What are some crucial elements of a trading lifestyle that one should take into account before deciding to make it their career?
I guess it’s important to take into account one should assess their risk tolerance and financial stability
What do other think?
Making sure you have constant access to your trading tools: computer, internet.
If it is all possible, I would suggest any career minded person should aim to find a post at a financial institution that offers trading and compliance opportunities, such as a broker firm, bank or insurance company. That would put you ahead of the field.
Profit ratio
Private retail forex trading is not a career, its self-employment. When you start a career, someone is usually paying you a salary to learn your craft and become and expert at the job. so if you are just qualified in law, you can join a legal practice and they will pay you a salary: the salary will increase as you learn more and become better at the job and able to take on greater responsibility.
In trading, nobody pays you to learn, you pay the market so you can learn. The problem is most traders run out of money to pay for their education before they earn enough to live on.
I agree with the responses here. I also would just like to add schedule and the time you dedicate to friends, family, lovers, yourself. I think it’s something that I initially overlooked when I was starting out. Your schedule and the amount of time you can dedicate to forex trading can make a lot of difference.
Personally it creates a conflict within my mind.
Which one?
how could you manage your financial stability??
do you trade and check them just b y your pc??
coz I checked them on the phone while at work or parties.
Are you working with them?
may I ask why you suggested that?
Yeah yeah
well Ria coz when I go to parties all I am thinking about is trades
and over check them
I don’t both party and don’t have a focus on trades
what makes a conflict through your mind? Amy
I spent several decades in financial services, which taught me every thing I should know about FX trading methods and other investments that produces a profitable and successful trader who will be able to retire happily and healthily with a satisfactory retirement benefit.
Most of it is boring. Hence new traders lose their desire to reach financial security and independence.
Best of luck as it’s a long ride to success.
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I love that comment. Good stuff!
Before pursuing a trading career, consider these crucial elements: discipline, risk management, continuous learning, emotional control, financial preparedness, time commitment, and a supportive network. These factors contribute to a successful trading lifestyle. Evaluate their alignment with your goals and lifestyle before diving in. Good luck on your trading journey!
Consistency.
Wow, it’s so cool to hear about your long journey in trading. I hope to become like you someday and happily live my life in trading. You are an amazing source of information and guidance in the trading world.
You mentioned something important that every trader should know.
To me emotions still be a big challenge, and it’s crucial to work on managing them effectively.