Trading full time is an exciting thought to consider. For profitable traders the thought of quitting their job and moving into full time trading as a career is very common. We delve into what you should consider as a trader before making a decision to trade full time.
Becoming a full time trader
Becoming a full time trader offers the benefit of being your own boss, working your own hours and doing whatever you want. Sure, it is an exciting thought. However, trading full time is a job, and should be considered as such.
The only difference between trading as a job, is that the risks are a lot higher for traders. Becoming a successful trader full time is not a common practice, in fact it is extremely difficult to become a long-term full-time trader. Let’s be honest, if it was that easy, everyone would be doing it.
So, before you decide to quit everything, and go all-in with trading full time, be sure to check that you are in fact a successful trader, with a proven track record ideally exceeding one year.
Consider the fact if you are profitable trading part time, then why change something that works for you? Trading full time comes with an added responsibility of feeling pressured to trade and manage your own time which requires unique discipline.
Special breed of mental fortitude
Full time trading takes a special breed of mental fortitude. You need to consider that not every day will be a good day. Do you revenge-trade when suffering a sizable loss? All these factors will play a part in your trading, especially when trading full time.
Trading full time sounds great, you are ready to jump into the deep end and become your own boss trading full time. However, you need a reasonable amount of risk capital, $1000 simply won’t cut it. Remember this is a full time job. You need adequate capital to ensure you can cover your risk appetite, cover potential losses and prevent blowing your account.
Trading full time is often glamourized by social media personalities who tell you trading full time is easy and you can make $1,000 per day. These people should not be trusted, and their advice should certainly be taken with a very large grain of salt. Often, they are trying to sell you a trading system or some other form of training. For many people this sort of information or trading education can be found for free. I would encourage aspiring traders to visit www.tradegatehub.com , which is a trading community sponsored by Tradeview Markets.
Trading is a slow process
Trading is a slow process. Slow and steady wins the race. You won’t get rich overnight. Consider your options and if you are a successful part time trader, perhaps stick to that until you have built a comfortable nest egg as a safety net in case full time trading does not work out, and remember never trade money you cannot afford to lose.
Trading involves finances, emotional and mental strength. Luckily Tradeview Markets covers the rest. With over 5 different trading platforms and access to some of the most popular trading instruments in the industry, we have you covered.
Contact one of our account managers to assist you in setting up a demo account and check out our awesome spreads and Innovative Liquidity Connector.
If you decide to trade full time, we look forward to having you with us!