Every newbie trader dreams of being a full-time Forex trader, with full-time defined as 1–2 hours a day and not having to worry about any financial matters — all being completely compensated by one’s trading performance. The reality usually turns out much harsher. First, becoming a profitable trader is not an easy task in and of itself. Then, it can be tough to move from being a part-time trader to being a full-time one.
I would call losing a “safety net” of a non-Forex income the main reason for traders’ reluctance to embracing market as their only job. This results in a situation when traders have to focus on two different areas of expertise in their life, which of course adds difficulty. Moreover, improvement in financial proceeds from the non-trading job may sometimes overshadow the earnings (and even potential earnings) from trading. This, in its turn, could lead to a loss of interest in Forex for that person. My guess is that for the foreign exchange trading to remain an important part of a trader’s life, it should contribute some significant part to their total income. Otherwise, motivation is soon lost.
I believe that my own case is not unique among retail FX traders — only a minor portion of my income is derived from trading. Some years, it can be a significant part, but it has never amounted to a half of my total earnings or more. I assume that most of this blog’s readers are part-time traders too, but I might be wrong about it. How strongly do you depend on your currency trading profits? Or is it the the other way around — if not for trading, you would be richer?
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