Trading foreign currency can absolutely be a full-time job for any individual. But you should be aware if you want trading to be your sole source of income, then you need to be prepared for the amount of dedication, experience, passion and time trading full-time can require. If you're considering giving up your day job and solely relying on your trading to support you and your family, there's a few things you need to know.
You can make trading full-time a part of your life, but you need to be prepared for the demands that it will ask of you. Having a proper plan before joining the league of full-time traders is a smart way to go about it, and will save you a lot of worry. Before you decide to commit to full-time trading, you want to make sure you have a disciplined and patient mind set because trading full-time will test you in ways you couldn’t imagine! You need deep insight of the workings of the foreign exchange market and a well-prepared trading plan and strategy. Here are some things you can consider before becoming a full time trader:
- Have a proper trading plan and do not falter from it!
- Be consistent in following your trade plan if required, make use of your trading counselor and trade with self-discipline.
- Becoming a full-time trader means the only source of income is your earnings through your trading. You must ensure you have enough capital to invest wisely.
- Before committing, ask yourself: “Have I spent enough time in live trading classes?” Make sure you feel confident in the amount of experience you've gathered. Some people will prepare themselves by trading for years before they rely solely on their trading to support their finances.
- Having passion for your trading is such a motivator that will allow you to push on and keep your trading goals front row and center.
Shawn Lucas is the head trader at The Apiary Fund and he has paved his way in the trading industry. Shawn Lucas has become a great inspiration for beginner traders that are starting to grow in their trading career. He radiates the example of what success in your trading career can and will look like if you stay focused, disciplined and dedicated on your journey. You can absolutely become a full-time trader and rely on your earnings to support your financial goals. It won’t be easy, it’s hard work, but it's entirely possible. I hope this gives you the push you need to start considering what your life will look like if you stay determined to reach your goals.