Some time in the past, a friend said that he wanted to be a full-time trader; which basically mean leaving his day job and focus on becoming professional trader.

Some time in the past, a friend said that he wanted to be a full-time trader; which basically means leaving his day job and focus on becoming professional trader. Indeed, that was interesting. In this world, who doesn't want to work in a job with a flexible schedule from home, as well as offers huge earning potential? Well, it could be that most people would not refuse it. But the reality is another matter. Since starting to learn forex trading, my mentor advised: it is better not to trade full time.

full fun time trader

 

The Right Frame Of Mind

Trade forex for a living will be substantially different than trade just for fun. That was what my friend who was a professional trader said. The job can be done everytime and everywhere, also does not bound by office rules. However, the necessity to gain in order to be able to pay our bills will differ it when compared to those who trade forex as a hobby. Consequently, it needs steady nerves to be able to trade forex as main job.

Frankly, I can be said trading as a hobby. I am usually trading when I am in the mood for it. Sometimes, forex trading became my cure when I am bored. Watching the chart, observing how a candlestick formed, draw fibonacci, take note here and there, just like that and my mood became happier. But on the other hand, as experience has told me, trading in such unconducive psychological state will endanger my account.

That is why, if my psychology is not good, then I would rather calm myself first before trading. Even if it takes days or weeks, I would prefer to avoid trading than killing my account balance.

Well, because forex trading is very closely related to psychological state, then you should ensure that you already own stable mental disposition and the right frame of mind before taking up full-time trading. Imagine what would happen if you've been relying on trading result as primary earning source, but then your psychology is disturbed. You will not be able to freely avoid trading like I did, but if you trade anyway then your cash flow will suffer.

To be a full time trader, one has to be prepared to face all of its consequences. Another friend of mine, a professional trader, admitted that forex trading is a high risk venture. It is true that the risks can be managed through various method, but I think, full time trading contains higher risk than ordinary jobs. I don't mean to shut your motivation in learning forex trading; personally I am still very interested to continue learning and at least, this is the kind of hobby that can bring additional income. Of course, although becoming a fun time trading is pretty convenient, whether you are a full time trader or a fun time trader, the most important point is that wielding a calm heart (or even better, cheerful disposition) will feel better than trading with heavy burden.

 

Psychological Requirements

Based on my experiences, in order to be a good trader, there are some psychological requirements that need to be fulfilled. Some of them are:

Discipline

A trader has to be highly disciplined, be it in implementing trading plan, taking care of margin, and other small details. This attitude usually also mirrored in everyday life as well. Someone who trade forex in his spare time should adhere to his trading plan, even more so if he is a full-time trader.

 

Calm

A trader should be calm and not easily unsettled in the face of unexpected and panic-inducing events because going helter skelter will only worsen the situation. No matter what happens, as a trader, keep calm.

 

Quick Thinking

Aside of being able to keep calm, a trader also have to be able to make decision quickly and correctly. For instance, when there are unexpected news that triggered panic in the market. Just quick thinking is not enough, the decision has to be good as well. Traders who can't think quickly can choose to trade during closing sessions.

 

Optimistic

Never give up and keep positive thinking are actually not just prerequisites for forex traders, but also for every one in any professional capacity that want to.

Those are some requirements to be a successful trader. How is it? do you have those kinds of characteristics? If you are, then I'll say: congratulations! Becoming a successful trader for you is just a matter of time. If you are not, then keep learning and practicing. Always try to improve yourself and learn from your experiences and past mistakes. No matter what is our job, those positive attitudes will brighten our everyday life.

 

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