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What it Takes to Become a Full Time Trader

Becoming a Full Time Forex Trader. Making it a Reality.

If you are thinking about becoming a full time forex trader, there are a few things that you need to consider. In this article I am going to share with you 2 aspects of becoming a full time forex trader.

Being a full time trader myself, I am sharing this based on my personal capacity and my own experiences. Some other traders might have other notions of what it takes to become a full time trader and they are of course entitled to their own opinions.

First and foremost, you must have a passion for trading.

What does it mean to have passion for something?

When you have a passion for something or for some activity, it means that you have a powerful and compelling emotion or feeling when you are engaged in that activity. It is a strong or extravagant fondness, enthusiasm towards a particular pursuit that is emotive in nature. You need passion to be a great Forex trader and to be a full time Forex trader. There will be times when you will experience a draw down and a setback in your trading. These are moments when you feel that things are just not going your way and at times Forex traders can feel as if everything is going against them.

When setbacks happen, some people will just want to give up and not want to try trading any more. They suddenly feel that the activity is just not for them and that they have hit a huge solid brick wall. In essence however, what they have just experienced is just a small test of their mettle and also a test of their passion for trading as an activity.

If you want to be a full time Forex trader, you need to be committed, serious and passionate about Forex trading. It has to be an activity you look forward to doing and no amount of losses will ever get in the way of you trading the Forex market. Never allow emotions to get in the way of your trading. Some days you will feel like you are a Forex trading hero and ready to become a full time Forex trader and some days you might feel as if the whole market is against you and like as if the dream of becoming a full time Forex trader is slipping away. Control these feelings and never allow them to overwhelm you, much less prevent you from becoming a successful full time Forex trader.

Understand that all bank traders have a risk manager that overlooks their trading. The bank will never allow anyone, not even the best forex traders in their midst to trade irresponsibly and to take unnecessary risks on the bank’s capital. As such, you should take a cue from that too. Have a trading journal and make sure that you update that journal on a daily basis. If you had a loss, note it down, state why you had that loss, what could you have done to prevent that loss from happening? Did you trade before a major news announcement? Was your position size too big? Write down the details of your trades in that journal. It can be about your winning forex trades or it could be about the losing trades. What is important is that you have it jotted down so that in the future you can use those notes to reflect and make yourself a better trader.

Second important point that I would to share is that you must be well capitalised. Most successful full time Forex traders are well capitalised. When you are well capitalised and you trade with proper risk management strategies, you will find that you are more relaxed and can think clearer. Imagine that you have 100 grand and you are a full time trader. You need 5k each month to survive and pay for the bills that you have. Making about 5% a month on full time trading is very possible. With that kind of money, you will also not be too fast to press the trigger. You will be able to remain patient and wait for a good signal to trade. That will help in the long run if you are to become a full time forex trader. Nobody likes to look at the screen all day long. Even if you do, your body needs rest and your eyes need to see something far in order to combat the effects of being too long in front of a computer screen. Come on, you would love to breathe the fresh air outside won’t you?

There are other factors that you need to know before you take the plunge to become a full time Forex trader. This article does not attempt to be cover all aspects of becoming a full time forex trader. I will attempt to write more regarding this subject as we go along.

So watch out for it!

To your success!

Ardy Ismail

Pro Trader & Trading Coach


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By | 2017-03-12T14:50:37+00:00 February 28th, 2017|Categories: Forex Trading Articles|Tags: |2 Comments

About the Author:

Ardy Ismail is Professional Forex Trader and Forex Coach specializing in the Forex and Futures markets. He trades using both Technical and Fundamental Analysis and has a deep understanding of risk and money management strategies. He has been trading the Forex market since 2008 and shares his analysis of the market on this site.

2 Comments

  1. Peter Feb 20, 2015 at 1:23 am

    Hello Ardy,

    this is a great article! You summarized really well what it takes to become a full time forex trader. Especially liked the part where you mentioned the importance of a trading journal. It’s such an essential tool for developing your skills and yet many traders oversee it.
    It’s also highly important that you prepare your mind and that you embrace the idea of being a full time forex trader.
    Sure, hardships will come along the road anyway, sometimes your strategy won’t work, sometimes you miss a good opportunity, sometimes your broker screws you over and so on. There are so numerous factors that impact your performance and unfortunately you can’t always win.
    One of such factors can be the improper broker choice. Although many traders think this is irrelevant, it is actually crucial because the broker you choose strongly influences your ability to make profit. Several traders have to switch their brokers because they pick a broker that doesn’t fit them.
    Furthermore, many traders fall for catchy advertisements and that determines their broker choice. It’s true that some brokers have tempting offers but it’s not always what it seems.Some of them take advantage of retail traders and they apply lot of re-quotes or hidden costs and these also hinder traders from making good money.
    I have a quite deep experience regarding this topic which I think would useful for other traders too, and I’d be happy to share my insights with the Forex Achievers community. If you’d be interested in some kind collaboration, let’s contact each other. 🙂

    Peter

  2. Ardy Ismail May 9, 2015 at 7:47 pm

    Hi Peter.
    Thanks for the comments. It seems that you have a lot of experience choosing forex brokers and how to avoid from being a victim of a shady broker. Let me know what kind of collaboration you are looking at.
    Regards,
    Ardy

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