Thanks for sharing your interesting story, 
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My pleasure 
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Good on you mate ,you have shown that perseverance and dedication has allowed you to open more doors regarding your lifestyle
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This is the objective of every trader who enters the market. But it’s not quite as simple as it sounds. Some traders, but not many, eventually make a profit. Nonetheless, once you’ve mastered the basics and are making consistent profits in your trades, you can move on to the real thing and can think of going for full-time trading. As soon as you reach that point, you can consider making trading your full-time occupation. but be aware that the risks are significantly higher.
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Once you understand the market on a deeper level and are confident enough to make moves without second guessing everything, you will probably earn consistent returns and improve your decision making skills. So, that depends on your learning capacity. Good luck.
Here are some indicators that will help you confirm your motive of trading full time as a forex trader -
- If the annual profits you are making in forex is more than your annual salary at a job for 2 or more years.
- If you can trade more than 80% trades profitably.
- If you have enough self-capital to trade without using high leverage
- If you have the right trading psychology, and forex does not make you feel exhausted.
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Trading full-time is a huge commitment and can be very stressful. Having a solid trading plan that can make consistent profit and good trading mentality are good indicators to switching to full time
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If you are able to manage your trading without unnecessary fears or worries, you can trade on a live account. If you feel confident while trading and are making profits consistently (although some losses are allowed), you can trade on a live account.
If the whole monthly expenses are to be covered solely by trading, it can trigger certain psychological factors creating stress or anxiety.
Here are some points that I have personally kept as my checklist to turn to a full time trader -
- When you have been making consistent profits with your strategy for over 2 years
- When you have gained good amount of experience in the market
- When you have developed trading psychology
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When your manager emails you and says the firm’s sales figures are not good enough, and she and her manager reckon you are the problem.
(I’m mostly over it now…)
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Such a short post is unusual for you
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I believe, when a trader is consistent enough on his live trading; then surely he is ready to take this money earning opportunity as a full time career!
[quote=“Isobront, post:45, topic:886353”]
Once you understand the market on a deeper level
It would be interesting, if you could.maybe explain abit more
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Yes, you’re right. To switch full time to trading as a career, one must be completely confident with developed trading mindset.
Actually, it takes time to be a full timer; if you have enough trading knowledge then surely you can take this money making opportunity as a full time trader; but it’s not easy as you said!
When you are making more profits, and especially consistent profits from trading, the annual of which is more than your annual salary at the job, you know it’s the right time to turn into a full-time trader.
Probably when you achieve consistent profit inflow, so you know that one strategy that will work for a long time. It is only practical to switch to full time trading when one is sure they can pull it off.
If you have the opportunity to take a few months off work or don’t work, then just give it a go when you’re almost ready. Spending more time doing it will increase the learning speed
If you are making a consistent flow of money by trading part-time, then it means you are ready for full-time trading. In a way, It indicates that you are psychologically ready to face the challenges that the market might offer. Focus on building your knowledge, experience, and expertise first before you consider trading full-time.