First of all, reason. Why would you want to trade full time?… Because here the facts. Good trades take only 3-4 times a week. That is the most advisable one. Why? Because when you trade more than that, you will be most likely ending up with watching your screen all the day long.
While in trading, psychology does much much matter than technique. Keep watching will put you in overtrade situation and emotionally drained. Resulting in bad results.
Good trades, take time. Thus, you better well prepared on knowledge, risk management understanding and solid psychological state.
Conclusively, you can actually do it part time. Unless you are really an ex professional traders or a savvy one. Not by saying that they are full time traders, but “full time” in this term means full time in trading business. Like running a financial advisory firm, managing funds (which mean lots of meeting with clients, doing researches, or etc).
Basics of Forex Trading You Should Know
These are some basics of Forex trading you should know before trading full time. Those sets of rules make what I call the TRADING SYSTEM.
Nowadays you see a lot of traders posting on social media trading sessions on the beach, etc…it looks easy but they never show you the hard work they have made on themselves in order to become profitable. I am pretty that they have worked like crazy, they have been extremely disciplined and patient in order to become profitable.
Before becoming profitable, this requires a lot and a lot of hard work and sacrifice.
-SET OF SKILLS
Trading has never been a prediction game. First of all because nobody can predict the future. Trading is a follower game. As a trader you have to sit, observe and try to identify the psychology of the big traders on the market and follow them. Traders follow the movement but never predict the movement.
-FORGET ABOUT WHAT YOU HAVE READ
Many years ago, I read and read whatever I could find about day trading, technical analysis, technical indicators, etc….I tested and tested in real time during 2 years…I realized that nothing worked. Why? Because of what you can read is made for investing in long term. If you day trade, the timing is so important that those lagging instruments cannot perform.
There is only one and unique thing that you have to use: PRICE represented by CANDLESTICKS. Forget about all the patterns because nothing guarantee that the past can repeat in the same way with the same results. Just use the CANDLESTICKS in a very basic way.