You should be a full time trader to be able to make forex trading as a source of income or trading for a living. You cannot consider trading just a hobby. Additionally, you should consider it as your routine or main job. Many professional traders choose to trade full time to maintain the growth of their trading accounts. To be able to trade for a living, you must be interested in the forex trading business. Besides, you must be always learn and implement trading plans well. According to Medium, you absolutely can make a living trading if you are truly committed.
Here are some mistakes that can cause you to fail of trading for a living:
Unrealistic expectations
The unrealistic expectation in trading is to always want to profit on every trade. Furthermore, most traders want a very large profit in one trade or set a very large profit target after a certain time. These unrealistic targets will cause you to overtrade or take risks that are too high to achieve them, which in turn will destroy your account. To get consistent results, you must focus on the process of trading, not on the final results that you expect.
Trading using funds for daily needs or loan funds
By using funds for daily needs means traders are required not to lose money. Thus, that emotional involvement will be far greater than if using disposable money. Commonly, some traders use borrowed funds or credit cards so that they will mentally add to the burden if it turns out to suffer losses.
To avoid the influence of negative emotions that can be fatal, you have not been able to accept the fact that you will very likely experience a loss. Thus, you should practice on a demo account to understand thatyou cannot separate risk from trading. Using funds for daily needs or loan funds will be very risky. As a consequence, there are many traders who feel like a failure and leave the trading world.
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