The first thing most successful entrepreneurs do before starting a new business is they create a business plan. A business plan includes, amongst other things, an objective, projections, resources, and some specific ideas of how they plan to accomplish their goals.

Why not do the same with Forex?

In my opinion, having a Forex trading plan is a must in order to help you become a successful FX day trader.

A business plan is like a road map; in day trading, it would serve the same purpose. How do you plan to arrive at your destination if you don’t know how to get there?

I learned this concept throughout my own life and I decided to apply it to my Forex trading career. In my previous blog post (”Want to be a Forex Day Trader?“), I wrote that the first thing I did when I started day trading currencies was to figure out how long it was going to take me to become a millionaire. Well, here is a 24 month snap shot of what that projection looks like.

By applying the power of compounding to your account, you would be able to gradually reach your goals. This was the first step of my day trading plan. Make one for yourself, but don’t make unrealistic projections!

A great day trading plan should include:

• - Profit projection.
• - Specific time frames in which you plan to accomplish your goals.
• - Type of trader you are.
• - Strategies you will be focusing on.
• - Back-testing routine.
• - Money management rules.
• - Pitfalls and emotions to avoid.
• - And a clear, Ultimate Goal!

Remember, day trading currencies is a business and if you are clear about your ultimate goal, it will be easier to get there.

I believe there are two elements a person must possess to be a successful Forex day trader; Discipline and Consistency. It sounds simple, but it represents one of the most difficult sacrifices any aspiring trader will have to make.

When I started trading in the Forex market, the first thing I wanted to figure out was how long it was going to take me to become a millionaire. I quickly came up with a spreadsheet and I figured out how to turn $5,000 into $1,000,000 in less than a year; or at least I thought I had it all figured out.

I’ve always been a very motivated person and honestly, the idea of being able to learn how to always make money in the Forex market really drove me to acquire as much information as I could. I spent a lot of money in courses, signals, and software that were supposed to make day trading easier. Although most of the things I purchased for this purpose did not work as promised, I cannot say I was scammed because from everything I did, I learned at least one thing that helped me become a better trader.

In my opinion, the first thing you need to have to be a successful FX trader is the motivation to succeed. Generally speaking, the road to becoming a consistent trader is long and full of emotional obstacles - but eventually, if you learn how to combine good day trading strategies with proper money management and excellent emotional control, I think you’ll increase your chances of succeeding.

I believe the learning process of a successful Forex trader never ends. The market is always changing; therefore, you will have to keep changing as well. I personally use a variety of strategies which change based on market sessions and price activity. It is very important that you determine whether you are an active, swing, or position trader. The best way to figure this out is by paying attention to your emotional reactions both in winning and losing trades.

By the way; yes I think I have figured out how to make millions of dollars as a Forex day trader, but I’m no longer on a hurry to make it happen. If you are motivated, have patience, and are able to put together what I highlighted above, I think you will have a better chance to be consistent in day trading currencies.

The author, Abel Gilbert, is a professional forex day trader who manages his own account. He utilizes various day trading, scalping, and swing trading techniques to trade both the major and cross currencies.

Many new and existing day traders that visit my site have always asked for live online training.

Even though providing practical, hands-on training via DTT is a project that I’ve always wanted to undertake, time constraints never made it possible - until now!

Meet Day Trader Abel Gilbert

Over the weekend, I met with a successful forex day trader that I’ve known for quite some time; a trader that I invited to my last forex trading class at Miami-Dade College to enlighten students with some of his techniques and experiences. Abel, being one of the most organized and methodical day traders I’ve known - with a passion and natural ability to teach others - made a suggestion…

He said, “Dan; why don’t you let me teach your visitors how to day trade via live webinars and coaching?” After he discussed his ideas with me, I was totally convinced. I truly think that my visitors will benefit from his in-the-trenches trading experience and techniques; so stay tuned! He should start posting some information in our news section in the next few days.

Get ready for some unique, practical training from a professional forex day trader!