Full-Time Forex Trading, Expectation Vs Reality
“No limit on how much you can make a day… Sounds utopic, but this is the Forex trading truth. It could be hundreds of dollars, thousands or bigger. However, before you get crazy throwing loads of cash into your trading account, here is a warning: being consistently profitable will be a struggle. We aren’t here to promise you easy money — trading is tough and takes a lot of time and discipline to succeed,” — said Imthiyaz Ahamed, Operations Manager of Alphabetafx International Trading Zone at Coimbatore Financial Seminar 2018.
Today we would like to sum up the insights, truth and false about full-time trading. Our experts disclose the truth. Without any further ado, let’s get down to business.
To blame or act — what do you choose?
“90% percent of traders lose money, only 10% percent becomes profitable.” — Every trader has heard this quote.
The numbers slightly vary from study to study, but no one can’t deny the fact that many traders, indeed, lose money. You can blame it on poor strategy, bad timing, lack of discipline, and poor money management. Scared now? Don’t be. Anyone can really make money in the Forex market, you just have to be patient in learning the basics, up to coming up with a well-defined strategy.
If you are someone with a full-time job who trades Forex on a part-time basis, you are probably itching to leave your toxic job and boss. It is every trader’s dream of having financial freedom with a flexible schedule. The good news is, it is possible. If so, how can you do it? What are the things you need to know and to do?
How to become a full-time trader?
1. You need a lot of time:
Raj Gupta, Financial Analyst at Alphabetafx: “Before you become a full-time trader, you need to learn everything about Forex trading. If you can find only a few hours a week to study Forex, perhaps trading is not really for you. You have to dedicate several hours a week for your education. Me personally and teamwork on the most actual news, daily forex signals, design unique free webinars for our clients to stay focused and updated. But we do this only for those who have the genuine interest to succeed. We are here not to feel sorry about losers, but to raise leaders. So read articles and participate in seminars and webinars. (Free Forex seminars and webinars link here. Link to our webinar page).
2. Accept that you may fail:
Anand KS, Service Manager at Alphabetafx: “Well, if a trader says to you that he has never committed any mistake, or lost money, he’s lying. You will commit mistakes no matter how hard you work. But you can always bounce back and be better. Specially for clients’ needs, our customer support team works days and nights. Yes, you read it correctly: we are available 24/7 to answer your questions, assist with any issue, to help to avoid mistakes. We even have account managers working on night shifts. We care ”.
3. Be disciplined:
Trading requires someone to be disciplined. Every trader knows that, but knowing is different from doing. The problem with most traders nowadays is they let their emotions come into place. When they are losing, they tend to trade more in hopes of getting back their losses. Same as when they are winning; they trade more expecting more profits. Remember, if you become a full-time trader, you will solely rely on your Forex earnings, so you need to practice a disciplined trading life.
4. Learn to adapt:
In a market that is always changing, you need to learn to adapt or you will never make it. To survive to trade, you need to come up with the best course of action whenever the market throws something unexpected at you. Be quick in making trading alternatives.
5. It takes time to become profitable:
Becoming profitable does not happen overnight. You won’t make enough money to live in full time in your first day of trading. To be able to trade full time, it will take time to have the money you will need to sustain your trading needs.
Well, you may be are curious, who are these people behind the scene? Our team members are also trading enthusiasts. We trade before work after work and whenever have any free time slot.
Stephen, technical support manager: “Yes, of course, I trade. But it’s not what can make me stressed or overwhelmed — when you feel like a duck to water in a forex market, you can develop a clear strategy and just practice. And just some free time is enough for me.”
Given the realities above, trading is really a tough way to make a living. But if you are determined to find your desired financial success then you have to be tougher. The path into becoming a full-time trader will be hard, but you can make it a little easier through hard work and persistence.