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In simpler terms, Forex trading is like a game where you can’t rely on luck, meaning you cannot expect to always win.
So as professionals, we tend to find a way to put the probability in our favor with a proven strategy and minimize risk in order to win big due to the fact that the Forex market is dynamic.
And most people, like yourself, still wonder if forex can be a full-time job which in most cases it’s not.
Here’s the thing, becoming a full-time forex trader solely without other sources of income takes a lot of hard work, commitment, dedication, and consistency.
Success in Forex Trading is not something that happens overnight or without putting in effort and gaining experience over time.
The Forex market isn’t a shortcut to instant financial freedom. Instead, it necessitates hard work and time to cultivate and grow your capital
This is why many day traders struggle because they spend all their time analyzing the charts for opportunities, even when there aren’t any, just to meet the demand and make money to support themselves.
For newcomers to this field, the initial focus should be on building consistency in terms of returns rather than contemplating Forex as a full-time occupation.
Once a consistent profit is established, considerations for making it a full-time endeavour become more relevant.
However, keep in mind that you’ll also need to solicit capital to grow further in this field and when you get enough capital and your return is fantastic then it is left to you if quitting your 9–5 is ok for you or taking forex as part-time.
Forex trading can be a full-time job that requires a lot of time and effort for traders who are committed, skilled, and financially ready.
In order to trade forex full-time, you need to consistently make profits, have accurate technical analysis skills, and know what type of trader you are (day trader, swing trader, etc).
However, it’s crucial, to be honest with yourself when considering this as a career path.
If you’re not prepared, it’s best to avoid trading forex full-time.
Doing so could have a negative impact on your trading career, financial well-being, and psychological state, which is a vital aspect of trading.
Forex trading can be a full-time job if you can fulfil the following criteria;
A solid foundation in education is paramount for success in the market.
If you don’t have the proper education, you will have a hard time in the market for a long time.
It’s important to learn when things aren’t going as they should.
You shouldn’t spend your whole life trying to figure things out on your own.
Learning from someone who has already achieved success can expedite the learning process and enhance the likelihood of success.
That’s why it’s a good idea to learn about forex from someone who has already been successful.
They can help you learn forex faster and increase your chances of being successful in the market.
In order to make regular money from trading, you must have the correct education.
However, it’s important to understand that being consistently profitable in trading doesn’t mean doubling your initial deposit.
IT IS FALSE!
Rather, making returns of 10% to 30% per quarter is considered profitable.
Consistency is key, and success can be achieved with incremental gains.
Here’s the main idea:
If you make a 30% profit on a $100 account, you would earn $300.
If you make a 30% profit on a $10,000 account, you would earn $3,000.
If you make a 30% profit on a $100,000 account, you would earn $30,000.
Even though you may not have achieved your desired goal, if you consistently make a 30% return on your initial deposit, you can consider yourself successful.
To achieve this, you would need a larger amount of money because successful trading requires more capital.
If you make a 30% profit on a $100 account, earning $300, don’t feel discouraged.
Instead, you can try to raise more funds, and one way to do that is through prop firms trading.
Imagine having access to a $100,000 account and making a 30% return in a quarter, which amounts to $30,000.
That is 2x more than what an average American makes ($15,143.75).
Many traders fail because they have unrealistic expectations about trading.
They believe it is a way to quickly get rich, and I can understand why.
They see other traders on Instagram living luxurious lifestyles, which can be misleading.
When these traders enter the live market, they often use too much leverage in an attempt to make huge profits.
They think that in trading, you have to take big risks to earn big rewards.
Sometimes, these traders get lucky and make some profits in the short term and luck is not repeatable.
That’s why they may experience wins one day but end up blowing their account next.
But why does this happen? It’s because people think forex trading is the fastest way to achieve financial freedom. However, based on experience, forex trading is actually a slow and steady process.
Successful traders treat it like a business.
Starting a physical business requires capital to set up a store, stock inventory, and sell products at a higher price to make a profit.
But can you be certain that your business will succeed in a few years?
Running a business involves many factors, and there’s always a risk of failure. However, failure is an opportunity to learn and improve.
Failure doesn’t make you a loser; it simply shows you the reasons why something didn’t work.
As a business owner, it’s up to you to understand those reasons and adjust your business plan to achieve success.
Similarly, in trading or any business, it’s important to know your trading model.
If you aim for higher gross margins, you’ll be a high-frequency trader who seeks to make small gains from frequent trades. On the other hand, if you prefer lower gross margins, you’ll be a low-frequency trader who aims to make bigger profits from fewer trades.
Understanding your trading business model is crucial because it saves you from wasting time trying to find the “best” trading system that doesn’t actually exist.
Success in trading or any business comes from two sources: higher gross margins and lower gross margins.
Higher gross margins involve selling less frequently but making bigger profits when you do (like car dealers).
Lower gross margins involve selling more frequently, which accumulates into a larger profit margin over time (like grocery stores).
Remember, trading should be treated with the same seriousness and dedication as you would treat a local business.
A full-time job in forex trading is possible, but it takes commitment, discipline, and skill mastery.
In addition, although forex trading has many benefits, such as reduced costs, flexibility, and possible profitability, it’s important to recognize the risks and difficulties it entails.
Aspiring forex traders can raise their chances of success by dispelling common myths and using successful tactics. Never stop learning new things and honing your skills because trading forex is a lifelong learning process.
Make an effort to study more about the market if you’re thinking about making forex trading your full-time career.
To further advance your knowledge and abilities, think about registering for reputed forex trading classes such as the ones that we offer in the forex mastery course.
Good luck with trading!
Absolutely, you can become a full-time forex trader. This comes with a lot of work and practice as written in this article.
Yes, you can! As a forex trader, there are unlimited options for you. You can work for yourself, for brokerages, hedge funds, and institutional investors such as investment banks, investment management firms, or central banks.
No, it is not hard to master forex. But just as with any other career path, forex is no exception as it requires your dedication, time, and diligence.
