In today forex faq, I have a question from one of our fellow traders asking me the following question
What was your decision making process to switch from a full time job to a full time trader?
I bet this is one question that most of you will ask me if you see me face to face. In fact, this is one question that I often get from my friends when I meet them for any gathering. This is because most of my friends are holding a full time day job and is curious about someone who is doing something different.
Frankly speaking, I did not become a full time trader the first week I started trading. Actually I thought that trading is a very simple stuff and I will be able to master it within days. I was wrong, I was wiped out of my money twice in a row and this really hit me hard.
As I am a very stubborn person who doesn’t give up easily, I decided to go through proper forex courses and learn to trade profitably. I took up numerous courses which some turned up to be very useful while some are totally junk. I started to focus on one of the strategy taught in the good course and started to practice it on a demo account.
On the demo mode, I am stuck for six months until I am able to produce consistent profit for at least 3 months. Some of you may think that you should be able to trade profitably after going through a course but you are wrong. Every one of us trade different as we have different way of managing a trade. Therefore it is always best to trade the demo and then get the touch of executing the trade before going live.
In total, it took me close to a year to get to the standard account which is the point where I decided to quit my day job and go full time. I will discourage you from quitting your job and focus on forex trading if you are still new and not producing any income. This can be very stressful to your family as you have no more income. With stress, you will not be able to trade properly.
Therefore if you are thinking of trading full time, I will suggest that you go part time and then switch to full time after you are able to see consistent income from your trading. The income must be about the same as your day job before you start to go full time.
I hope that this post can be an inspiration to those of you who are looking to become a full time trader one day as this is something that is definitely achievable.