So you want to be a full time trader. You've seen a lot of port snaps out there and feel a little left out. You think you can do the same if you only have more time and was a full time trader.
Have you thought it through? Do you really know what it takes to be a full time trader?
If you are on the fence, here's a quick checklist for you to go through.
1. Are you as self starter?
Suffice to say, when you leave a corporate job and go full time, there will be no bosses or managers to tell you what to do.
YOU will be the only one responsible for your day to day tasks. Can you get up in the morning to go through your watchlist and make
the necessary plans?
Are you disciplined enough to power through boredom and the feel of your bed in the morning? Will you be able to say NO to
your family members who think that you're a bum since you quit your stable 9-5 job for one that only 1% of the population can understand?
2. Do you have emergency funds?
Full time trading sounds fun. You can earn 5 to 6 and even 7 digits in one trade! You got it made! Again, sorry to burst your bubble but full time trading is 95% sitting and staring at your computer just waiting for that perfect setup.
Majority of your trades will be losses. Especially in the beginning. Will you be able to cope with the pressure of having to replace your steady and secure monthly paycheck for the unstable fluctuations of the market? Remember, if you cannot find winning trades, you will
not earn and most likely burn through your portfolio.
This is why emergency funds is VITAL to all traders. This will sustain you throughout any dry spells that you encounter during full time trading.
3. Do you have a hobby?
Sitting down and just staring at the charts all day is tiresome. Doing it the whole day can be draining. Having a hobby that will help take your mind off the charts for some time will help you keep your sanity.
That hobby could be anything as long as it doesn't involve sitting in front of the computer for long periods of time. Have a holistic approach to your planned new career. Pick up a sport or go to the gym to help get the competitive juices flowing.
A healthy body will help your mind stay alert throughout the day.
4. If you are still decided, then go for it.
Full time trading is not for everyone. Not everyone will be willing to leave the security of a stable income. However, if you dare to dream of a life different from everyone else, then you have to dare to do things that not everyone is doing.
Lastly, remember this:
Two roads diverged in a wood, and I - I took the one less traveled by, and that has made all the difference.
Good luck and God speed if you are going to embark on this journey.