For Forex traders, nothing more than a full-time trader is a symbol of financial independence. However, a full-time Forex trader enjoys real time and financial freedom and has no restriction on working in box offices and selling his freedom for money.
Unfortunately, this model of independence does not exist for everyone. Just as there is too much freedom for which some economies can do more harm, not all traders are willing to trade full time.
So how do you know you’re ready for full-time trading? From what we have seen from online Forex forums, we can generalize it to the following four terms:
1. You have good initial capital
Full time business means you can leave your job, your main source of income. And because you’re realistic, you know that you probably can’t invest seriously in the first few months.
Imagine now that you still want to pay for your food, rent, utilities, and Netflix, Amazon Prime, Disney + and your gym memberships, but don’t have monthly salaries and no profit in the first few months. .
You are a newly registered Forex broker but still cannot live without your rights? Can’t you have big problems for weeks and still maintain your lifestyle? So you are not ready for full time trading.
2. You have tried other methods and strategies
Traders say that full-time trading only means that you are a part-time trader and a full-time tester. Somehow, that’s true. Full time traders know that you can’t just make a living from a good strategy.
You not only need to have a strategy that has proven to be profitable to you, but you must also have the same qualified and other ways that it can work for other business situations. After all, you never know how long the market trend is and how long it will change!
3. You spend a lot of time dealing with the demo account
Just as practitioners, lawyers and pilots perform simulation and training programs 24/7 before trading, traders must spend a significant amount of time live in the test market before trading full-time. they do. It turns out that the best company to test and trade for many Forex brokerage firms is Forex Broker Time.
Trading an account creates the psychological barriers to trading that you do not want to get from trading demo accounts. In addition, you need to have a good understanding of your business strengths and weaknesses, and most importantly know how to join a trading plan before doing your full time job like price action trader.
Before trading full-time, be mentally prepared for real money and maintain your business strengths!
4. Forex trading is your passion
Currency trading is what motivates you to get up every day. If you would rather watch the RBA statement than watch the NBA Finals or prefer the PBoC economic calendar to the Great Wall of China, do so in your own right and become a full time Forex trader. It doesn’t make sense to not do what you love, right?
Remember, while full-time business provides more opportunities to move into the market, you do not need to be a full-time businessman to be profitable consistently.