successful trading is boring but it makes money. Repeating the same approach to allow the statistical edge to play out.
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Get some capital to make higher unit trades. Use a prop firm, FTMO or My Forex Funds. Trading 3 standard lots(300,000 units) is nice money for 20-30 pips a day, and if you perfect your entries you should be able to do that kind of income generation. Should be 20 pips a day easily and quickly somewhere in the forex markets… you just have to find them, and get as good an entry as you can. I like London session on GJ
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Yeah, but I see a number of new traders judge their trading skill too early! They open their live account after 2-3 consistent TP; although it’s not quite enough!
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There are a few things you can do to make sure you’re ready to trade full-time. First, make sure that you have the experience and knowledge needed to trade successfully. Next, make sure that you are prepared to commit time to trading. Finally, be patient and consistent with your trading practice.
If you’re disciplined, you’re ready. One of the most important things you can do to succeed in forex trading is to stay disciplined. If you allow yourself to get drawn in by the excitement of the market, you will likely make poor decisions that will lead to losses. Be patient and stick to your plan, and you will be sure to make profits in the long run.
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2-3 is that, Take profits? (TP)
This is the holy grail. As long as you have a system with an edge
Practice makes it perfect so doing it full time I bet you become a pro but it needs a loaded trading account minimum of $30 000 up to $60 000 with an experience mentor
When you have sufficient market knowledge and understanding and are consistently profitable. You are now prepared to trade forex full-time. However, because trading is risky, you should also have a backup plan. Trading full-time can also trigger negative emotions like frustration, stress, and anxiety. Traders must know how to deal with them.
A thorough understanding of the market and trading is required for successful forex trading. It is riskier to start out as a full-time trader in the forex market. You should begin learning and becoming acquainted with the subject, and once you are confident in your abilities and knowledge, you can transition to full-time forex trading.
if you are employed (whether you love the job or not) dont take the leap of quitting
until you are extremely comfortable with your trading system and are CONSISTENTLY extracting enough profits from the market to sustain your current lifestyle as you look for more…i made that mistake after a few lucky hefty winners and paid dearly…
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It is definitely a big decision to make. Full-time trading is not as dreamy as traders think. It surely brings tons of risks and responsibilities with it. And you can’t make such a big decision overnight. It is the hard work and consistency of years that bring traders to making the decision of trading full-time.
One can trade full-time once they have a good understanding of the market and consistent trading results.
You can’t tell the market what it will do for you.
Income = Capital x Strategy
Your strategy tells you what percentage profit you should make per year. Multiply your capital by your strategy’s return to calculate your maximum potential income. This should be 50% more than your annual overheads if you intend (or fear) having no other income apart from trading.
How is this identified? Through backtesting?
Yes, plus experience and in some cases through simple calculation.
Most strategies are self-limiting. For illustration -
Most strategies can only be implement so many times per day/week. A London opening range break-out on the EUR/USD can obviously only be worked once per day.
Many traders will be unwilling to take 7 parallel long positions simultaneously on USD even though each is v’s a different currency.
Most traders will not open a new long position on a pair while a previous long position on the same is still open but losing.
A strategy that relies on a triple top for a short entry is going to be rarely applied. And even when a triple top prints, will the trader have sufficient margin to open that position at that time?
Hmm from this explanation it seems strategies require a signifiicant amount of capital for it to even yield some form of income being that you can only take so many trades in a week…
I now trade for a living. My transfer from my day job as an engineer to trading full time wasn’t as big of a life shift as I thought it would be, because trading was already a full-time thing for me when I was working a 9-5. For many years, I would place my trades in the mornings before work and check my phone throughout the day, so when I left my 9-5 to trade full time, it didn’t feel all that different.
I never really knew for sure that I was ready, but I knew for sure that I was consistent. Trading full time was absolutely the right thing for me to do at the time, because then I realised just how much preparation and hard work I had put in over the years. So now that I had the days free and available to trade, I went from strength to strength and my learning curve massively increased now having the time to put my years of experience in full flow.
My advice for those who are thinking of taking the leap is that you need to trade in a way that suits your personality. If you are impatient like me and don’t like holding trades, then scalp. If you can’t scalp because you don’t have screen time, then swing trade with small position sizes. Now that I trade full time, the most important thing over everything else is consistency. And you only truly know you are consistent when you have placed enough trades. If you have consistency, you will then have the confidence to scale up to a decent account size to suit your lifestyle. Consistent monthly percentages will turn you into a full-time trader. Percentages vs account size vs lifestyle. You choose.
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Congratulations for your transferring from a 9-5 job to full-time trader. It’s a dream job that many people want to do since it’s flexible and you’re free from meeting, deadline, boss,…
How long have you been with FR? It took you how many years to quit your daily job to become full-time trader?
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Hey, from starting my journey in 2015, I was generating a passive income consistently after about three years and started trading for a living just over a year ago. The learning process for me was quite challenging as I was working two jobs with a young family, which means, if I had had more time on my hands, I may have gotten there faster. My transfer from my 9-to-5 wasn’t planned. I had to leave my job, so I started trading for a living, and the rest is history. In terms of flexibility, I do get to work from home and finish early some days, but the reality, for me, is that trading full time is not all that different from an office job. On average, I start trading at market open at 8am UK time, and most days I’m trading the entire day into the New York session. Thanks 
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