Trading as an Income
Everyone wants to be free from the bonds of clocking in at a nine to five, work when they want and take holidays when they want. They perceive that trading could be their golden ticket to financial freedom. Some people are looking for the get rich quick scheme, which does not exist. Others are more grounded who would just like to create a great income on their own personal terms.
It is important to remember there are not any legitimate get rich quick trading schemes. Any income earned from trading will come slowly with time and experience.
What’s my time frame?
This is a complicated question that is going to depend on 3 different variables: Time, flexibility and capital.
Putting in work
The more you are vested into taking on trading as a full time gig, the faster you will be able to do so accordingly. If you have the time and wherewithal to dive in and put in 8 hours a day like a full time job then you can get yourself up and rolling much faster. Unfortunately for most people this is not in the realm of reality. The best advise is chunk out a set amount of time every day to invest into investing. Whether it be 30 minutes, 1 hour or 3, make sure that you are putting in your time. Treat learning investing like earning a degree. And, just like in earning a degree the better marks you receive, the greater earning power you will wield
It is important to remember you will not learn trading by simply observing, reading articles, and trial by fire. The process of learning how to trade Forex, just like earning a degree will take years of time investment for you to find your groove and have it down to a science.
Trading is less about intelligence or wit and more about self control. Setting all emotions aside and follow a game plan. Not to follow a hunch, over compensate, not to try to trade your way out of a loss. You must be able to mold yourself into a Forex trader and leave your ego at the door. The same goes for all trading.
Once you have the skill set this must be coupled with self discipline if you are not a self disciplined person or cannot be trained to be so, then trading in Forex is not for you.
Another huge question is… How much can you invest into education? This can be the most important factor in learning to trade.
The words of Otto von Bismark couldn’t be any truer. Don’t just give a stab at trading with your investment money. Learn from the experts. Spend money on educating yourself and be prepared to continue investing into educating yourself. Professional traders are professional because they actually make money. Let’s turn this into an analogy of someone who decides they want to build themselves a sun room extension on their house. They like the idea of DYI and they enjoy creativity. A foolish approach would be to go to a lumberyard, but the supplies and just start building. We all know that this would end up a horrible, expensive mess. A better approach would be to buy some books, watch a few clips on Youtube and then get to work. The best approach would be take up an apprenticeship with a professional and work with him on a number of similar projects and once you have a firm understanding of how to build a sun room and experience in building such a structure, then go ahead and do it yourself. Obviously the latter takes more time and investment but when compared with the first approach which will inevitably lead to a frustration and a loss of time and money, or the second approach which may lead to a complete loss or a second rate poorly built structure, the third approach is the only way you are going to get a properly built sun room that is built by you.
If you are truly focused and you properly educate yourself then expect to start seeing results within 1-2 years.
But at the end of the day your trading success will be UP TO YOU
One major caveat in all of this is you must insure you are using a legitimate and reputable trading platform. If you would like to check out a broker you can do it by being in contact with your local financial regulatory authority if you would like to fast track your broker check then you can do so here for free with no strings attached.