Make Your Life Compatible With Trading
If you are considering forex trading your work, you need to be prepared for many challenges. Some traders cannot deal with psychological pressure and cannot prepare or deal with failure from the outset.
As with any freelancer or entrepreneur, the key to business success is yours (self-awareness) your self-awareness. Not everyone is born prepared to work independently, nor cope with the pressure of having all the responsibility for success or failure at their fingertips.
Let's start with the reasons why it may seem difficult to be a full-time trader:
· Independence While for some people it is a clear advantage, for others it is an eternal struggle. You must have a plan, a framework of work, and confidence in yourself. The hardest part is overcoming procrastination. When no one controls it, it is easier to avoid doing something or increasing the waste of time.
· Responsibility - Being a trader assumes that the responsibility for everything that happens is yours. You need to have control and stability over your mind and confidence in your actions.
· Time management - All freelance or entrepreneurial jobs require you to strike a perfect balance between work and free time. And trading is no exception. However, it requires even more time, because to do it you need to study and research a lot. Once you open a position, you are more likely to take your work with you throughout the day, week or even month, making it difficult to “disconnect” from it.
· Your profit depends only on yourself - At the outset, those who have a steady job can relax by making sure that at the end of the work month, they will receive a certain amount of money. But when forex trading is your job, your only source of income, the pressure turns out to be greater and requires full-time concentration as well. By the way, the pressure is higher, but the recipes usually too!
· Less personal contact The truth is that trading is a lonely business. Unless you are working for a company or have some "business partners".
· Your work has no impact on other people. - If you work for yourself all day, it doesn't affect anyone or anything except your pocket.
· The effect of successful business 1 Sometimes a good deal leaves novice traders blind and ultimately affects their behavior. Never forget that there is always the possibility of loss, and even the best traders sometimes lose fortunes. Never let your ego increase too much and affect your thinking.
Forex trading requires self discipline and focus
Like everything there are good days
And less good days…
The above list may seem quite depressing, and as we say, Forex trading is not for everyone. But that does not mean that you need to stop trading. If full-time trading is difficult for you for now, you can improve your life using other options.
Part Time Trader - You can combine your work with forex trading as a complementary source of revenue. This turns out to be an advantageous solution for both jobs. On the one hand, you can focus on your job and keep your income steady. And on the other hand you can focus like Trader on your spare time with less pressure on your shoulders.
Trader and businessman Negotiation can also be a good combination for entrepreneurs. Of course, you may encounter uncertainties and difficulties in the beginning. But if you can diversify your income by generating two incomes, your overall approach will be improved. Negotiating how your side project will help you rebalance your priorities.
Hobby and Trader - Another common option is to combine a hobby (which generates some money) with trading Forex. Trading can also become your hobby eventually. Imagine how perfect it is to do 2 things you like! Having forex trading as a side activity will help you in terms of concentration and extra income, and your hobby turns out to be your income-generating escape.
As you can see, whether you choose to be a full-time or part-time trader, both options have their advantages and disadvantages.
It's a matter of as an individual choosing the one that's right for you and starting trading whenever you want!