Forex trading success does not come overnight, despite anything you might have heard of elsewhere.

The success stories you have heard of people joining with a $100 account and earning thousands per week did not happen in a day or two.

It takes a lot of effort, education, practice, and discipline to achieve that state.

For that to happen, a forex trader has to have the following 10 strong pillars to ensure steady, long-term success.

Forex Pillar No. 1: Education

The first thing you need to do even before you join the forex market is to educate yourself about the market.

As you do so, keep in mind that this education will never stop, you will keep doing this till the day you retire from the market.

Education in this sense does not necessarily mean the classroom kind. There are many resources on the internet including tutorials that can take you step by step from the mere basics to highly advanced levels.

For example, this site, https://www.forextradingbig.com/, has several helpful resources to assist you have  a better life as a trader.

Forex Pillar No. 2: Broker

Your broker is your gateway to the market and as such, you need to find a reliable, experienced, knowledgeable, and helpful broker.

Beware, there are many scam brokers online, so only go with those who are licensed and regulated by a trustworthy body.

Do a complete background check and talk to several brokers before making your decision.

Before you choose a broker, weigh him against these guidelines: How to choose a forex broker.

Forex Pillar No. 3:Strategy

Forex trading is a business investment opportunity that requires a plan. Formulate a plan and thoroughly test it on a demo account using real time data before implementing it on your live account.

Once you have a working, profitable strategy, stick to it on each and every trade you enter into.

Forex Pillar No. 4: Software

There are many different types of tools that can give a trader a competitive edge.

When currency trading online, you are likely to make better trade decisions if you have the help of signaling software.

Research on signaling software that suits your trading style and works well with your trading platform and your chosen currency pair.

Forex Pillar No. 5: Demo account

Almost every broker will provide you with a demo account on the trading platform.

This will provide you with a risk free way to test out your theories and strategies using real time data.

You can even open several demo accounts with multiple brokers and see which of them works best with you.

Forex Pillar No. 6: Mini account

While a demo account is perfect for learning, it does not adequately prepare you for trading with your real money at risk.

A mini account enables you to get a complete feel of the market and helps you to develop discipline without risking too much of your money.

Forex Pillar No. 7: FX news

Political instability, natural disasters, trade deficits, and tourism information can all impact on currency values.

You need to keep abreast of the news in order to better analyze effects of events on the forex market.

News events help you make informed decisions rather than gut-feeling predictions.

Forex Pillar No. 8: Research

Every forex trader works on the same metrics to make their trade decisions. For instance, the price chart movements that you see are the same ones that every trader works with.

Yet any two traders get different outcomes from their analysis and make different trade decisions. The difference is in how much information one trader gets and what methods s/he uses to translate the information.

Research will help you gather all necessary information and make the best decision.

Forex Pillar No. 9: Advice

Trading currency is not so easy and at times, you need a second opinion or to view things from an alternative perspective.

Having a mentor who is an expert and is highly experienced works best. You may also join forums and trade chat rooms to engage other traders and learn from each other.

Forex Pillar No. 10: Diversity

As your success in the forex market grows, you need to secure your investments by trading in other related markets.

For instance, you may trade in binary options, trade in commodities such as oil and gold, or trade shares.

The trade environments are different but the learning curve will be easier for someone who has a forex background.

Photo credit: Phil’s Hat