Being a full-time trader requires passion, dedication, financial stability, and strong decision-making skills. At times, you will want to quit and return to your old 9-5 job. But, understanding that drawdowns are part of the process and won’t decide your trading future will help you keep going. The question is how to know if you are ready to be a full-time trader. Should you quit the job already? Let’s find out.
Online trading has become a breeze. You no longer need to hire a broker or work with agents to get updates about the trading market. All that’s needed is registration on the right trading platform and you are all set to start trading and earning. Although the process is straightforward, it requires practice and basic knowledge of the market.
To help you get started, many trading platforms offer demo trading. The option is available at the time of registration. Once you sign up for an account, you will be given the faux money that you can use for trading. You can analyze real-time data and conduct trading. The money exchanged will, however, be fake. A demo account helps you learn the fundamentals of trading with a Forex. This makes your journey in the trading industry smooth and lucrative.
There’s no ideal time for demo trading. You should practice it as long as you are not confident you can pursue trading as a full-time career. Usually, people consider demo trading for 1-3 months, but if you have prior experience in the market, a few weeks should suffice. It helps you learn real-time trading and market trends. So, take your time and enroll in the best forex trading online account only when you feel ready.
You shouldn’t trade just because you don’t have a typical job to go back to or the kid’s tuition fee to pay. Trading, as a full-time career, can be daunting. But with proper knowledge and experience, you can generate a stable income. Here are the signs that tell you are ready for live trading.
Once you are ready to start live trading, the next important decision is how much time are you willing to dedicate to live trading. Do you want to pursue it as a full-time career or just an income supplement? Note that trading has a specific time. The market opens and closes at set hours. You must be available during that period to trade live.
Although your demo account will help you create risk management strategies, you can’t really know the actual risk involved until you get into the real trading business. Having a solid risk management strategy in place will help you deal with the losses efficiently.
If you have learned the basics of trading and risk management, then you are ready to be a forex trader.
If you are really passionate about being a full-time forex trader and can handle profits and losses effectively, you will know how badly you want to achieve your goals.
Handling your emotions and keeping them aside is key to dealing with drawdowns without quitting your trading journey.