Forex trading has become a hit to many largely due to its profitability. There is no limit on how much you can make a day. It could be hundreds of dollars, thousands, or even bigger. But before you get crazy throwing loads of cash into your trading account, here is a warning — to be consistently profitable will be a struggle.
You might have heard the statistics, “90% percent of traders lose money, only 10% percent become profitable.” The numbers slightly vary from study to study, but no one can’t deny the fact that most traders, indeed, lose money. You can blame it on poor strategy, bad timing, lack of discipline, or poor money management.
It’s possible to make a good fortune in the Forex market, but first you have to be patient in learning the basics, up to coming up with a well-defined strategy.
If you have a full-time job and trade Forex on a part-time basis, you are probably itching to leave your 9am-5pm job. It’s every trader’s dream to achieve financial freedom with a flexible schedule.
To make that possible, we list down below some of the realities that you need to be aware of before entering the life of a full-time trader:
You need a lot of time
Before you become a full-time trader, you need to learn first everything about Forex trading. As a beginner, 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 weekly for your Forex education. Read articles about trading as well as participate in seminars and webinars.
Accept that you will fail
If a trader tells you that he has never committed any mistake, or lost money, he’s lying to you. You will lose money and you will commit mistakes no matter how hard you work. But you can always bounce back and be better.
Trading requires someone to be disciplined. Every trader knows that he has to be disciplined. But knowing is different from doing. The common problem among most traders nowadays is they let their emotions run them. 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 for more profits. Remember that if you become a full-time trader, you will solely rely on your Forex earnings, so you need to practice a disciplined trading life.
Learn to adapt
In a market that is always changing, you need to learn to adapt or you will never make it. To survive, 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.
It takes time to become profitable
Becoming profitable does not happen overnight. Do not expect that you will make enough money to live on full time on 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.
Given the realities above, trading is really a tough way to make a living. But if you are determined to find the financial success you have always dreamt of, 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.