From Part-Time to Full-Time: Becoming a Trader

Making the move from being a part-time to a full-time trader is a significant one, and it’s one that many who are just starting in the trading field dream of doing. After all, it offers the chance to earn a healthy living doing something exciting. But it’s hard work to get to such a great position, and it won’t happen overnight. This article will share some top tips on how to go from trading on the side to trading all day.

Do your research

If you’re planning to become a day trader full time, you’re taking on more risk than if it’s just a side hustle. For that reason, it’s worth doing your research in advance. If you want to rely on trading for your income, you’ll need to familiarize yourself with everything from price chart trends to software platforms like MetaTrader or similar. And doing your research can also help you avoid scams, too. Reading broker reviews is an excellent way to dodge the bullet when it comes to forex fraud: AvaTrade gets good reviews, and there are other options, too. You don’t know for sure about any broker until you start reading, so it’s prudent to check.

The right mindset

Some who go into the world of trading are often under the misapprehension that it’s all just one big “get rich quick” scheme, and that they will end up putting in little effort and making maximum returns. However, that is not the case; very few people get lucky, and almost everyone makes a loss in the early days, and this matters more if it’s your whole gig instead of just something small-scale. If you’re planning to move into full-time trading, then, having a realistic mindset is crucial.

Full-time job?

One of the many reasons that people are attracted to trading as a career is because it offers the opportunity to work from home on a fairly flexible schedule. Those who trade some time-sensitive instruments (such as foreign exchange pairs, which often require being at your desk during particular hours for economic calendar events) may have a more fixed schedule than others. However, it’s still the case that day trading from home allows you to escape the grind.

But one option for those who don’t prioritize this might be to go and work for a financial institution on Wall Street or elsewhere. Whether you work for a bank or a private investment firm, there are plenty of jobs out there. There’s a lot of competition though, and you might find it requires a good degree in a rigorous subject from a top university – so preparation, if you want to take that particular route, might need to be started as early as high school.

While trading isn’t the panacea that some people make it out to be, anyone can make it as a full-time trader or investor if they try hard enough. Whether you’re a private day trader looking to get into the right mindset or you’re thinking of working for a firm, there’s plenty you can do to bolster your chances of success.