For a lot of forex traders, trading full-time is the ultimate dream.
After all, the idea of being free from the shackles of the 9 to 5 can turn anyone bright-eyed and bushy-tailed! No bosses, no meetings, no deadlines… Who wouldn’t want to live like that?!
But don’t be fooled! It’s not all fun and freedom when it comes to trading full-time. It’s something a lot of people strive to achieve, but only very few succeed at. This is because along with the freedom of time and choice, full-time trading comes with serious risks and responsibilities. Surely, making the transition from part-time to to full-time trading is not a decision that can be made overnight.
I know we have both part-time and full-time traders in the community! So, for all my folks trading full-time, what’s your advice for those thinking of taking the leap and quitting their day job to be a full-time trader?
I think forex trading certainly offers a really good setup to those that can do it full-time. Most of us have dealt with an unruly boss at some point, nothing better than setting your own schedule and doing things the way you want to do them.
I trade full-time, but I stay home anyways because I still have two kids that haven’t started school yet. I started doing it because daycare was so expensive, it wouldn’t have made sense to work for barely anything once that was paid for. I’m only able to trade full-time because my husband does have a good job though. I see why so many want to become full-time traders, just think everyone needs to make sure they are financially ready to make that switch. Have money in savings, figure out how much you need to make monthly to support yourself, and make sure you’re actually making that much from then. Until then, I think working and trading part-time is the way to go, unless you have a situation where you don’t have to have a 9-5 and can focus on trading the majority of the time.
Only trade full-time if you can still live comfortably even if you lose money/don’t make money from trading for at LEAST six months. Having a partner with a good job, having a ton of savings, or maybe multiple sources of passive income is crucial.
I consider myself as a full-time trader over 1 year. My husband has a good income, so I can stay at home to take my children to school and trade. Last week I turned down a casual job with a decent salary to continue focusing on trading. I am only going to work for a while to have my own income and gain more work experience but I still want to return to trading. And my husband asked me: why you want to work to make money while we have money, the important thing now is to focus on studying and practicing every day if I define trading as a home business. After thinking carefully, I found this to be true, and I decided to start now, instead of going to work for a while.
Full-time trading is not easy but if you really want to do it and can afford to do it, let’s get started.
Oh wow. I don’t think I can ever become a full-time trader. I feel like making it my full-time thing would take out all the fun in it, and add so much pressure to it. I’m not strong enough to handle that, but I super duper admire everyone who are trading full-time!
I read books and learned through the course on Babypips. The resource from Babypips is very helpful. One of my reading books are: Naked Forex, One good trade, 7 Winning Strategies for Trading Forex,…
Perhaps I’m not truly qualified to answer because I am not trading full-time; however, I wanted to add an additional aspect to the question. “How can I get to the point where “trading full time” means only trading 30-90 minutes p/day, and yet that is enough to sustain my financial needs?”
I think you must have a substantial dataset that implies you have any reason to be considering casting away the safety net of normal income. Are you funded or do you have the capital to produce a decent amount of money on your bad months? Do you have back up funds for the dry months as they will occur? Certainly a lot to consider. Also the psychology shift of having trading becoming your main source of income could throw you right off your game.
Personal finance books talk about having emergency funds for six months’ worth of expenses. But that’s when you have a job and predictable income.
I think it’s wise to save up an emergency fund, AND also save up for the next year’s expenses. So if your yearly expenses are $50k, then save up $50k + an emergency fund.
$50k would be like a salary and you can budget each month like a paycheck. Sure, it’s difficult, but it’s a good way to be safe. Then, every year your profits go towards your next year’s salary. If you have a bad 3 month period, then you have 9 months to prepare for next year’s reduced salary.
I don’t think I can ever become a full-time trader. 
I’m not strong enough to handle that, but I super duper admire everyone who are trading full-time! 
