and quality trading, profit will automatically fall in your way. So work on yourself till you achieve the status of forex market god.
FAQs (Frequently Asked Questions)
What is a forex god?
Forex God is a term that refers to a person with a supernatural understanding of the currency market and how it works.
What are some examples of real-life forex gods?
George Soros, Stanley Druckenmiller, Andrew Krieger, Bill Lipschutz, Paul Tudor Jones, and Kathy Lien are some of the most successful forex traders also regarded as forex gods.
What are the qualities of a forex god?
Loss-taking capacity, Simplicity, Consistency, Adaptability, Flexibility and the right psychology are the prerequisites to being a forex market god.
Who is the world’s top forex trader?
George Soros is regarded as a top forex trader in the world. He is also known as god father of the forex world and is amongst the most successful people.
Is it necessary to select an ideal broker to be a successful trader?
Yes it is essential to have a good broker to get success in the foreign exchange world.
