Topic: Trading full time - page 2. (Read 7389 times)

Trading full time has some risk on it especially if you are a newbie on it. It will take time before you learn the basics of it. It needs many books, many videos and many mentors to become a professional one. Take note that trading isn't for anyone so if you feel that you are always losing in trading then the best thing to do is to just stop trading and find another thing to do.

A good way to try your hand at trading is trading on demo accounts. If you can trade profitably for a long time on demo accounts, you can make a real trading deposit for an amount you can afford to lose. Further, depending on the results, you can create your trading strategy and either increase or decrease funds on the trade deposit.

Reality check - what does it take to replace your day job?

You're out there, busting your ass, working full time to pay the bills.

On top of that, you spend a few hours trading in the evenings, and on weekends.

You’ve got a trade strategy that works, making profit as you go, and yet...

You spend 40+ hours a week working to make someone else rich.

What the hell for?

Is it the safety of a steady paycheck? Or the comfort of job security? Maybe you’re not being honest with yourself about whether or not your strategy works.

If that’s enough for you, so be it.

But it’s not for me.

Replacing that safe salary or consistent hourly wage takes only two things.

First, it takes just a little bit of math. This is really just to help with the second thing.

The math is the easy part.

Take your salary, boil it down to what you earn per day.

Chances are that it's not a very big number.

Example -
You earn 60k/year, the average American income
You work 5 days a week, 50 weeks a year - 250 days
60k/250 days = $240

When you break it down like that, replacing it becomes achievable in your mind. That mindset is way more important than the number above.

The second thing you need before you go full time is a solid plan.

That plan should include saving enough money to not have to stress about the day to day expenses.

It should also detail the minimum amount of profit you need to earn so that you can both live the lifestyle you want to live, and to keep growing your stack.

Then it’s just a matter of putting in the work to make it happen.

How close are you to going full time?

Yes, full-time trading will need a big effort to make a profit because not every day we can make those profit. Sometime we will feel it's too difficult to make a profit although we are trying with hard. But in the other time, we feel that we can make a profit at any time we trade and that profit will bigger than usual.

We don't know-how about people who decide to do full-time trading because they don't tell the story. But every people will have their best time and bad time, and that will depend on how we can prevent the bad time that can occur in anytime.

I am not working with trading full time, because I don't like to quit my offline job for a risky domain like trading. I am making some money from time as an additional income, but to feed my family I need a stable income, and in my view trading cryptocurrencies can't offer you a stable income monthly.

I agree that if you can successfully trade, then you should seriously think about how to quit your main job and completely posyatit yourself to trade. Of course, it can be very difficult to make such a decision, because it is difficult to give up stability. But it should also be borne in mind that if you trade, then you will not need to spend money on ride, food and other daily expenses.

Yes, it would be better to do it on a part-time basis if indeed we still don't have enough experience in trading, forcing to do it full time will only waste your time but there is also a good side to learning more. It all depends on the choice of each, as long as we are comfortable to do it why not. So make wise choices in this regard so that all the time you strive for gives good results.

Traders have choices if they want to full time or not because you can earn in full time but not all traders who are spend more time in trading like a works can earn because sometimes it depends to their experienced and knowledge about trading maybe sometimes better to do part time if you have busy schedule or have a work everything will depends to the person what they are going to choose.

My only source of income is trading cryptocurrencies for the past four years. It can be done. All you have to do is break the mold and learn how to trade like pro. Use technical analysis and learn the philosophies and theories of markets by heart. Bull market or bear market, you will learn how to survive.