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!
Pro Trader & Trading Coach
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