So you need to live the dream?
The will for freedom and financial independence is why all of us start trading.
How wonderful it would be to inform your overbearing boss to sod off, sack the annoying customer who calls you at 6 pm on a Sunday and get rid of that moronic colleague who won’t get their head out of their phone.
Simply you, a laptop, and the charts.
You can find thousands of us around the world right now. Trading as a full-time job and making a real difference to our financial well being and the lives of our own family through the rewards and overall flexibility trading provides.
It is possible. You can trade for a living and quit your day job. But it ain’t always easy….
Here’s how you do it.
It could sound obvious, but I am aware of traders who took the big step in the expectation that dedicating full-time effort would lead to profitability. Don’t do that.
Build a profitable record of a year.
Start trading as though your life counted on it today, and if you can earn cash} over a full year without a major error/loss, you might be ready.
Remember that you’ll likely be tempting for taking unneeded risks and overexpose your account because you have your job to tumble back on. But keep in mind, as traders we’re always one poor decision away from disaster. Follow your strategy, cut your losers and live to fight another day.
Trading can be lonely. And solitude often causes poor decision making, mainly due to boredom and over trading. Locate peers and mentors who you can discuss and learn from, I assure you your trading accounts will thank you.
The desire for continuous action irrespective of underlying conditions is in charge of many losses in Wall Street even among the list of professionals, who feel that they need to take home some money every day, as though they were working for regular salary.
Save a year of living expenses and reduce your “burn rate”.
Exactly how long can you depend on your savings before you are under financial pressure?
Your current burn rate is the minimum amount of money you can spend to survive. Shelter, food & internet. That’s all you require. Absolutely no holidays, this can be done later.
Don’t assume you’ll earn cash straight away. If you are pressurized to perform quickly it’ll likely lead to emotional trading. You’ll become desperate to steer clear of that grey cubicle you abandoned only a few months ago and be tempted to increase your risk or force deals.
How much time does it take to learn to become a full-time trader?
In case you’re a trading natural born player and work your arse off, then you may can get there in 1.5 years. But in my experience, it requires 3-5 years.
When you need support through the journey please ensure you join me in Vision Signals and we will work through it with each other.