Since forex trading is an online investment, traders seem to be barely noticeable and few in comparison to other market investors. The truth is that forex trading is catching more and more attention these days and “full-time trader” becomes an acceptable and recognized profession.
Can You Become Full-Time Forex Trader?
Last month we have conducted the survey “Are you a full-time trader?”. The results are posted below:
Full-time Traders – 59.4%
Part-time traders, who hold other full-time jobs – 25%
Unemployed, but chooses to trade part-time – 12.5%
Traders who haven’t decided yet – 3.1%
Trading from home isn’t an easy task. The main obstacle faced when trading full time is the need to stay in front of your computer for hours instead of, for example, keeping up-to-date with “Survivors”, playing hide and seek with your dog or catching an afternoon nap 3 times a day.
Apart from that, forex trading is no different than any other successful business – it is full of responsibilities, organization, money management, experience, structure and a great amount of will and power. We all search for the path to riches, however just like in any other investment not everyone is really build to do what it takes to realize their goals.
Becoming a full-time, independent trader requires you to have a certain personality. You have to be ready to face the solitude – working alone, being alone, eating alone most of the time every single day (well, except for the weekends!). It is definitely not as easy as it may sound. Some people find it extremely tough to be on their own for such extended period of time. Even those who openly dislike socializing might find themselves amazed with the fact how strong the need to be around people on regular basis actually is.
Despite the difficulties, lack of glamour, the loss of social skills and the possibility of going insane, many traders choose to go full time. The real question is how many of us are actually forex traders around the clock?
There you have it. Trading forex full-time and making healthy profits is not a myth. Many traders actually have degrees in computer science, business, accounting and other professions, but choose online forex instead. Who needs degrees when you make thousands per week or even a day, right?!
On the other side always keep in mind that forex is not something you learn over night. When you ask yourself whether it is time to quit your current job and trade full-time, do some soul searching first before making a leap. I suggest having enough money to support yourself for 6 months no matter what the outcomes from your forex trades are. And before jumping into forex full-time make sure that you have mastered these things first:
- Technical Analysis
- Fundamental Analysis
- Fibonacci method
- News Feeds
- Practice trading with Demo accounts
Overall, to become a full-time trader you need to set your goals, read ,learn , demo trade until your fingers feel numb, secure your finances for at least 6 months ahead and then leap into the real thing. Because, let me tell you something – living off forex is much better then any job out there!