Forex trading as a career? - Page 7
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  1. #61
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    Although, of course, make enough money at it part time and it will naturally become full time on its own. You can make a great full-time salary without putting in anything like full time hours.

  2. #62
    Join Date
    Jul 2013
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    Quote Originally Posted by konan View Post
    My opinion is that nothing in life should be done halfarsed. I can't imagine that anyone who calls himself a trader can afford to work something completely different from 9 to 5, when he or she should be constantly keeping his eye and mind on the charts and fundamentals...Maybe some people figure gambling can be a hobby and same can apply to Forex too. It can, but I presume nothing will come out of it...Give yourself an intensive year of learning and at the same trading and if you see that you can really do it successfully, then that's it, you don't have to move on...What do you think?!
    Jee man, after 43 posts and nobody had mentioned that! I thought I was the only one thinking like that. Thanks for your post...it's truly reassuring to me.

  3. #63
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    Dec 2012
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    Quote Originally Posted by SimonTemplar View Post
    Although, of course, make enough money at it part time and it will naturally become full time on its own. You can make a great full-time salary without putting in anything like full time hours.
    This sounds great. But when can we achieve that mark ? It's a long road for me ..

  4. #64
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    Quote Originally Posted by brendad View Post
    This sounds great. But when can we achieve that mark ? It's a long road for me ..
    Well, quite. That's different for all of us. I was lucky enough to be able to start full time, was profitable inside a year.

    Starting around a full time job would be trickier but perfectly doable.

    Starting part time around a job and self-taught for free? I wouldn't fancy that tbh.

  5. #65
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    Feb 2013
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    Scotland
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    I was telling someone about Forex trading the other day and the question of investing into it full-time came up... My answer was that more time trading does not equate to larger profits; as a beginner, I thought that I needed to put a lot of trades on, be very much involved with it 24/7; in truth, I got too involved and overtraded myself into (demo) losses.

    Again, everyone is different, but a newbie trading full time is like a learner rider being handed a Ducati 1098 and told not to crank the throttle on full... The temptation would be very strong, and your sense of restrain/awareness not quite as strong to keep you from harm...

  6. #66
    Join Date
    Sep 2012
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    Before you quit your job to trade the market full time, you need to ask yourself two important questions:

    First, have you been consistently profitable every month trading the market?

    Secondly, are your profits enough to pay for your expenses every month?

    If you are going to rely on trading as your source of income, you need to know with absolute confidence that you can bring in the profits at the end of each month to pay for your monthly expenses and more.

    If you are just starting out as a trader, I would strongly suggest that you keep your job and learn to trade the market on the side. As you trade you will improve your trading skills and gain valuable experience on how to trade the market profitably in the long term.

    Psychologically, you will also trade better if you are not worried about your next paycheck. Learning to trade the market is challenging enough. Do not give yourself added stress and pressure to perform well in your trading just so you have enough profits at the end of each month to feed yourself and your loved ones.

    There is nothing wrong in keeping your job and trading the market at the same time. You can use the profits from your trading to supplement your income rather than seek to replace it.

  7. #67
    Very agree with codester, but I think need several months with real profit to confirm you can pay for your bills

    Quote Originally Posted by codester168 View Post
    Before you quit your job to trade the market full time, you need to ask yourself two important questions:

    First, have you been consistently profitable every month trading the market?

    Secondly, are your profits enough to pay for your expenses every month?

    If you are going to rely on trading as your source of income, you need to know with absolute confidence that you can bring in the profits at the end of each month to pay for your monthly expenses and more.

    If you are just starting out as a trader, I would strongly suggest that you keep your job and learn to trade the market on the side. As you trade you will improve your trading skills and gain valuable experience on how to trade the market profitably in the long term.

    Psychologically, you will also trade better if you are not worried about your next paycheck. Learning to trade the market is challenging enough. Do not give yourself added stress and pressure to perform well in your trading just so you have enough profits at the end of each month to feed yourself and your loved ones.

    There is nothing wrong in keeping your job and trading the market at the same time. You can use the profits from your trading to supplement your income rather than seek to replace it.

  8. #68
    Join Date
    Nov 2012
    Location
    London
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    Whenever clients of mine say this, it triggers off the alarm bells! If you’re thinking of quitting your job and trading fulltime, it may be worth doing some serious thinking.

    How big is your trading account?

    How much do you reasonable expect to make in percentage terms?

    Would your “conservative” percentage figure, translated into a cash sum be enough to keep you in the manner to which you want to become accustomed?

    The problem with trading for an income with a smaller sized account is that you put pressure on yourself to make money. If you've quit the regular income you get from your day job then this pressure is even more acute than before so it will most certainly influence temptation boredom, frustration and anger trades. Remember, the market doesn't owe anyone a living. It will simply do its thing regardless. I always recommend people trade for capital growth and simply have it in collaboration with other income streams.

  9. #69
    Join Date
    Nov 2012
    Location
    London
    Posts
    39
    For the reasons stated in the post above, I prefer to view trading as a way to make great capital growth rather than income (unless, of course, you have a whale sized account!!)... sometihng you can set, forget, and have running in the background. The fact that I trade end of day only is a large part down to this.

  10. #70
    I think to actually be a full time trader you need to be able to make enough profit in 1 day or hours to live off of the rest of the year, then the real fun will begin.

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