Should I become a full-time Forex trader? | Forex Factory

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Should I become a full-time Forex trader?

  • #1
  • First Post: Sep 11, 2010 11:52am Sep 11, 2010 11:52am
Hi everyone,
I have been trading spot Forex for about 2 years in part-time basis (I am having a full-time job). I still consider myself as a Forex newbie and I am still learning and becoming a better trader day by day. My first year was a break-even one. So far, my return has been around 20% for the second year. Is the result encouraging for a newbie like me? Should I become a full-time forex trader now? Hope to hear advice from those expert traders our there. Thanks
  • #2
  • Sep 11, 2010 12:26pm Sep 11, 2010 12:26pm
No.
  • #3
  • Sep 11, 2010 12:35pm Sep 11, 2010 12:35pm
What size bank and leverage are you going to use ?
  • #4
  • Sep 11, 2010 12:39pm Sep 11, 2010 12:39pm
Chances are, if you have to ask, then the answer is no.

Quoting Dopey
No.
Best answer you will get.
  • #5
  • Sep 11, 2010 12:51pm Sep 11, 2010 12:51pm
Quoting scooby-doo
What size bank and leverage are you going to use ?
Hi scooby-doo,
Thanks for your reply. I have been using my 6k account and never risk more than 2% in any single trade.
Please tell me when I will be ready to become a full-time trader? What should I do coz my passion is to become professional forex trader and achieve financial freedome? Thanks
  • #6
  • Sep 11, 2010 1:05pm Sep 11, 2010 1:05pm
Quoting ninohoang
Please tell me when I will be ready to become a full-time trader?
I predict 17 July 2014, sometime between 15:17 and 16:36

jesus christ, the questions some people ask
  • #7
  • Sep 11, 2010 1:08pm Sep 11, 2010 1:08pm
Quoting ninohoang
Hi everyone,
I have been trading spot Forex for about 2 years in part-time basis (I am having a full-time job). I still consider myself as a Forex newbie and I am still learning and becoming a better trader day by day. My first year was a break-even one. So far, my return has been around 20% for the second year. Is the result encouraging for a newbie like me? Should I become a full-time forex trader now? Hope to hear advice from those expert traders our there. Thanks
How old are you? Ignoring that your results are quite insignificant statistically speaking... here is a simple calculation for you that might be nice to think about:

Calculate how much you roughly spend in 2 years to live... then

Calculate how much money it would take to make a 20% return in 2 years a viable form of income.

Some quick maths:

With a $400k account you would recieve roughly 80k.

So 40k per year(lets just say you make 10% per year for 2 years)

So with an account size of $400,000 you would be making low middle class income.

So yeah good luck with that.
  • #8
  • Sep 11, 2010 1:12pm Sep 11, 2010 1:12pm
Quoting Razzle
I predict 17 July 2014, sometime between 15:17 and 16:36

jesus christ, the questions some people ask
LMFAO, just wait Razzle, I predict it will get even BETTER! ha
  • #9
  • Sep 11, 2010 1:17pm Sep 11, 2010 1:17pm
Quoting ninohoang
Hi scooby-doo,
Thanks for your reply. I have been using my 6k account and never risk more than 2% in any single trade.
Please tell me when I will be ready to become a full-time trader? What should I do coz my passion is to become professional forex trader and achieve financial freedome? Thanks
You dismissed the two NO answers and decide to reply to the one user that offers hope in someone approving your decision to go full? Looks as if you aren't ready for the hard, cold truth but instead looking for validation to a decision for which you may already have answered. Don't ask questions to which you don't want to hear the answer. The fact that you have to ask indicates to any trader that you are not ready.

Quote
I have been trading spot Forex for about 2 years in part-time basis (I am having a full-time job). I still consider myself as a Forex newbie and I am still learning and becoming a better trader day by day.
You flat-out acknowledge you hold limited trading ability. So how are you ready to trade full time? Trading has got nothing to do with 'how long you've been trading'. The only thing that matters is 'how much money have you've made in those two years'? If you haven't turned a $1,000 account into $25,000 trading part time, then how do you plan on trading for a living? The point of trading full time indicates you've got the financial stability to do so. The fact that you've got a job and trade fx part time tells me different. Keep the full time job until theres enough funds in saving to financially hold you down for an entire year. Excluding trading funds.
  • #10
  • Sep 11, 2010 1:19pm Sep 11, 2010 1:19pm
Quoting ninohoang
Hi scooby-doo,
What should I do coz my passion is to become professional forex trader and achieve financial freedome? Thanks
You will never achieve financial freedom* with the lack of common sense you have displayed.

Let alone financial stability lol.
  • #11
  • Sep 11, 2010 1:22pm Sep 11, 2010 1:22pm
Quoting ninohoang
Hi scooby-doo,
Thanks for your reply. I have been using my 6k account and never risk more than 2% in any single trade.
Please tell me when I will be ready to become a full-time trader? What should I do coz my passion is to become professional forex trader and achieve financial freedome? Thanks
Well,

This is a difficult question as I dont know what your trading methodology or market edge is. And I dont need to know.

In my opinion a 6K account is too small unless your R:R is > 3:1 using a maximum 100:1 leverage. Stay away from leverage higher than this otherwise your account will end up negative asap.

I know everyone wants to be a currency trader but you need to learn about a great many things before you trade a live account. If your system is based purley on technical indicators then it will fail at somepoint.

My advice would be to forget about giving up your job and trading full-time with a live account for the time being. Spend 6 months studying currency pairs and how they react to each other, market open/close, Daily/Weekly/Monthly high/lows and fundamental news.

There is no point giving up your job (income) without a detailed plan on how you are going to trade the fx markets.

