Full-time forex traders enjoy the freedom they have from the usual box-type offices, freedom of time, and freedom to select which trading opportunities to grab. Sadly, not everyone is made for this brand of independence. Sometimes, having too much freedom can bring more harm than good for a few economies and not all traders are prepared to trade full-time.
If you want to know if you’re ready to trade full-time, then this article is for you. Here are signs that show you are ready to be a full-time trader:
Sign #1: Your capital is enough
If you want to be a full-time trader, you need to quit your job which is your primary source of income. Let’s be frank, you are aware that you won’t probably be making any serious trading money in your first several months. Just imagine yourself for months not getting any salary and not generating profits while you have to pay for rent, food, utilities, Netflix and other things you need.
Yes, it’s impossible to live without your salary, right? Well, how about having huge drawdowns for weeks while maintaining your lifestyle, can you afford it? If not, then don’t trade full-time.
Sign #2: You’ve already tested and tried other strategies and methods
Most forex traders would tell you that full-time trading only means that you’re a part-time trader and a back tester that’s full-time. Somewhat, this is actually true. Full-time traders are completely aware that you can’t make your living off of great strategy alone.
Full-time trading involves multiple forex trading strategies that are equally qualified methods that may work for some trading conditions. Ultimately, none of us knows when and for how long the trends in the mark would shift.
Sign #3: You’ve spent a substantial amount of time trading live
Forex trading is also about the experience. It’s the same as lawyers, doctors, and pilots having internship programs and simulations prior to doing their jobs; forex traders must also spend a considerable amount of time trading live before doing it full-time.
Trading a live account carries out trading psychology hurdles that you can’t get from trading demo accounts. Moreover, you need to have a reasonably nice grasp of your trading weaknesses and powers, and, more certainly, you must know how to hold on to a trading plan prior to making trading your full-time job.
Also, if you think that you are completely mentally ready to risk actual money then it’s a sign. So make sure that you maintain your trading strengths prior to trading full-time.
Sign #4: This is truly your passion
Is this what you love to do? Is currency trading what motivates you to wake up and get busy each morning? If you’re willing to trade the RBA statement rather than watch the football finals or NBA finals or travel to Paris, then do yourself a favour and be a full-time trader. If you love to do what you love and you’re great in it, then there’s sense to that.
Just take note that although full-time trading will offer you plenty of opportunities to catch market movements, you don’t have to be a full-time forex trader to be continuously profitable.
Remember that while full-time trading would provide you more opportunities to catch market movements, you don’t need to be a full-time forex trader to be consistently profitable.
Sign #5: Your data-driven and analytical
Do you feel like an excited kid opening gifts during Christmas every time you see a rewarding technical analysis chart? Are you a genius when it comes to numbers and patterns? The Forex market which is obviously based on analytical charts might be your enjoyable little niche.
Sign #6: You have plenty of patience and discipline
Forex trading is about taking it one step at a time because baby steps can take you a very long way. This is why you need to be patient and disciplined. There is no shortcut in building and testing your currency trading plan, it takes time. And you even need more time to obtain the skill set to master the world of trading.
Of course, success doesn’t occur overnight, but small profits will surely build up to huge wins, and you need great discipline for it. So, don’t be in a hurry! Give your effort and time to researching, studying, strategizing, and smart trading. We promise you that it will be totally worth it!
Sign #7: You are willing to use your time and the weekends
Although you are working full-time as a forex trader, you have to focus on ensuring that your time is used wisely. Any time wasted is money wasted, it’s really simple. This simply means that you can lose money if you are not that serious and focused on having good time management. This applies to the forex market, so make sure that you spend each hour wisely which is an essential skill.
