Are you tired of boring office jobs? But before quitting your current job in favor of forex trading, read this post. It may tell you: Whether full-time trading suits your trading passion or not?
Trading buddies consider the pros and cons of this trading type. It may destroy your income resources if you make any carrier-changing decision in a rush.
So, be cautious and understand professional trading fully.
After all, if full-time grading is your final decision, check out: how to become a full-time trader. To be a full-time trader, get academic expertise as well as forex practice. Set clear goals and strive constantly to manage risk. Keep your capital high and save some amount to invest in case of loss. Moreover, demo accounts are the best options to know your proficiency
Expert traders always recommend seeking advice before considering forex as a full-time job. Making money sitting in a chair looks appealing. But it is more stressful than a physical job and everyone is not fit for this profession.
So keep going to know more.
6 To Do Things To Become Full-Time trader
It’s true to say that full-time trading is not for everyone. You may have to leave your current job to spare hours. Your family may suffer to see you every time in front of the screen. It’s a stressful job indeed.
Despite the knowing disadvantage, if you still want to be a full-time forex trader, you can check our post about can retail forex traders make money and there are 6 things to do: Let’s have a look at 6 things in to-do- list:
Develop a Realistic Approach
Over-expectation can kill your time and money. If you have 3000$ or more in your trading account, the expectation of making and losing both are higher. But if you play safely you can make it consistently. So, set realistic expectations and your plans accordingly.
Expertise In Forex Basics
Check your level of expertise? Whether you are at the beginner level, intermediate, or expert. Never switch from part-time to full-time if your skill level is below that of experts. To beat professional trading grounds, you need to be an expert in basic forex trading skills.
Effective Trading Strategy
Always adapt those strategies that suit your personality. If you think you can focus on one account at a time, do it. If you are smart enough to handle more than one account you can also do this. But it all depends on your mentality and trading style.
Follow Effective Trading Plan
It is impossible to master a trading strategy without following an effective trading plan. To make your trading disciplined and profitable, trading plans are a must. It is something that will keep you focused on leverage.
Maintain Trading Journal
It is better to keep a record of your trading track by making a journal. This will help you to learn from your errors. You can also compare your trading performance over years. Your journal is your guide to help you earn more in the trading business.
Demo Trading Accounts
Earning real money is indeed a bit different from demo trading. But still, you can get many benefits from demo trading accounts. Expert traders advise to stay on demo accounts for at least 6 months and then move to a real trading account.
On the other hand, when you choose any forex broker make sure the broker is regulated and the spread is low for each pair. Experts recommend icmarkets or a similar broker as a low spread regulated broker.
Pros Of Becoming Full Time Trader
Is there any goodness attached to becoming a full-time trader? Or everything is stressful at the end? Let’s have a look at few pros of becoming a professional trader
- Professional traders earn a lot more years than any other business
- Successful full-time traders enjoy a lavish lifestyle
- Easy to start for beginners
- High liquidity than the stock market
Full-time trading Vs Part-time trading Which is best?
Still, confused about which trading style suits you? Though it’s mainly a personal decision to be a full-time trader. But becoming a part-time trader is for everyone. On the other hand, few people can trade full-time successfully as it is a time-consuming, stressful job.
The risk factor is the same in both trading types, but it’s up to traders to minimize the risk. The major factor is the time difference. You can avail a lot of trading hours while trading full-time. Simply, part-time trading depends on your schedule.
Expert traders’ advice always starts with part-time trading and after getting expertise switch to full time. Right?
Cons Of Becoming Full Time Trader
Full-time trading is just like walking on a double edge sword. You have no job or money sources instead of trading. You will make money from trading platforms, will invest, and will earn. But at the same time, you tend to lose money too. Here are a few disadvantages to consider:
- Less Stability
Full-Time Forex Trader Requirements
Are you ready to be a full-time trader? Wait….there are few requirements. But telling this does not mean these are compulsory. Obviously, you need high expertise for this trading type. Let’s have a look at
- Graduation in forex
- Age above 18 is good
- 6 month or above demo account
- Expertise in equity building
- Setting Goals
- Risk Measurement and Mitigation Skills
Can You Be a full-time forex trader?
Whether you can replace your current income from forex? Ask yourself, can you sacrifice time, energy, and money? Do you have enough experience and risk management skills? Are you ready to spend sleepless nights and awake with indicators? If yes, full-time trading is a good option for you.
But never lose your job if you are less consistent. In this way, you may have nothing to lose. However, the main advantage of full-time traders is that they can trade any trading session within 24 hours during business hours in their time zone.
How much does an average forex trader make a year?
The average forex trader income varies with account size. With high capital, the average earning of an expert forex trader is 83,850$ per year. If they make 2% of their capital per month they can easily make a good amount yearly But consistency and market situation matters a lot.
How long does it take to become a good forex trader?
On average, a trader may take 18 months to be successful. It also depends on the trader’s outcome. Trading education takes 6 months to 12 months for beginners. After education, a 6-month demo account is good to test your trading proficiency. However, this time is different for different people.
How much does a full-time forex trader make a day?
It depends on the number of trades per day, starting capital, and commission or broker fees. If your capital is 30,000$ and you make 5 trades per day and 100 trades per month you can earn 3,750$ per month. But here broker fees and other charges may also apply. Isn’t it a handsome amount?
This post will help you to realize your dream of becoming a full-time trader. You can learn the basic requirements, pros, and cons of this trading type, and can decide which type suits your interest.
I would advise you to stay on a part-time trading account unless you get a lot of expertise and earn a lot of money to invest to set aside to meet your bread needs. After this, it would be a safe decision to quit your job and give full time to the trading profession.
Otherwise, it will throw you into endless trouble with loans.
So, think wisely before taking any decision! If you are a successful full-time trader, share your strategies with us. Sharing is Caring!