Hi Traders, apologize for the recent delay in educational content publishing due to my schedule. Today's topic is regarding "Trading as a full-time career". I believe if you're here reading this, most likely you're either a full-time trader or someone who's looking to pursue your passion as a full-time trader. Let's talk about what are some of the considerations and mindset that you must possess prior stepping into this milestone.
Consistency
• Do you have a trading plan that has been tested and worked profitably for a long period of time?
• Emotional detachment is the key trait I find in all successful traders. Always be a student of the market, admit your mistakes, have less opinion in the market, and draw yourself out of the negative emotions.
• Do you have a consistent plan of action? Do you have some back-tested strategies that has been proven with a positive expectancy in the long-term?
• Are you a consistently profitable trader yet? If you're still juggling around maybe it's not the best time yet to consider trading full-time.
• Do you know your numbers? What's your maximum drawdown period? What's your average return?
Mentality (Are you prepared?)
• Trading full-time requires an undivided passion and attention, take it as a business not an interest nor hobby.
• Money comes and goes fast in trading. If you're not being humble, its just the matter of time where the market humbles you.
• You must understand what brings you to this stage. It is the amount of relentless effort behind the scene. Avoid being outcome-oriented and set unrealistic monetary goals (eg. I want to make $ XX amount per month).
• Trading isn't a 9-5 job, understand that there will be drawdown periods where you lose money or breakeven. Avoid seeing them as setbacks or obstacles, take them as lessons to improve yourself instead. Trading is all about emotional discipline and having an edge in the market.
Back-up plan
• Never ever put a large portion of your savings into your trading capital, understand that anything could happen. Set aside a minimum of one year of living expenses, invest the remaining.
• You MUST have a plan B. What if you found out trading isn't your passion later on? What if things aren't according to your expectation? Always have the worst case scenario in your mind, in that sense you're always being resilient and well-prepared.
• Majority of the profitable traders have other supplemental income sources to carry off the burdens during their drawdown period. Acquire other high income skills and monetize them.
• Despite the importance of diversification, ensure you've mastered your trading skills before you jump onto another things. Remember that an overly wide diversification is only required when investors do not know what they are doing.
"In trading/ investing it's not about how much you make, but how much you don't lose." - Bernard Baruch
Comment down below what's your trading goals in 2021!
Trade safe as usual.
Do follow my profile for daily fx forecast & educational content.
Consistency
• Do you have a trading plan that has been tested and worked profitably for a long period of time?
• Emotional detachment is the key trait I find in all successful traders. Always be a student of the market, admit your mistakes, have less opinion in the market, and draw yourself out of the negative emotions.
• Do you have a consistent plan of action? Do you have some back-tested strategies that has been proven with a positive expectancy in the long-term?
• Are you a consistently profitable trader yet? If you're still juggling around maybe it's not the best time yet to consider trading full-time.
• Do you know your numbers? What's your maximum drawdown period? What's your average return?
Mentality (Are you prepared?)
• Trading full-time requires an undivided passion and attention, take it as a business not an interest nor hobby.
• Money comes and goes fast in trading. If you're not being humble, its just the matter of time where the market humbles you.
• You must understand what brings you to this stage. It is the amount of relentless effort behind the scene. Avoid being outcome-oriented and set unrealistic monetary goals (eg. I want to make $ XX amount per month).
• Trading isn't a 9-5 job, understand that there will be drawdown periods where you lose money or breakeven. Avoid seeing them as setbacks or obstacles, take them as lessons to improve yourself instead. Trading is all about emotional discipline and having an edge in the market.
Back-up plan
• Never ever put a large portion of your savings into your trading capital, understand that anything could happen. Set aside a minimum of one year of living expenses, invest the remaining.
• You MUST have a plan B. What if you found out trading isn't your passion later on? What if things aren't according to your expectation? Always have the worst case scenario in your mind, in that sense you're always being resilient and well-prepared.
• Majority of the profitable traders have other supplemental income sources to carry off the burdens during their drawdown period. Acquire other high income skills and monetize them.
• Despite the importance of diversification, ensure you've mastered your trading skills before you jump onto another things. Remember that an overly wide diversification is only required when investors do not know what they are doing.
"In trading/ investing it's not about how much you make, but how much you don't lose." - Bernard Baruch
Comment down below what's your trading goals in 2021!
Trade safe as usual.
Do follow my profile for daily fx forecast & educational content.