It doesn’t really matter if you are employed, retired, a business owner, my advice is the same for all of you-your first goal as a trader should be to become a ”part time” trader and student. Don’t be naive and quit your job, replace your income with trading and think you can become a full time trader from the start. Trading is not a ”get rich quickly” way, in fact, nothing in life is that easy. Sure you can make alot of money trading, but to get there you need to invest alot of time and effort. My reputation is build on honesty and integrity, and all of my insights and truths about trwding. If you are a novice or strugling trader, or maybe you are just looking for advice, and you want to become a pro trader eventually, than just keep on reading.
YOU NEED TO KEEP YOUR TRADING PART-TIME AT THE BEGINNING IN YOUR TRADING CAREER
Most people start with Forex trading because they are unhappy with their job or the amount of money they make, sometimes even both. They think they can just switch and make Forex trading their primal income, and that way of thinking leads a person to losing money and make the patk to success that more complicated and difficult. If you have an overwhelming desire to become a full-time trader, you will start to feel like you need to trade or you won’t be happy. You need to convince yourself that you don’t need to trade and when you achieve that kind of mindset your trading will improve and it will get easier to profit repeatedly on the market. When you put your mind under pressure that you need to make money in order to pay the bills, you are leading yourself towards failure. That’s one of the reasons why you should keep your trading a part time thing in the beginning.
- Part-time trading
You need to understand that it’s important not to put all your time and energy into trading at the beginning. No matter the situation with your current job,, you need to keep it and trade in your free time as an addition. If you quit your job or lose it you won’t stand a chance to become a full-time trader.
Becoming a full-time trader is not something you can rush. First you need to learn the ropes, master the art and skill of successfully reading a price chart.
Keeping your job and maintaining a sure source of income is crucial to keep the proper trading mindset, otherwise you will be stuck at a point where your trading must workbout, and you don’t want that. Trading part-time will keep you out of the market, it may sound weird but over-trading is perhaps the biggest mistake you can do as a Forex trader. By taking a part- time approach to the market, you will stay occupied with other activities through the day and you will check the marketvat certain intervals every day, you won’t be glued to your computer screen.
- Forget about the ”get rich quick” mentality
Many if not most traders at least think they will get rich quickly with trading. It’s nothing wrong if you believe you can make money and succed, the problem is when it becomes an all consuming thought, and you think it will or should happen really fast, you are setting yourself up for failure. Traders that think they wil make it quick end up over-analyzing the market, they think they will succed just because they are putting in a full-time effort.
The reality of this mentality is that you eventualy want to control the market. When you stay up all night long, watching your charts you subconsciously try to control the uncontrollable and the more you do it, more you believe that the increasing time you spend watching the market is going to pay-off eventualy.
So basically, by believing in this mentality, you will just end up spending huge amounts of time over-analyzing market factors, that will cause indecision and emotional trading and eventually it will cause you to lose money.
That Forex trading is a quick and easy way for income is just a myth. To make quick and easy money all the time is imposible, unless you are doing something ilegal. You need to have realistic expectations when entering the market and you can do so with a part-time approach. With it you will keep your mind clear and your mindset will be almost stress-free. On the market the only thing you can control is yourself. The more you arebable to control your actions, the bigger chances you have for success.
You can easily convince yourself that you can control yourself even as you over-trade and over-leverage your account, but take a step back and think objectively about every action you took in the market. It will make you see if your actions are logical or emotional.
In some way it’s ironic that taking a part-time approach, or a ”LESS IS MORE” approach will make you more money faster, because chances to trade emotionaly are small, when you realize that you can make money even with trading only few times a week or less. So if you really want to make consistent money , you need to realize it won’t happen fast, unless you are risking too much and get lucky a few times in a row, or you have a large pile of money to begin trading with.
- To stay accountable you need to chose part-time trading
The biggesst reason why making money consistently in the Forex market is difficult for most traders is because there is no one to be accountable to. Your current boss, will fire you if you lose money for the company, or do something he/she doesn’t approve of. But Forex market won’t fire you no matter the amount of money you lose. It doesn’t even know you exist, you are just another number in the sea of traders. You need to
figure out a way to make yourself accountable if you want to success at Forex trading.
Being a part-time trader makes you study and TRADE HIGHER TIME FRAMES. If you have a full-time job, you will have to trade off the daily chart. This is actually a good thing, no matter that many traders think there is no advantage to trade the lower time frames. The market provides daily setups each week for traders to take advantage of, so there is no need to trade any time frame lower thanbthe daily. Trading part-time forces you to master higher time frames early on in your career when your talent and skills improve you can start implementing lower time frames to make your entries and exits better. Many traders make a mistake and start trading by analyzing the lower time frames. But after losing tons of money and time, they realize that trading less frequently on the higher time frames is the right way to making consistent money in the Forex market.
If you want to learn more about improving your forex trading success and how employing a set of price action strategies can be helpful with achieving this, visit my ELITE FOREX TRADING COURSE.
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