Before you take the plunge into this kind of investing — and especially before you think about giving up your day job and becoming a Forex trader full-time — you need to ask yourself these core questions:. Are you looking to completely replace your full-time income and just spend a lot less time each week doing so? Are you more interested in multiplying your full-time income with the power and leverage Forex brings to the table but are willing to work 40 hours or more each week to make that happen?

You absolutely must have your goals outlined with crystal clarity before you decide to go full-time as a Forex trader. Secondly, you need to think about how much capital you have access to and how much you are willing to leverage in the Forex markets. Do you have a decent sized nest egg built up that you can pour directly into the Forex markets, capitalizing on the extra leverage brokers offer to really outsized your wins and pulling record profits? Or are you just looking to put pockets of cash into the market every day, hoping to turn a profit, and then going from there?

This will allow for you to make a few percent per month and pay your bills. You can pivot later down the line for sure. But you need a solid foundation to build your full-time Forex career on. Secondly, you need to be sure that you are ready to treat Forex like a business or a new career and not like a profitable hobby.

You need to get up early in the morning, read the latest news, track chart trends and movement, and then hunkered down to monitor the Forex market as it moves throughout the day. Michael Bamber, an FTMO funded trader , has a lot of free content on his YouTube channel discussing this exact principle. You need to be sure that you have enough money saved up in order to cover the costs of your expenses for as long as it may take to accumulate such a capital base.

However, only profitable traders can sustain funded accounts. One of the main drawbacks of trading forex full time is the fact you have no other income, which is incredibly stressful when bills need to be paid. This is why it is important to trade with money you can afford to lose, as losing forex trades are part of the game. The stress of not knowing whether your next rent cheque will be paid or not is enough to drive many away from trading full time.

Many traders have families or partners that rely on their income, so the idea of pursuing forex trading as a full time job would put additional financial pressure on them. I know very profitable traders that are down for whole quarters, can you sustain that?

Forex traders with no other source of income cannot compound their profits, as they need to take withdrawals from their trading capital to live off. Not compounding can dramatically slow down the capital growth process and limit your potential over the next few years. This can become very stale very quickly and most people choose a career in forex trading because they are looking to escape the office or work with other people. Whilst there is a lot to think about when looking to trade forex full time , there is also a lot to think about when trading forex part time.

If you have another job on the side of forex trading, you never need to worry about profits paying bills. Your trading can be much more relaxed and this will generally lead to better decision making ability. You will have more time to explore new and different strategies. Part time traders have far more freedom than full time traders, as they are still free to experiment without having to worry about bills being paid.

Part time trading can be a great opportunity to have a social life and give yourself a chance to destress after each day at work. When you are only trading part time, you could miss out on some great opportunities. Remember that even experienced traders will miss setups at times, so you need to be able to live with this.

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For many of us, we trade Forex because it offers us a chance of being free. Free from that same mundane commute, to sit at the same desk cubicle, and to listen to the same deadbeat boss telling you what to do all day. Free from a confined salary that has zero prospects of scaling higher and being able to afford the endless bills from our expensive lifestyles.

Here are some considerations around remaining part-time. People who work full time during business hours in their timezone are able to trade during any of the other Forex sessions within a 24 hours day.

By trading Forex part-time, it allows you to relieve the pressure of having to make money every single day of the week. Some days they may present you with an abundance of trading opportunities, while in others they don't.

Trading Forex full-time is a high-pressure job and once it becomes your only source of income, there is no margin for errors.

Your trading account is your entire business and you must do everything in your power to preserve your capital and keep the doors open. Create a business plan, which in our case is a trading strategy with rules and risk management principles, to stick to. Discipline yourself into working full-time hours to execute your business plan and never allow yourself to make emotional decisions that could jeopardize your business.

So often we see those transitioning into becoming full-time Forex traders fail because they underestimate just how much capital they need to be successful. Your trading capital is to remain untouched and should be used to derive your income from — And only from that should you allow yourself to withdraw.

Not to mention the immense trading psychology differences that are presented when real money is on the line and you still have bills to pay. FXSSI has a wide range of professional MT4 indicators that can help you make the step up and position yourself ahead of the competition. Related Articles. What's Next? Learn basic Sentiment Strategy Setups.

By trading Forex part-time, it allows you to relieve the pressure of having to make money every single day of the week. It refers to the amount of money that a broker Simply it is all of the benefits of both premium groups lifetime members will also Get access also to any new groups Lifetime Premium Membership. What's Next? Short Selling and Strategies to Use by Richard Brase.

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