“Boss, I’ll quit”.
For someone who has had a taste of Forex, maybe you’ve been itching to say these words to your boss lately. But Forex trading is not a ‘fairy tale job’ full of your ideas that will make you ‘live happily ever after’.
This venture, though profitable indeed, is not for everyone. And so, the very first thing that you must ask yourself is this: “Is it really for me?”
Is it a ‘Yes’ or a ‘No’?
Here are the most important things to know if you’re really qualified and ready to be a full-time Forex trader.
Not Just Profitable, But Profitable Enough
First is a profit that can cover your basic monthly expenses and enough money to grow an account in trading. If you’re not even close to this status, then don’t jump in yet.
But these things are not enough, you still need to…
Test The Waters
Keep it as a part-time first to have a feel of how the world of Forex trading works. With this, you can learn while keeping your day job intact.
Do you really want Forex full-time or you just hate your job?
A lot of things must be ironed and sorted out first before going full time on this venture. Unsettled things will surely catch up (and punish you) somewhere in your rushed venture in Forex trading.
Thick Enough Cushion
3 months worth of saving must be prepared to absorb the shocks of your first months in trading. Together with that fund, you’ll also have to have a prepared Plan B, in case everything goes wrong. Wisdom says that you should prepare for the possible dangers that could happen.
Also read: Forex Indicators Traders Should Know