Whenever we start a new 'business' it's a good idea to not just jump into it. Having such a steep learning curve forex doesn't appeal to anyone and only few from the people who trade can achieve success. This is why it's smarter to trade as a 'part time' job and not leave everything behind. Sure, when money starts coming, some might consider it's time to go full time. Where are you right now? Are you a full time trader?
Part time trader?
- Thread starter dojo
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I trade Forex for more than 6 years and I am still a part-time trader. Although for some traders it seems quite easy to switch to a profitable full-time trading, for me it's still a problem.
I'm generally a part time trader. Sometimes I guess you could consider it full time when that all I am doing, but that rarely is the case. I am usually working on other projects as well.
I agree, forex trading is not easy job, so its very important to have a good job with it from beginning or good money background. I have the advantage that i have good company, which will makes me good money every month with low time spending, so i had lot of free time to trade without stress once i will fail, now i have threee very good incomes: forex scalping + stocks + my own business
+ my friend from Malaysia done very bad mistake, he thought that his boss want to get him out from his job, so he started very heavily trading .. the result was 70 000$ lost in two months (he wanted too much too fast .. that is very frequently reason of many traders fail)
If you needed to make 50,000$ a year as an income and you had a 50,000$ account you would need to make 100% return on investment a year. Actually more once you get bit by the tax man. I personally don't see how anyone with less than a 200,000$ account could be a full time trader, atleast one with longevity. Another thing that Ive pondered alot since becoming profitable is how full time traders draw an income while making 50-100 trades a month with losses and drawdown, It just doesnt seem stable or consistent. Not to mention the emotions once your dinner and house are relying on it. I know people do it but I just don't get it, maybe im to conservative.
In my opinion, switching to stable full-time trading is possible only from $1,000,000+. Then you can employ a really conservative money management strategy and afford to lose or miss some trades.
On the other hand, people with ambitions might try getting to $1M balance by entering with $10k or less and gambling their way to the top 🙂. Or to the bottom... 🙁
On the other hand, people with ambitions might try getting to $1M balance by entering with $10k or less and gambling their way to the top 🙂. Or to the bottom... 🙁
Yes it is right, doing forex business is not joke. And it is better to do part time unless and until you are not well aware of each and every transaction, at least basics.
I just can say cautious and informed approaches are essential in fields like forex trading.
It's correct approach, despite trading for years trading couldn't substitute my offline source of income. That's why I consider it as part-time activity that improves my market analysis skill.
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