Becoming a Forex trader full time sure sounds good. Modern technology allows us to trade from anywhere at any time. But just like with every other career, professional currency trading requires certain amounts of knowledge and effort. Today we discuss how to become a full time Forex trader and what to consider along the way.
Forex Trading as a Full Time Job
Can Forex trading be a full time job? Absolutely. It is true that for the majority currency trading is nothing more but a side hustle or a hobby. However, there is still a good deal of traders at the market who refer to Forex as their one and only source of income.
Forex trading full time job is not at all different from other work commitments. Traders have to practice discipline, efficiently prioritize tasks and invest a good deal of time in order to become profitable.
The best thing about choosing to trade professionally is that full time Forex trader income entirely depends on each particular trader. This means that your efforts are going to directly reflect in your profits.
So, how to become a full time Forex trader? The very first thing you’ll have to do is understand that a successful currency trading career isn’t going to happen overnight. Learning, practicing and constantly perfecting your skills are crucial characteristics of any expert trader.
Next, start by gathering some information about Forex trading to make sure you know how it works. Many novice traders mistakenly believe that foreign exchange is a game and your profits largely depend on how lucky you are. This is very incorrect.
Professional traders are experienced and knowledgeable people. It is a known fact that any average trader spends more time analyzing the market and planning the next steps than actually trading.
But even though a life of a full time Forex trader isn’t exactly easy, it is achievable. Achievable for those who sincerely dedicate themselves to gaining full time Forex trader income professionally.
Life as a Full Time Forex Trader
How to be a full time Forex trader? Does it mean committing to trading eight hours a day, five days a week. Interestingly, both yes and no.
Becoming a Forex trader full time is a time-consuming process. Especially at the very beginning, when the trader is gathering all necessary data and masters using the trading tools. But once the initial steps are out of the way, it is totally up to you how much time you spend trading.
Of course, the more active a trader is the higher are the chances for profits. And any full time Forex trader strategy will most likely require at least a couple of hours a day. On top of that, professional traders have to keep an eye on the market as much as possible to have a good understanding on what is happening and what some promising opportunities might be.
As previously said, the life of a full time Forex trader mostly consists of market analysis and planning. To open a potentially profitable trade, you will need to know why it might work out as well as what you will do if it doesn’t.
According to this logic, a Forex trading full time job includes tasks such as: technical and/or fundamental analysis of the market, chart observation, risk management and trading. Luckily, pretty much any full time Forex trader strategy will include all the aspects mentioned. And if you cannot find a strategy that works for you, you can always create your own.
So, can you make a full time living using Forex? Definitely. Simply make sure that you understand how Forex trading works and commit to keeping your mind open for new information at any point.
Last but not least, a big part of how to be a full time Forex trader is powering through setbacks. Nearly 95% of all new traders quickly give up on the idea of currency trading. In most cases, after the very first loss.
Accept that both rises and falls are parts of the process, as well as take preventive measures not to be too affected in case things go south. That’s exactly how you go from a newbie to a professional full time Forex trader.