Full-time Trader? Does a full-time trader need to trade full time?
Come across the following questions from Conrad's Board which was raised by an aspiring forex trader. This guy asked
"I have some doubts whether to be a full-time Forex trader after 1 year.
i) My friends told me that it takes as much as S$100k to trade in Forex market.
ii) There is no guarantee to make money in Forex. Otherwise, people will have quitted and traded full-time at home.
iii) Is it a must to work a trading firm to gain experience?
Kindly advise a lost soul like me.
Thank you."
How will you respond if you were asked to answer these questions?
Ans: Yes, your friends are correct in that you need to take as much as $100k to trade in forex market. But where is the leverage? Do you understand the concept of leverage which can be a double-edged sword. It can work for you and against you. So, go figure out what leverage means in forex market and how you should apply leverage correctly.
There is no crystal ball out there. I don't even know what to eat tonight. Let alone what I am doing tomorrow. However, does a full-time trader really need to trade full-time? It has always been a FAQ and a $64K question. I won't sacrifice a 9-5 job because I will trade from 10-4 at night. It is simply switching the work clock. It does not make sense. While a lot of folks have painted a 24x5 feature in forex market, do understand that there are certain hours where the market moves fast for you to make money. I place my forex trades only at 8AM when Tokyo is open, 2PM when Frankfurt is open and 3PM when London is open. So, I don't need to trade forex full time as I have better things to fill my non-forex trading hours. Attend Wealth Academy to understand the concept of primary source income and multiple stream of income. It will blow your mind.
The last question is whether it is a must to work in a trading firm to gain experience. Straight answer is "no". One can gain experience by doing the following:
1. Learn the skill by making mistakes in the martket.
2. Get education to learn the skill, paper trade to gain experience and increase confidence level.
At the end of the day, there are too many folks out there who want to take advantage of the quick-to-be-rich scheme. Here is another classic example!
Come across the following questions from Conrad's Board which was raised by an aspiring forex trader. This guy asked
"I have some doubts whether to be a full-time Forex trader after 1 year.
i) My friends told me that it takes as much as S$100k to trade in Forex market.
ii) There is no guarantee to make money in Forex. Otherwise, people will have quitted and traded full-time at home.
iii) Is it a must to work a trading firm to gain experience?
Kindly advise a lost soul like me.
Thank you."
How will you respond if you were asked to answer these questions?
Ans: Yes, your friends are correct in that you need to take as much as $100k to trade in forex market. But where is the leverage? Do you understand the concept of leverage which can be a double-edged sword. It can work for you and against you. So, go figure out what leverage means in forex market and how you should apply leverage correctly.
There is no crystal ball out there. I don't even know what to eat tonight. Let alone what I am doing tomorrow. However, does a full-time trader really need to trade full-time? It has always been a FAQ and a $64K question. I won't sacrifice a 9-5 job because I will trade from 10-4 at night. It is simply switching the work clock. It does not make sense. While a lot of folks have painted a 24x5 feature in forex market, do understand that there are certain hours where the market moves fast for you to make money. I place my forex trades only at 8AM when Tokyo is open, 2PM when Frankfurt is open and 3PM when London is open. So, I don't need to trade forex full time as I have better things to fill my non-forex trading hours. Attend Wealth Academy to understand the concept of primary source income and multiple stream of income. It will blow your mind.
The last question is whether it is a must to work in a trading firm to gain experience. Straight answer is "no". One can gain experience by doing the following:
1. Learn the skill by making mistakes in the martket.
2. Get education to learn the skill, paper trade to gain experience and increase confidence level.
At the end of the day, there are too many folks out there who want to take advantage of the quick-to-be-rich scheme. Here is another classic example!
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