How to Make a Full-Time living with Forex Trading
Making a living from trading markets from home is the dream of every single trader and active investor. But, do not be fooled and don’t believe that Forex trading is a kind of quick money making scheme. Because, Forex trading requires a discipline mindset, lots of effort and good planning. And if you want to make a living from home then you need to have these things. You have to believe that, there is no “Short-Cuts” to be successful.
If you want to be a full time Forex Trader then I suggest you to read “how to become a full time Forex trader: Part 1 and Part 2. I hope that, now you know what you need to become a full time Forex trader.
What will be the daily routine of a Full Time Forex Trader?
Becoming a Full Time Forex Trader is not so easy. And, if you want to be a professional trader you need to maintain a disciplined and hard working life with a steady mindset.
Not only for Full Time Traders, daily routine is essential for all kinds of professionals. In fact, a full time Forex trader has a daily routine and plans. Professional traders have performed their routine for so long that it becomes a habit and all full time or professional traders got this point because they did have a steady plan that they followed.
Trading Plan and Journal:
In order to have proper trading habits and avoid emotional trading demons, it is must to have a perfect trading plan and a trading journal that you actually use. Many traders make trading plans and journals, but usually forget to use them. In fact, religiously following your trading plan and making journal is necessary to run in the long run.
Research and Analysis:
It is best to create your own chart and market analysis diary that will help you memorize about your previous analysis and research. This will be a perfect guide for you to analysis the past and present market trends.
Habits are regular activities that are formed after doing something over and over. And these activities become your personality after a lot of time doing the same thing. There is one single definite difference between a full time trader and a struggling trader and that is, a full time trader has developed a positive trading habit as a result of following daily trading routine.
Mastering the Trading Edge
Believe in your trading method – You need to attain confidence as a trader by believing in your trading method. If you do not clearly understand and believe your own trading strategy, you cannot do well in the market. Professional forex traders don’t take any decision with any doubt and they obviously believe in their trading strategy.
Master your trading Strategy – It is suggested to every trader to build themselves as a master at least in one single strategy with a good trading plan. Do not jump with real money until you have not fully mastered your trading method. Many of us make this serious mistake and they gave up in the beginning. Full time or professional forex traders trade their edge with full confidence and control. They do not regret any trade they made, even it results against them. Because, they are masters in their own strategy and they all know that, winning in all trades is impossible.
Money Management and Trading Psychology
Managing Capital is the Key – Investment is the core part of Forex Trading. And, you need to have a better idea about the trading and the risk associated with it. So, you have to learn how to handle risks and money as a Full Time Forex Trader do. You should never risk more than you afford or you are emotionally comfortable.
Manage Yourself Properly – Control yourself in the markets and avoid taking emotional decisions. If you don’t do these things, then you will end up doing stupid things. Traders need to be always conscious about their every single trade they make. Full time forex traders don’t try to earn more or they do not take too much risk. They only make decisions which they find logically profitable.