Scoobs.
  • #12
  • Edited 1:37pm Sep 11, 2010 1:26pm | Edited 1:37pm
Quoting ninohoang
Thanks for your reply. I have been using my 6k account and never risk more than 2% in any single trade.
The profiles says that the poster lives in Singapore. Having been there a few times I doubt that a 6k acct could safely make enough every month to cover food/electricity/mrt/internet bills, let alone to compound.
  • #13
  • Sep 11, 2010 2:42pm Sep 11, 2010 2:42pm
ninohoang

Dont be totally put off by all the negative comments you will get by posting such a question. Ofcourse anything is possible in life, people told Richard Branson (Virgin) that he could never start/run a record label from a telephone box. But he did and look where he is now.

The problem with forex is that everyone thinks they can just put x amount in their trading account and become a millionaire in 12 months. Now, yes, you will get some that do but there will also be many 1000s that dont.

First of all you need to come up with a trading plan for the currencies you wish to trade. Yes you need to stick to the leverage/lotsize and other MM side of the plan but it is not meant to be set in stone. It should just be a template of your trading approach. I still to this day have a trading template that i created 14 years ago, which i still update/change to this day.

1/4 of me says, go for it but 3/4 of me says think about what you are actually considering. Giving up your job/income with just 6K to trade with ?, do you have any other funds availble to fall back on IF things dont work out ?

There is nothing wrong with aiming HIGH as long as you have a plan and part of that plan needs to consider what you will do if you hit a series of losses in the FX market.

Anyway, I personally wish you all the best whatever you decide todo. And if i am available then just drop me a line if you need any help or advice.

Scoobs.
  • #14
  • Edited 3:21pm Sep 11, 2010 3:05pm | Edited 3:21pm
A good benchmark to see if trading can sustain your life style is the 20% rule. If 20% of your average monthly profit averaged out over 3-5 years can sustain your lifestyle then you may want to consider trading for a living. Until then don't go giving up the dayjob just yet.
  • #15
  • Sep 11, 2010 4:32pm Sep 11, 2010 4:32pm
Quoting ninohoang
Hi everyone,
I have been trading spot Forex for about 2 years in part-time basis (I am having a full-time job). I still consider myself as a Forex newbie and I am still learning and becoming a better trader day by day. My first year was a break-even one. So far, my return has been around 20% for the second year. Is the result encouraging for a newbie like me? Should I become a full-time forex trader now? Hope to hear advice from those expert traders our there. Thanks
Be sure you can answer this question by yourself, ...if not so then it's not the time for it!. Moreover, everybody would pointed out other arguments. A full time trader for me should have the following characteristics:
- experienced (minimum 3 - 5 years)
- minimum 100'000.-$ account (living at european middle class standard)
- making minimum 50'000.-$ per year, better 100'000.-$ and more.

FxCube
  • #16
  • Sep 11, 2010 4:34pm Sep 11, 2010 4:34pm
Quoting ninohoang

Hi everyone,
I have been trading spot Forex for about 2 years in part-time basis (I am having a full-time job). I still consider myself as a Forex newbie and I am still learning and becoming a better trader day by day. My first year was a break-even one. So far, my return has been around 20% for the second year. Is the result encouraging for a newbie like me? Should I become a full-time forex trader now? Hope to hear advice from those expert traders our there. Thanks
I suppose it depends on what type of job you've got now and whether you can take a (long) holiday or leave and go back to a similar job with similar income if trading doesn't work out for you.

Trading as a sole source of income can be a daunting proposition, especially if you have a family to support and no back-up plan if it all goes wrong, the pressure alone can lead to failure. There are lots of things to consider when going full time, it's not as simple or easy as it sounds.

I don't think you can ask other people whether you're ready or not, only you can answer that one! As someone else mentioned, the fact that you're asking the question in the first place might suggest you're not.....
  • #17
  • Sep 11, 2010 9:53pm Sep 11, 2010 9:53pm
The reason why im a full time trader is i have no certificate
If u make 20% for last year doesnt mean that will make another 20% for the next year. When bad time comes and trades is bad, married and no job that is the disaster, drown in regret. Better stick with ur job. Full time trading doesnt really give u more opportunity. And dont stuck in this world i am now
Peace And Quite Is Utterly Malapropos Of My Departure . . .
  • #18
  • Sep 11, 2010 11:30pm Sep 11, 2010 11:30pm
Quoting Deusomega
You will never achieve financial freedom* with the lack of common sense you have displayed.

Let alone financial stability lol.
HI Deusomega,
Thanks for your input. I was kind of already know the answer (that i am not ready yet) before I posted. I just wanted to have other people's opinions about my situation. I know financial freedom is my big dream, I may not get there just yet but slowly I will get there
  • #19
  • Sep 11, 2010 11:32pm Sep 11, 2010 11:32pm
I would like to thank Vepapunk, pipmutt, Forexcube, Cloggie and traderjai inhi for your comments and advice. Your inputs are really helpful to me. I wish you all all the best no matter where you are in the world and whatever you are doing
  • #20
  • Sep 11, 2010 11:36pm Sep 11, 2010 11:36pm
Quoting Jhig
You dismissed the two NO answers and decide to reply to the one user that offers hope in someone approving your decision to go full? Looks as if you aren't ready for the hard, cold truth but instead looking for validation to a decision for which you may already have answered. Don't ask questions to which you don't want to hear the answer. The fact that you have to ask indicates to any trader that you are not ready.


You flat-out acknowledge you hold limited trading ability. So how are you ready to trade full time? Trading has got nothing to do...
HI Jhig,
I didn't ignore the other two NO answers by the way. I replied to Scooby-doo first because he asked me the question. The other two answers were just flat-out NO answer without any other questions. I didn't have enough time last night to thank for theirs reply as well.
You seemed a bit to hard on me. I am aware of my situation and I know slowly I will get there. Thanks
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