Are you ready to begin trading forex full-time? Do you dream of handing in your notice and making a fortune from home? Before you do, make sure the five signs are present in your life.
You Can Afford It
This is about as simple as it gets, but it’s worth stressing all the same. Trading forex full-time is not something to do in the hopes that eventually it will give you enough to live on. That’s how you end up broke and back in the job market.
Instead, you need to make sure you have sufficient funds before you take the plunge. Aside from the obvious, your trading decisions will be negatively impacted if you know that you’re constantly on your last legs.
How much is enough will depend on your unique requirements. One easy way to decide, though, is simply to look at how much you’re making part-time. If you doubled it, would that be enough? Make sure you factor in costs like covering your own health insurance.
You’ve Succeeded in Different Conditions
Now, you may have a pretty impressive nest egg at the moment and a part-time income that suggests trading forex full-time would turn a nice profit. Still, this isn’t good enough if you’ve only ever used one successful system.
Unfortunately, there is such thing as beginner’s luck. Not to take anything away from your success, but if you haven’t had to adapt to changing market conditions by jumping on a new system, you’re not yet ready to join the ranks of full-time forex traders.
See, eventually, conditions will change and you won’t have the wherewithal to keep moving forward if you’ve never been through this challenge before.
You’ve Stuck with the Same System
At the same time, you may be jumping from system to system in your efforts to succeed at trading forex. This is just as bad and impressive returns could still be the result of luck. Once you’re trading forex full-time, constantly changing systems is going to catch up with you. It’s important that you discipline yourself to be persistent with using a certain system before you make the switch.
You Ditch Losing Trades
It doesn’t matter how good you get at trading forex; you still have countless failed trades ahead of you. There is no way you’re simply going to pick the right move every single time. Full-time traders know this and they don’t take it personally. When they realize they are on the losing side of a decision, they ditch their position and move on.
Before you move to trading forex full-time, it’s important you’ve faced decisions like this and bailed before your losses became even more significant. This is all the more impressive if the trade later turned profitable, yet you didn’t begin second-guessing yourself after that.
Even if you eventually ditch bad trades, that doesn’t mean you’re ready for full-time trading. Sticking with them too long is a slow burn that can eventually empty your account. You need to also be comfortable ditching early, despite the losses you’ll incur.
You Have More than 40 Hours to Spare
One day, trading forex full-time may actually be confined to just 40 hours. When you first start out, though, be prepared to spend a lot more time on this profession. You’ll need to continue learning about forex and, most importantly, studying your own work to see where you can improve.
Provided all of the above signs we just covered are there, it’s time to take your forex trading to a full-time schedule and, of course, celebrate this accomplishment.
For more information: