When you can become a Full time forex trader ? Here are 5 important things you need to know before you go for full time trading:
- At least one year of Profitable is necessary : In order to evaluate, you need to go through your last 1 year performance history in your forex trading account. If you are profitable in your overall performance, then you can think of going to be a full time pro trader. Because, you have experienced a different market movements in different situations. This is the minimal experience you need to have for becoming PRO trader.
- Necessary income for three months : Are you already started making a necessary monthly income from forex trading? Necessary income means that it pays your home rent, Phone, Internet bills and other expenses. you need to check that you are really earning equal income or more income than your current Day Job from last 3 months at least.
- Plan for full time trade : Making a Necessary income from trading is really great. But can you really make good profit if you do trade for full time ? is it possible ? Because, Earning money from trading is not depend on how many hours you work (it’s not like 9 to 5 job), it not depends on hard work, it depends on smart work. You need to do the trade only at the Correct timing which is suitable for you, even if you are a full time trader.
- More money is needed ? : No, But you need to have at least a decent amount to start a full time trading. If you have more money, it doesn’t mean you can always make more profits, Because As a Pro trader you must know ‘how to make profits and maintain your profits for living your life with trading’. Even if you start with small money, once you made some good profits, you can start to take some risks only in your profits to multiply your trading account balance to higher level. The advantage of having more money in your trading account is “The more money you have, the more patience and time you will have with full time trading.
- Second Plan : In case, if your strategies at full time trading doesn’t work, and you really don’t have any plan for doing trading successfully as a full time trader, Then you should have Second plan such as “returning to your previous job, going in another way for making money related to your known knowledge, etc. If you know the worst situation about forex trading, then you’ll surely throw out the uncertainity and you’ll have better way to get succeed in trading.
What do you think ? Any Full time trader out there with a good tips to share ? Please comment your tips below.