There is not a part-time trader out there who doesn’t dream of getting to the point where they can throw their day job to the wayside and trade currency from the deck of their pool. Most of the forex traders doing forex trading while having a day job, some people’s trade during their free time, and some do trading when the boss is not looking. And some dream or think of quitting their job to become a pro trader – making money for living from the forex trading market.
The dreamy idea of practicing full-time forex trading for a living is not that easy as it sounds. It is the idea of freedom associated with it that so many regular employees such as marketing managers think they can easily transition to it. Those who think they have a bit of knowledge in foreign exchange or who think that their common knowledge in trading will be able to carry them through, ought to reconsider being a full-time forex trader. Trading full time is a very challenging niche job to opt for when compared to IT jobs, marketing management, social work, engineering, or even an investment banking position.
While the prospect of making money on the forex market full-time seems like a very enticing career for many, it is not for everyone. It takes a specific kind of individual with certain must-have traits in order to succeed on this battlefield. Of course, this is not to discourage those who are looking to pursue trading as a full-time career, as some believe that these traits can be developed. For one, having enough capital is a huge consideration, as it would take a reasonable trading balance to be able to generate returns enough to sustain a living if you’re trading full-time. Bear in mind that there will be losing days and there will be instances when the markets barely move, so the profit potential is not always guaranteed.
Anyone who has made the transition into full-time forex trading has already built up confidence in their trading system and their ability to execute it effectively. They know their rules, they understand the black and white situations in the market, and they have embraced the ever-changing nature of the market. Once you have got to this point though, it can be difficult to figure out what the next step should be. Is it studying more charts, more setups, and more indicators? While spending time in those areas can still be useful, the number one thing that a full-time trader can do is focus on improving their mental edge. The way we think and our ability to be disciplined yet mentally open and adaptable to different market conditions is what trading success is all about.
Many people are highly attracted to forex trading – looking to escape their need to work a day job. Forex trading isn’t something you can just learn overnight, it is an epic personal development journey which is unlike any challenge you have faced before in your life. It is estimated that out of the hundreds of thousands taking advantage of the currency market to make money, only 5% are able to make a successful full-time profession of it. If you have hopes of becoming part of that 5%, start now by educating yourself and working on those great trading habits you are going to need.