Are you trading forex when your boss is busy? Do you wish you didn’t have a boss at all and would be your own boss trading forex full-time? Quite a few retail forex traders share this dream, whether or not they trade during working hours or late at night.
If you are trading for some time, when should you go pro? Here are 5 considerations:
Make a plan: Changing your career isn’t something you do every day. A plan is necessary before you make the big move. The critical part of your roadmap needs to be how to scale up. Your income from forex probably generates fewer funds than your salary and you want forex to totally replace your paid work. A plan to work up the income ladder is necessary. This includes dealing with the elevated stress that trading for a living incurs.
Significant income for at least one quarter: In the past three months, is your forex profit enough to pay a significant portion of your expenses? Does it pay the rent or your mortgage? Something else of substance? If so, it will be easier to scale up.
At least a year of experience: a full year or four seasons is a meaningful period of time. During this time, you have experienced losses and wins, especially in the past three months (the previous point). This should be enough to get ready for the ebb and flow of trading full-time, winning some and losing some.
Money for starting off: In your first month of full-time forex trading you will not make the same money as your salary. It takes time and patience. Having some money to burn in that initial and critical period is crucial for maintaining your emotional control and allowing you to have fewer changes in your life. Changing your career is already a huge step.
And if not?: Even if you took all the necessary steps, success is never guaranteed. Focusing only on trading can provide a cleaner environment for success but can also put a lot of pressure. Being prepared certainly helps, but you never know how it will go. In case things don’t work out, having a Plan B will help in providing confidence, and trading with confidence is of very high importance.
Have you gone pro? What do you think?
More: How to Scale Up Responsibly in Forex Trading