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Can You Trade Forex and Keep Your Day Job
Written by: PaxForex analytics dept - Saturday, 04 March 2017 0 comments
It is no surprise forex trading draws a lot of interest. Buying and selling from the comfort of your home computer or even on the go with a tablet or mobile phone these days looks like an easy way out. However, almost every new forex trader who enters the business starts with having a full time job. According many experienced traders you can successfully trade the market while keeping your day job and without having to drastically change your daily routine.
Many aspiring traders seem to think that they won’t be able to trade successfully or take advantage of potential trades if they are not in front of their computers 8 hours a day. Trading is a job that can accommodate many different styles, needs, and objectives. Trading is also a job that can give you a great amount of flexibility and can function as a side job that takes up very little time of your day. Yet, for some reason when newcomers envision their future trading selves, the perfect scenario is something like staring at 10 screens for 10 hours a day and making a bunch of trades.
Having a full-time day-job or some other source of income other than trading is one of the best things you can do to remove that feeling of ‘needing’ your trading to workout. Lot of traders are quitting their job before they become profitable in the markets, and this is just not the right thing to do. You need to keep your job and work hard it
at while you are learning to trade and even long after that. Successful forex trading is all about being in control: control of your risk, control of your emotions and controlling how much of your time you can spend into.
You should understand that having a day job and a daily routine can actually help you stay away from the markets, and this is a good thing. Many traders are too involved with their trading, whether it is reading endless economic news articles or staying up all night analyzing their charts, the fact is that absorbing too much information on the markets is only likely to confuse you and (or) cause you to trade too frequently. A job gives you something to take your mind off the markets and let them do their thing without you interfering.
There is no direct correlation between quantity of trades entered and an increase in the value of your trading account. In fact, it is widely known that traders who trade less frequently tend to do better on average than day-traders and traders who enter larger amounts of trades each month. The point of this article is that you should not think your day job is going to inhibit your chances of forex trading success, but you should understand that having a daily routine and time away from the markets can actually increase your long-term potential to make money in the markets.