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How to Switch to Full-Time Trading on Forex

7:41 AM Nov 12, 2021
6522
Forex trading

Congratz on your decision to become a full-time trader. It is not an easy walk, but good preparation will help. If you have experience with financial markets, you will have an advantage, but even people who do not have this knowledge can trade successfully. So everything you need now is a good plan, and our guides will assist you.

If you are serious about making trading your main source of income, then be sure to make the transition the right way. If you abruptly quit your main job without good preparation, then you may be left without a source of income and money for a livelihood. Do everything step-by-step.

Treat Trading Like a Business

Forex can no longer be just a hobby or an additional and optional source of income. Now your financial well-being depends on the results of your trading.

Your market activity will become your business. Everything should be like in real life:

  1. Your trading account will be your business. You have to keep it afloat by any means. If your account fails, your business will burn out.
  2. You need a business plan. This should include your short-term and long-term financial goals. Check these goals regularly to adjust your actions.
  3. Schedule your work day. You need to know what time you analyze the market, what time you open and close trades, when you avoid trading due to the unpredictability of the market. Stick to this routine every day.
  4. Make a trading plan that includes entry and exit points, risk levels, etc. Without it, you are doomed to fail.

The success of your business will depend on your discipline. Always stick to every point in the plan you make.

Choose the Best Strategy

Obviously, there is no perfect Forex strategy. Your job is to choose a good system and test it thoroughly. Don't make Forex your only source of money with a new trading strategy. You must be confident in every step you take and know for sure that your strategy will not let you down.

It’s not enough to test the system on a demo account only. Trading virtual and real money is very different. After testing on a demo account, check how your strategy works in different market conditions on a live server. Your system should be profitable in any trend and at different volatility levels. If the return on the strategy under certain market conditions is too small, get yourself a backup strategy for such a case.

You Need Start-Up Capital

You need solid initial investment. In the best case scenario, the return in Forex is 20%. Usually it’s 5-10%. Plus, you need to withdraw part of the profit, since now these funds will be your salary.

Find out how much money you and your family need per month. Let this amount be 5% of your initial investment. This way you can get your salary and continue to increase your capital.

In addition, you need a reserve amount to support your margin in case of a drawdown. Market conditions can be unpredictable. Plus, you need an emergency fund in case Forex is temporarily not profitable for you. This money will support you and your family until trading becomes positive again.

Forex trading can give you the desired financial independence, mobility and a lot of free time for your favorite activities. This is an attractive goal for any trader. I wish you to successfully achieve it, but make sure you do it right.

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terms Stop Loss news trading economical calendar major news release currency pair currency rate national currency trading journal trades profit/loss emotions news release positions size Expert Advisors platform trading robot cryptocurrency volatility day trading position size lot account types cent accounts Mini account ECN Copytrade ECN accounts swap-free minimum deposit order execution liquidity providers demo accounts real account low-risk trading EUR/USD economic calendar majors cross-currencies exotic currencies base currency quote currency quotes bid ask Brexit United Kingdom European Union GBP Euro GDP WTO price levels moving average 4-hour chart 1-hour chart bulls bears false breakout cross-currency USD price action pin bar trading inside bar trading hands off breakeven stop loss 50% stop loss pin bar high-frequency trading position trading swings breakout strategy trading style Entry order Take Profit hammer shooting star inside bar pinocchio bar head and shoulders harami risk to reward ratio trading calculator trader’s age emotion control stop-hunting false signal trading session New York session Asian session non-farm payrolls fed rates decision central banks mentor teacher Forex education Forex books candlesticks bonuses tradable bonus no deposit bonus deposit bonus cashback pending orders counter-trend trading risk-to-reward ratio 1-2% rule uptrend downtrend news releases slippage emotional trading stop orders limits orders trailing Stop correlation Correlation Matrix EURUSD EURJPY RSI Overbought/Oversold indicator doji morning start candlestick pattern liquidity London session gap requote US dollar greed excessive trading Expert Advisor trading instrument Twitter Trump euro Canadian dollar Japanese yen Mexican peso currency pairs Fed China economic news currency wars USA interest rates trade agreement H1 H4 D1 sell trade buy trade price level trading system COVID-19 coronavirus lockdown checklist Default mode network Nonfarm Payrolls intraday traders lot size Stop Out margin breakeven pip point entry price chart candles weekly candle daily candle engulfing candle Doji W1 fears money management trading signals Charles Dow Dow theory primary trend Relative Strength Index signals market noise trading volume oversold/overbought corrections candle M30 GBPUSD GBPJPY pending order fundamentals Interbank order Stop order Limit order Standard account Interbank account liquidity provider M5 chart gold XAUUSD Chinese yuan flat US Dollar Fed Interest Rates inflation level XPTUSD platinum XAGUSD silver USDCNY Chinese Yuan instruments swap trading hours Buy Stop Sell Stop Average True Range ATR range sideways range price level trading scripts Excel tables entry point equity balance applications highs and lows RSI Fibonacci terminal server proxy OS Windows XP self-trading Forex advantages gap trading Fibonacci levels USDJPY Buy Limit Cherry Blossom market cycle mark-up mark-down consolidation distribution long positions short positions double bottom triple bottom double top triple top pattern signal presidential cycle Elliott wave Kondratiev wave Forex terminology quote standard lot mini-lot micro-lot cross pairs exotic pairs counter-currency terminology Margin Call long position short position buy sell candlestick chart bar chart line chart range market channel high low ADX OHLC patterns profit level martingale aggressive EAs VPS demo account EA tester trading signal chasing the market clicking the button oil trading lot EUR cent account Forex mentor novice trader emotions control fear psychological level round numbers Key Levels indicator MetaQuotes iOS Android mobile trading mobile terminal VPS server financial portals day trader position closing short timeframe fast trading news site news portal FXStreet Investing.com Forex Factory ForexLive DailyFX CPI PPI economic indicators Non-Farm Payrolls monetary policy FOMC retail sales inflation rates program installation intuition apps ECN brokers market makers financial 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market cryptocurrency market figures diamond divergent triangle symmetrical triangle reversal signal financial intelligence financial education long-term investing triangle ascending triangle descending triangle risk control stocks Forex mutual fund EUR/AUD AUD Australian Dollar Australia ECB RBA demo live live account spike bearish spike bullish spike breathing techniques meditation unusual trading tips useful habits nutrition intermittent fasting Three indians pamm mam expert advisors start-up capital business Forex business oversold overbought reverse signals 15-minute chart full-time trading discipline drawdown inflation devaluation IDR LAK export Russia regulations regulators Central Bank quantitative easing quantitative tightening Donald Trump Joe Biden coins indexes DXY ICO Mrs. Watanabe beginner trader carry trading young traders women traders productivity self-discipline rectangle sideways channel trend figure Alexander Elder John Murphy Jack Schwager limit order leaving Forex 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losing streak perfectionism consistent profits starting capital initial investment market psychology japanese candlesticks PAMM trust management money manager holidays market sentiment CHF CAD Great Britain pound Swiss Frank reserve currency averaging morning routine initial capital potential profit reverse pattern rounded bottom rounded top saucer inverse saucer IB Program IB Commission Sharing reversal patterns deposits payment methods payment systems local transactions trader’s block market balance