Should I become a full-time Forex trader?

HI Scoobs,
I would like to thank you very much for your kind and positive inputs and comments. In my mind, I am very aware of my situations and personally think that I am not ready yet. But I have big dream and I know that I am slowly trying to get there no matter what it takes and what people like to tell me. We will never achieve anything if we do not have big dreams in the first place.
So right now, I plan to just stick to my full-time job, keep studying and practicing the forex market till i have big enough capital and my skills become better.
I personally wish you all the best in everything you do Scoobs. Your advice are indeed very helpful to me. Thanks again

Thanks for your straight but true answer.

without dream, life is meaningless. if you know yourself very well, it will be a good idea to be a professional trader. but the important thing is that do you really know yourself

Should I go to work tomorrow, or take the day off? I am supposed to work, but bussines is slow this time of year and since i am the manager, I could take the day off. What do you guys think?

This post may be a bitter pill to swallow but there's a lot of truth in it.
http://www.forexfactory.com/showpost...9&postcount=32

I was asking this same question to myself.. Let me tell you, the more I think about this, I am finding it more difficult to leave my job. Forex trading needs the highest amount of patience, discipline, and time than any other job I know in this world. I am an engineer by education and planing to work as an engineer for living. I cannot imagine spending countless hours in front of the computer taking all the stress for the 2-3k I make...

Hi Billflet,
Thanks so much for the link you provided. Yes, it's quite bitter but true. I love trading too and personally think that it is the single best that suits my characters. However, for now I just need to take it slowly as it goes. Thanks for your contribution

I have seen several profesional traders who made more than even100% profits for a while but finally lost all they had, .
So there is no gurantee to a continous profit making. It is much better & wiseable keeping your own job thightly & then do trade in your spare times also it helps you being more healthy & having longer living.

Sorry for being harsh but its needed . But the truth is you shouldn't even ask random anonymouse internet guys questions like these. Especially seeing as you are fully capable of making the decision yourself. They will not be there to comfort you when you lose all your money... in reality you can probably count on the fact that they will be there to criticize you when you fail.

Nuff said case closed

Hi...

The question you ask is a common one. And not just when it comes to trading currency. When you are working a full-time job but making money on the side (with whatever venture), there always comes a point where you really want to peel away from the tiresome but stable income from the job to put all your focus on the part-time venture.

Nobody can give you the specific answer that you are looking for because we don't really know you or your financial situation. Sure, we know how much you are placing at risk, but to determine whether or not you should do Forex full-time, a little more info is needed.

The big question is: what is your cost of living?

When you add up all of your living expenses (ie. mortgage payment, insurance and taxes, utilities, phone and internet service, food, gasoline, etc), what number do you get? That's the first thing that you need to know for sure. And give yourself a small cushion for the occasionally emergency that tends to happen every so often.

Are you making more income in Forex each month than your cost of living expenses? If not, then you probably shouldn't be considering tackling Forex full-time just yet.

But let's assume that you are making more than your cost of living. Should that give you the green light? Maybe.

Along with how much you are making each month with Forex, you should also have some savings set aside. A good amount would be 3-6 months of your cost of living expenses. The more, the better (obviously).

So if you figure that your cost of living is $2500 per month, you'd want a savings account with $7500 to 15,000.

If you don't have that much saved up, then I wouldn't recommend quitting your day job, as they say. Just keep doing what you are doing, and keep building up your savings.

Now, once you are making more than your cost of living and have 3-6 months of expenses saved up, then why not try and do Forex full-time.

One suggestion though: see if you can take a one month sabbitical from your job first. I know this isn't an option with every occupation, but if you can, it will give you the ability to "test the waters" out without burning any bridges.

I wish you the best.

Jackson Golde

I've had great respect fo TRT untill i found out that he makes his money selling Bullshit. Check out his blog which will lead you to a typical sales pitch website.
Now do a WHOIS on the domain you will find out it is run by Joel Rensik.

personally i would NOT give up my dayjob untill you've used your income from dayjob and profits from trading to create an alternative source of income equal to your dayjob, ie...property, stock dividends, investments...

so if u earn $50,000 a year, you should be earning the same amount elsewhere, otherwise, if trading goes wrong you'll be left with little savings, and given up oppurtunities in your career, as well as your gf/wife running off to the guy with the BMW you always promised you'd get when you succeed...

There are a lot of hard truths in the post that apply to the OP's question. Forget about the author for a minute. If it had been written anonymously, would you agree with the content?

Of course I would.

< sarcasm >
Yer' fucking kidding me!!
< /sarcasm >

No. No. No. Trust me Big No.

Continue to generate 20% + returns along with full time job for next 10 years and then see how much capital you have built.

Well, it really depends on your trading techniques. If you use daily bars, no need in waiting all day long watching your monitor.

On the other hand, to make anything professionally (expecting the revenue from it) you have to the full time person.

Forex market is the most popular online earning platform in the world. You can make huge money if you become a full-time trader. but you need proper knowledge and skills to make money from this market.

It may be the most popular, but most newbies lose millions to it. It is not an easy endeavour at all.