Helloooo. I’ve been reading around and I just saw forex being considered to things that I think are alightly different from each other. But what do you think? Do you see forex trading as more of a job or more of a business/ passive income?
For sure, business will give you more return than any job. A business will provide you freedom and flexibility but a job won’t.
I see it more as a business. Passive income is more like the instrument does the work and pays dividends. Maybe I’m wrong…
Trading involves time everyday, or weekly (if you trade W1). It’s more like a job, but an unconventional job.
It’s possible to spend 15 minutes every day waiting for one pair to offer a set up. You could take that one trade and, depending on your account size, you can profit more than your job’s monthly salary.
Some people really love the screen time. Not me. Well, not that much. If I could reduce my screen time to 1 hour per day, I would. If my account was large enough, and I was comfortable enough with my trading, I’d reduce my watchlist to just a handful of pairs, and reduce my screen time to an hour per day.
I think trading should give you more time back, not take it away by spending all day in front of a screen. But that depends, of course, on how you wish to spend your time.
But at least you’d have the option to do something else.
I think it’s more like a business, creating passive income. I don’t need to spend 9-5 trading like I would a job. In reality, my trading plan means I spend very little time looking at trades, monitoring markets etc so it’s quite passive for me.
For me it is a full time bussiness, and not just for passive income.
That makes sense. I think the only thing that can relate it to being a job is the routine and process that you take to trade each day.
Hmm. This confused me a bit dushimes. I hope you don’t mind clarifying. So for you, it’s more like a business. But in a sense, it’s also like a job cause you spend a specific amount of time everyday (i guess depending on what kind of trader you are) to fulfill your tasks? Both makes sense to me.
I also definitely agree that trading should allow you more time to do the things you actually want to do. Maybe like a freelance job? That’s what’s popular nowadays, right? Hahaha.
Business always gets the highest level of priority because it offers sufficient degree of flexibility and profit.
Ideally! This got me curious though! Based on your current trading plan, how much time do you spend trading every day?
I agree with not seeing it as a source of passive income also. With the amount of time and stress and effort we spend on trading, I don’t think there’s anything passive about it apart from waiting for price to hit either your SL or TP.
Do you see forex trading as more of a job or more of a business/ passive income?
Both lol because I feel like having a business doesn’t necessarily mean it’s a source of passive income unless you’re really far along into the business where you don’t need active management. But trading requires active hours - looking at charts, placing trades, managing trades etc. Def not something you can set and forget like investing in something and collect dividends.
Unless, like what you’ve said, you’re already very far along the business and you have an account balance that can sustain large long-term trades.
Fair! You have like year long trades lol
I can only imagine the account balance of people who are able to sustain those kinds of trades.
Again I must reiterate…my take on things is usually radically different from the ordinary person so please bear with me. Having gotten that out of the way here goes.
Let me begin by saying I dont see forex trading as a job. I dont see it as a business either. To me it is simply a game. Challenging yes but still a game.
I consider myself a competitive person and if I play a game it is not to come second but to win. This is a part of the reason why when I trade the aim is to win EVERY single trade. I hear the term trading psychology regularly being bandied about but hardly anyone ever explains what exactly they mean by this. Viewing forex trading as nothing but a game is a part of my way of dealing with the all the stress, anxiety, and the rest of it that comes with trading. You could say this is approach is MY personal trading psychology. You could also say it is my coping mechanism.
And by the way the general school of thought is that you dont need to win EVERY TRADE. That doesnt work for me. This is like telling me that I cant trade without using a stop loss.
Right. It’s a business with just one employee. haha
You can work when you want, but you still have to work in order to make money. It’s not the same as exchanging time for money, but you have to put in some time every day or every week.
If you earn interest or dividends from some other investment, you put your money in, and then you don’t have to do anything. Or if you have real estate, you receive rent each month without doing much. Even though you didn’t do anything, the property is doing the work for you.
I have a friend who gave up his good paying 9-5 because he wanted more time for himself. Right now he is even more overworked because when you’re self employed you actually have to do more than if you were working for an employer. He found out all this after the fact.
Forex trading is more of business because to be successful in business you must know about finance, management, marketing, etc
Funny enough I personally know people who know absolutely nothing of the things you have mentioned here. They have money though so what they do is hire people who know about those things. Therefore what you have stated there is not really true.
Hi @ria_rose I would say I spend maybe 20 minutes a day