4 Signs that Say You’re Ready for Full-Time Trading
For forex traders, nothing embodies freedom more than those who trade full-time. After all, full-time traders enjoy freedom from their box-type offices, freedom of time, and freedom to choose which trading opportunities to take.
Unfortunately, this brand of independence isn’t for everyone. Just like too much freedom can do more harm than good for some economies, not all traders are ready to trade full-time.
So how do you know when you’re ready for full-time trading? From what we’ve seen from online forex communities, we can narrow it down to four signs:
1. You have enough capital
Trading full time means that you’ll be quitting your job, your primary source of income. And, because you’re realistic, you know that you probably won’t be making any serious trading money in your first few months.
2. You have tried and tested other methods and strategies
Not only do you need to have a strategy that has proven to be profitable for you, but you also have to have other equally qualified methods that would work for other trading conditions. After all, you never know when and for how long the market trends will shift!
3. You have spent a considerable amount of time trading LIVE
Trading a live account brings forth trading psychology hurdles that you wouldn’t get from trading demo accounts.
In addition, you have to have a fairly good grasp of your trading strengths and weaknesses, and, more importantly, you should know how to stick to a trading plan before you make trading your full-time job.
4. Trading is your passion
Trading currencies is what motivates you to get up and get busy every morning.
Remember that while full-time trading would provide you more opportunities to catch market movements, you don’t need to be a full-time trader to be consistently profitable.
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