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Many people trade Forex because it allows them to be self-sufficient. Free from the monotony of the daily commute, sitting at the same desk cubicle, and listening to the same slacker boss tell you what to do all day.
Free from a limited wage with little possibilities of advancement and the inability to pay the mounting costs associated with our extravagant lives.
We’ve studied being a part-time vs full-time Forex trader below to help you make the best option for you.
Part-Time Forex Trader
Being a full-time Forex trader isn’t for everyone, and you might be surprised to find that part-time Forex traders can earn just as much as full-time competitors.
By retaining your existing full-time work and trading part-time, you may decrease the pressure to succeed and perhaps outperform a full-time Forex trader.
The Forex market is ideal for part-time traders since you may construct Forex tactics for each session regardless of the timezone you choose to work in.
People who work full-time during business hours in their timezone can trade during any of the other Forex sessions that occur within a 24-hour period.
The trader’s scheduled 8-hour trading day, on the other hand, cannot be mixed with your regular work.
Being a full-time Forex trader isn’t for everyone, and you might be surprised to find that part-time Forex traders can earn just as much as full-time competitors.
By retaining your existing full-time work and trading part-time, you may decrease the pressure to succeed and perhaps outperform a full-time Forex trader.
The Forex market is ideal for part-time traders since you may construct Forex tactics for each session regardless of the timezone you choose to work in.
People who work full-time during business hours in their timezone can trade during any of the other Forex sessions that occur within a 24-hour period.
The trader’s scheduled 8-hour trading day, on the other hand, cannot be mixed with your regular work.
Full-Time Forex Trader
If you’re serious about becoming a full-time Forex trader and want to quit your job right now, there are a few things you should think about.
Full-time Forex trading is a high-pressure job, and if it becomes your sole source of income, there is no room for error.
Here are some things to think about before becoming full-time.
If you consider forex trading like a company, you’ll need to shift your thinking from having a little fun to being a full-time business owner.
Obviously, you don’t have any stock to sell or real properties to manage, but the psychological impact is the same.
Your trading account represents your whole business, and you must do all possible to protect your funds and keep the doors open.
Create a business plan to stick to, which in our case is a trading strategy with rules and risk management principles.
Discipline yourself to work full-time hours to carry out your company strategy, and never make emotional judgments that might harm your business.
We frequently see folks making the shift to full-time Forex traders fail because they misjudge the amount of cash required to be successful.
While there is no magic figure that determines whether or not someone is a full-time Forex trader, it is critical that you separate your trading capital from the money you will use to pay yourself a wage.
Your trading capital should be left undisturbed and used to generate revenue – and only from that should you be able to withdraw.
If you don’t have enough money to survive drawdowns or pay your bills while the markets aren’t earning money for you, you’re not ready to be a full-time Forex trader.
You must be absolutely positive that you are prepared or you will fail.