Want to Become a Full Time Forex Trader? See the 4 rules that need to be done
The desire to become a full-time forex trader is a dream that is in the mind of some active traders. When you become a full time trader, you will not be bound by tight work time and can get the financial freedom dreamed of.
Nonetheless, being a full time trader cannot earn tremendous income in a short time. Requires great effort, clear planning, and also very high discipline so that you can get income that can sustain life.
There is no such thing as a shortcut to get satisfying results, because you need a strong commitment within yourself.
Nial Fuller is a full time trader who will share his experience with all of you when you want to become a full time banker.
Full Time Trading
Trading in forex is almost the same as other businesses, but there are a few differences that you need to pay attention to. There is an economic cycle that will affect the business, starting from expansion, contraction, and recession you will face when running a business. This does not happen at all when you are trading forex, because you can just get a big profit when the economy is sluggish or even a recession .
When you have the desire to become a full time trader, the important thing that needs to be done the first time is interested in the trading that is being undertaken. Make yourself interested in trading activities in order to be successful with what is done. Find out what is interesting from the forex market, because when you are not interested in what is done. Success will be difficult for you to get.
The next thing is to assume that the trading activity carried out is routine work and you should never consider it a hobby in your spare time. You can do part-time trading, but being a part-time trader will not be able to provide optimal results for you.
Forex trading has a difference compared to other businesses. So you can’t give delegates to other people to run forex trading.
So that you are clearer about what needs to be done to become a full time forex trader. Here are 4 important rules to consider.
1. Be Realistic and Not Excessive
When there is a desire to become a full time trader, then shape your mindset to be more realistic. A realistic mind makes you not overly hopeful.
Realistic thinking in trading is very important for you to do, because when you are unrealistic, you can take a greater risk of account capacity and eventually make yourself overtrading. Always adjust your expectations to the reality of the market, remember that the market has uncertain conditions and you need to limit the risks that exist.
The next rule you need to do is the ability to last a long time. It does not mean that they always add funds when there is a margin call, they are able to manage trading patterns in accordance with the balance.
Full-time traders are able to develop accounts that are experiencing depreciation and take funds according to plan. Experienced traders only add funds when really needed.
The above happens because the trading they do is done with a clear and routine plan.
2. Have a Good Trading Routine
Full-time forex traders always have trading routines in their daily lives. These routines are always carried out from time to time and become habits within them.They do this because they have a clear plan for trading and discipline they follow.
The first thing to become a full time trader routine is to develop trading plans and trading journals. These two things are very important and need to be followed so that a full time trader can survive. Because, trading plans and trading journals that you make can determine success as a full-time trader.
The second thing that becomes a daily routine is to carry out routine analysis on a daily and weekly basis. This is very important for you to do even though the trading has a 1 hour frame time.
Doing daily and weekly analysis can make you understand the direction of long-term market trends and sentiments. Always give a note and comment at the beginning of each week to be used as a benchmark for the steps you will take.Also determine the important support and resistance levels and also the time to release fundamental data that can affect the currency pair.
Make a trading plan in front, after that do anticipate instead of doing a reaction. A full time trader must know exactly what needs to be done before entering into a position, instead of reacting after entering the market.
Do the above things continuously and consistently, then the above will be your habit in trading. Having a regular trading plan and journal will make you have a positive habit in trading.
3. Full Time Forex Trader: Believe in the Methods and Strategies Used
You must believe in the trading methods and strategies that are carried out so that they can be consistent with the trading plan that is owned. Don’t change methods and strategies when going into the market.
Full-time professional traders always have a simple and effective method. They do not use too many technical indicators that can lead to conflict.
The trading strategy they use always refers to predictions based on probability.They know that nothing is absolutely certain in the forex market, so only probability is used as a measure of a prediction.
4. Always Implement Money Management Well
A successful full time trader must master the trading methods and strategies they have. There is no doubt when they use it, even though the market conditions are doubtful, they always decide to open a position or not at all.
Besides trading methods and strategies, another thing that is very important for you to apply is good money management. Good money management is one of the keys to success in business and trading that you do. Successful traders are able to limit risk by applying a risk / reward ratio proportionally to the existing market.
A successful full-time trader has a simple, though not the same, trading method and strategy. They trade in an objective, logical and have no emotion at all.Although the performance does not always match what is expected, but they always improve themselves from time to time.
That’s the 4 important rules you need to do when you want to become a full-time forex trader.