Topic: When to trade forex professionally? (Read 3861 times) previous topic - next topic

When to trade forex professionally?
There are many people who are trading the forex for part-time and for full time. Though not everybody is interested in forex full-time trading, many people trade this market professionally. Forex market is very volatile and you will find that many people lost their money when they start trading professionally. You have to understand one thing and that is when you trade this market for profit and for part-time, you do not trade this market as your profession. You know you have other things to do and you can change your trading anytime. Traders who are trading this market professionally do not have these benefits and they know they need to make money from it. There are some things you should know when you think you can trade this market professionally. This article will tell you when traders can trade this market professionally.

Trading as full time
Do you really think that expert Aussie traders started trading as their full-time profession from the starting of their career? If you think so, you are making a big mistake. In the world of the forex market, only 5% of the traders are able to make a consistent profit. Before you consider trading as your full-time profession you need to ask yourself whether you can truly make consistent profit in this market. The only way to find the exact answer to this question is to demo trade the market. Demo trading is often considered as the best way to place a trade in the dynamic nature of this market.

You need to have at least six-month financial backup before you start trading as your full-time profession. In fact, most of the successful Aussie traders in the options trading industry have one year financial back so that they can easily trade this market without any stress. If you are under stress, trading is not the right profession for you. You need to trade this market in a hassle-free environment or else you are bound to make mistake on regular basis. Always consider the conservative method of trading since it will help you to become a successful trader. Never trade with the money that you can't afford to lose.

When you have other jobs
It is very true in forex. This market is very risky to be your only profession. People who trade in forex as their only profession are very professional and they have many years of experience. They do not play with the trends and make the profit in their every trade. If you think you will abandon your other jobs for trading in forex full time, we suggest you not do so. This market can change anytime and you will have no idea when it changes. Losing money is very common in forex and if you cannot win your money back from the market, you need to get your money from somewhere to invest in forex. If you have only one job and that is trading in forex professionally, you can quit your trading after you lose your investment.

When you make consistent profit in live markets
If you cannot make consistent profit in live markets, you cannot start trading forex professionally. You need to know how to make money in your live markets consistently when you are trading for the part-time. If you cannot do this when trading part-time, you cannot do this when trading full time.

When you have years of experience
Experience has its own reward and you cannot start trading professionally if you do not have experience. You need to have years of experience to start trading professionally. Professional traders start their profession in forex after they have gathered years of experience.
You need to be confident that you can trade in this market. If you think you will lose your money, you do not need to trade in forex professionally.