Forex traders take a very long time to become successful. Therefore, it is normal for everyone to be part-time traders at first. So how much do you need to earn to quit? I will introduce the guideline.
What is a Professional Trader?
A professional trader is a Forex trader who mainly lives on Forex income. Most professional traders spend their time shutting themselves up at home, watching charts, reading manga, and watching anime. And always wait until you get the chance. The activity time is mainly from around the London market to the New York market. This is because prices are most volatile during this period.
What is a part-time trader?
A part-time trader is a person who trades while working as a company employee. Or it refers to a person who has another occupation but is also a Forex trader. In both cases, you have a limited amount of time to trade, and you trade when you have no work to do. Therefore, although the activity time is limited, it is possible to live a healthier life than a full-time trader and create a variety.
Requirements to become a professional trader
It is my personal condition, but in order to become a professional trader, you will need to meet the following conditions.
Annual Total Plus
In order to become a professional trader, it is obvious that you have to keep winning. Monthly total plus is not enough to prove it. It is important to be a total plus for at least one year. Of course, if this continues for two or three years, it will be perfect. As long as you can get a plus, all you have to do is increase the lot, so your profit should increase on its own.
Income 3 times the cost of living
What are your living expenses now? Rent, utility bills, parking, food, mobile phone bills, Internet bills, etc. It is a condition that you can earn about 3 times these living expenses stably every month. In the case of salaried workers, health insurance and pensions are split in half, but if you become independent, you pay 100% yourself. Keep in mind that this fee will also weigh heavily on independence.
Unskilled as an office worker
Let’s check if the office worker has any regrets. If you are satisfied with your current job, there is no reason to force yourself to quit. Instead, if you’re fed up with it, you can quit now. If you become a full-time trader, your work history will be interrupted, making it difficult to return to work. Please consider the disadvantages of this point.
People who fail to quit their jobs in FX
I have seen several people who have failed to quit their jobs in Forex. Those people tend to:
out of rhythm
There are people who were able to live a well-balanced life when they were salaried workers, but when they become full-time workers, they have too much time and the rhythm of trading is lost. This type is an example where you can’t win because you’ve been trading all day long and the number of useless entries has increased. It is said to be “pochi-pochi disease”, and by looking at the chart for a long time, you end up doing nothing but useless things.
become a cripple
There are some people who lose their goals when they become full-time and lose their time. Even if there is a desire to quit being a salaried worker and live a free life, people who have a free life and do not know what they want to do or who have nothing will become a cripple. Life is disrupted and eating habits are disrupted.
There are examples of people who were able to live a well-balanced life when they were salaried workers, but when they became full-time workers, their rhythms got out of control and they were unable to win trades. This is, unfortunately, an example of going back to being a salaried worker. Since salaried workers are judged based on their work history and age, it may be difficult to return to work if the gap in their work history is too long.
XM is recommended
XM was originally known as a forex company with too wide spreads. But this was only recently. Now there is an account type called KIWAMI account. The spread is very narrow and very suitable for trading. Therefore, this account type is highly recommended. Especially for those who trade in pounds, it is recommended because the spread is extremely narrow.