Making fx trading a full-time lifestyle is possible for just about anyone. All you need is the determination to do it, plus putting in some hard work, designed to plug the holes in your background. For instance, if you don’t know a lot about economics, finance or international politics, you need to start reading some banking websites (plus Reuters or Bloomberg on the internet). Similarly, if you do not have a firm grasp of fx trading technical charting, then you need to attend “charting school”, visiting both stockcharts.com and kumotrader.com. Since strategy implementation is very important, you also need to sign up for a forex “demo account”, trying to perfect the art of snatching 10-20 pips without getting your cash margin account hosed in the process. Remember, you only need 1 good strategy, that works well with at least 1 currency pair, to possibly change your life forever.
FX trading full-time can be intense. It also can be very rewarding – both in terms of expanded annual income and personal freedom.
How Feasible Is FX Trading As A Full-time Job?
Anyone can change over to a full-time fx trading career. The question is how long such a transition might take. If you’re really determined and willing to do the hard work that is necessary to fulfil such a dream, less than 1 year is not impossible. In some ways, it depends upon your background. If you already know a lot about economics, finance and international politics, you have a significant advantage. However, since forex trading is also about using advanced charting techniques, knowing when to “fade a move” (or not), plus learning to cut your losses without crying about it, such an advantage could disappear in the general scheme of things. Using a fx trading “demo account” first can clarify any confusion.
Gaining Success With FX Trading
Some brokers offer “permanent demo accounts” (i. e., they stay open as long as you want them to). Try to find one of these accounts to practise your strategies on before you ever risk any of your own money on a “live account”. The time spent will be worth the while. By figuring out what works and what doesn’t work, you’re honing a strategy that can be used again and again. Pay particular attention to what leverage level you use with which currency pairs. If necessary, use an “ATR” (“Average True Range”) indicator, on a daily chart, to nail down which currency pair is flying lowest to the ground. Some price volatility is good; too much can burn your trade.
Getting The Balance Right FX Trading Full-time
Full-time forex traders are a little bit like movie stars, except they usually stay out of the public limelight. When they’re working, they’re really working (and do not want to be disturbed). However, they may only work every morning, perhaps only from Monday to Thursday. In their spare time, they study weekly and daily charts, looking for trends that they have missed. (They also beat themselves up with reviewing any trading errors that they have made of late.) Usually, they plough their profits into other investment venues, the stock markets of the world seem to be a favourite. Many of them “retire”, around the age of 45-50, in order to help more with various philanthropic interests that they have developed.
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