4 Convincing Reasons to Become A Full-Time Forex Traderby Jerry S. Jerry Stark is a professional writer and publisher
A few years ago, forex trading was perceived as a questionable method to make money, only available for those that were already wealthy. Nowadays, things could not be more different. Although it does require time, quite a bit of money and a lot of dedication, becoming a forex trader is something that anyone can do, and we all need to thank the internet for this.
The forex market includes central banks, government, big businesses, but also individual traders, which actually account for 90% of all forex activity. The internet is filled with success stories from people that started out with little money and managed to build their wealth from trading forex.
Being a successful trader is one, but deciding to become a full-time trader is a completely different story. Before making this decision, you need to ensure that you have the financial means and knowledge to do so. If you do, and you are not sure a trading career is the right choice for you, maybe the following benefits will help you make a decision.
You will get to become your own boss
One of the main reasons why people decide to give up their daily job to become full-time traders is because they have the chance to work for themselves and themselves only. When working for someone else, many people say they feel their skills are not valued, or that it is impossible to take on a better position inside the company.
Becoming a full-time trader means you will never have to respond to anyone else rather than yourself. You will be in charge of your schedule, you don’t need to report to anybody, no more meetings with clients and trying to convince them to do business with you, or anything of the sort.
“But that, of course, does not come without responsibilities”, explain the experts from Fx•List. “You will need to manage your finances, as they are the core of your business, as well as keep good track of your time, to be able to trade whenever it fits best.”
Forex trading is not easy, so don’t come thinking that you will spend most of the time laying around and waiting for money to come pouring. You will have to perform technical analyses, keep an eye on the news, and be active on forums, to ensure that all your decisions are based on facts, and not on impulse, but knowing that you do it for your own wellbeing will be much more fulfilling.
You can work from anywhere
Not having a fixe working schedule means you get to decide when and for how long you are working. If you decide to take a vacation, you can even trade from the hotel room, from the beach, or even when sitting on the train.
The forex market is open 24 hours a day, 5 days a week, which means you can literally trade at almost any time. However, if you want to make the best moves, you need to determine the best moments o enter or exit a trade, which can sometimes interfere with your program.
The best thing you can do is try to stick to a schedule that best fits your trading strategy. This is where self-discipline plays the most important role. You need to develop a schedule and plan things ahead, just as you do when you have a deadline, but the nice part is, you get to do so from the comfort of your own home, or from a vacation on the beach if you want to.
Some people prefer to trade at night, while others prefer to do so during the day, but you also need to take into consideration some key factors when deciding on your schedule. The highest volume of trading happens usually when the London and New York sessions overlap, so you may want to keep that in mind as well.
There are unlimited ways you can grow your wealth
Once you become a professional trader, there are limitless opportunities for you to grow your wealth, all deriving from trading forex. Not only will you make money from entering and exiting trades, but you can also develop trading strategies that you can share with people, or even become interested in other markets as well.
Social trading and copy trading are the next big things in the industry, meaning you can actually trade your knowledge for even more capital. With copy trading, people can literally copy your trading decisions in order to make money, and you get fees for helping them. But to do so, you need to become really good at what you are doing, in order for people to decide they want to invest in you.
Good trading courses are also quite difficult to find, so if you have enough knowledge and managed to make a name for yourself in the industry, you can also start putting together tutorials for people to follow.
The personal satisfaction is immense
Forex trading is not easy and you do have to spend a lot of time learning all the bits and pieces, but when you do, the satisfaction that comes with it has no margins. Being able to thrill in a market that is so large and difficult will turn you into a skilled, responsible and confident person.
Do keep in mind that trading forex involves a learning process that may never end, as the market changes periodically, but being able to constantly be rational make decisions on the spot are skills that will benefit every aspect of your life. It will, in time, help you develop critical-thinking skills, learn how to separate emotions from rational decisions, manage risks, as well as teach you how to manage your finances like a pro.
Being able to become a professional trader will help you grow both on a personal and professional level, a thing that not many 9 to 5 jobs can do. So, no matter if you decide to trade forex for the rest of your life, or go back to a normal job after a few years, the experience will bring you tremendous benefits.
Created on Dec 30th 2019 08:02. Viewed 919 times.