With the advancement of technology and innovation, there is now a possibility for everyone to start making money and a living with full-time trading on the Forex market. Have you ever thought about this before? Do you ever feel that it is possible to start online trading as a full-time job? Well, it is possible and people are now doing it. Are you thinking of doing this for a living? Then, sit back and continue with this article.
Is Full-time Trading for A Living Possible?
Well, the answer to the above question is yes, it is possible. Making a living as a full-time trader is a perfectly viable career, although it is not always an easy task like your regular full-time job. Moreover, there are many benefits associated with full-time trading. Some of these benefits include you being in control of your business and you can decide on your work hours and office. Nobody will shout at you or order you around. Also, you can trade anywhere and anytime once your laptop or mobile phone is with you.
If you are looking for a “get-rich-quick” scheme, don’t choose full-time trading as a job because it is not one of such. Anybody telling you that you can make it in a day is lying or wanting to sell you something. Never believe such hype as there is nothing like “easy money” in Forex trading. Although you can easily make it when you follow guidelines and if you are living in a low-cost country. This way, you will not be spending much while making enough money for yourself. Full-time trading is suitable for you if your income can cover your expenses.
Merits and Demerits of Full-time Trading as Job
Full-time trading as a job has many advantages, and some of them are listed below:
No boss — Once you take full-time trading as a job, you are set to be your boss. You will not be answering the calls of irrational and difficult bosses again. You will be working however you want without getting sanctioned by anybody.
Comfort — While everybody is smoothing their shirts and getting prepared for the next working day, you do not have to worry. All you need to do is to get into some comfortable clothes and start trading while resting and drinking coffee. You can work from any corner of your home comfortably.
Overheads — You have no traffic, parking, and petrol expenses to pay again. You will not be paying a costly train ticket to work anymore! Also, you will not be buying expensive suits and you are not going to run to work every day again. The requirements to start trading include capital, a computer (laptop) with a reliable internet connection.
Variable operational hours — Once you are trading on Forex, you decide on your convenient operational hours. The Forex market is available for you to trade and you can work at your convenience hours without affecting other daily activities. You do not have to submit any paper if you would like to take a two-week holiday; because no human resource department and no supervisor to query you!
Despite the above merits, there are also some demerits associated with full-time trading for a living including:
Solitary lifestyle — Despite all the distracting colleagues around you, having them around is better sometimes. You can get lonely when having full-time trading. As someone who loves to be with others, think twice before jumping into it.
Inconsistent salary — Although you may make more than your salary in a day, you may lose money too. If you are content with your salary, a full-time job should be enough for you. In the Forex market, you may make $3000 today and lose $2000 tomorrow. And you are not working means not getting paid.
Making A Living with Full-time Trading
Before thinking about quitting that full-time job for full-time trading, there are some trading tips you need to understand. Living with full-time trading is not easy because there are numerous obstacles you must overcome. Some of them are:
Setup — Before thinking about trading, there are few fundamentals that you must get. Once you get them, you can live comfortably with Forex trading. These fundamentals include:
- Hardware — You will need to get a computer (portable one like a laptop) and a reliable internet connection. This is because any poor internet connection or system or hardware failure could cause you to lose money. It is recommended to have two monitors to avoid any crash.
- Broker — You need the services of a broker to start trading. There are several brokers to choose from. Some factors that differentiate brokers include a perfect platform, competitive prices, and customer support.
- Strategy — There are many strategies that work well with your trading style. Some of these strategies include patterns, graphs, and technical displays. This makes it possible to trade and make enough profits.
Trading Office — Once you take full-time trading as a job, location is significant. You may decide to have any place as your office. To avoid home-trading, you can rent desk space away from home.
Capital — This is essential when it comes to trading. You are required to have up to $20,000 in your Forex account to begin trading. Although this may be for those going into full-time trading on platforms developed against US regulation, however, you can start with $1000 or less on other platforms.
Education — Education and understanding of the Forex market is important. Materials like podcasts, tutorial videos, study guides, and MP3s can be of help.
Psychology — Full-time trading requires mental preparation. This is because you will have to withstand shocks. Making money may not come quickly but with time, luck and diligence, success is on the way.
So far, you have seen many things you should be aware of before starting full-time trading as a job. Although this is not a “get rich system,” if you put your mind in it, you will enjoy independence and financial rewards. This means that if you utilize those tips well and follow the right broker, you will succeed.
Now it’s your turn🤗
What got you interested in Forex trading and are you willing to trade Forex for living or as an additional source of income?
The comment box is all yours 😉
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