Trading Forex exchange as a full-time occupation can be stressful, primarily if you rely on it for financial support from the beginning.
Many traders worldwide devote their full time to trading Forex exchange. Many Forex traders don’t rely on trading as their primary source of income since they can’t sustain themselves financially.
If you’re skilled enough, Forex trading might be your full-time occupation. It is your choice.
Those who trade foreign exchange full time are the epitome of independence for Forex traders. After all, professional traders have the flexibility to work from anywhere they like, whenever they want, and with whatever resources they please.
As an aside, a business degree can unquestionably enhance your education.
In short, Forex can be a full-time job if you want it to be. Otherwise, doing it part-time is what the majority does!
Things Are Not Pretty Straight
What, exactly, does a “full-time” trader do? The first problem is that the term “full-time trader” gives the impression that all waking hours are devoted to trading; this is not the case. Many professional traders put in nowhere near that amount of time in the market.
They are considered full-time traders because that is how they make their life and income.
A full-time currency trader is someone who actively speculates on the movement of foreign exchange rates for profit, is willing to incur losses and winnings, but may not spend all day staring at a trading screen.
Some may view full trading time and staring at a screen all day as shooting fish in a barrel. Some businesses’ advertising could have you believe that it’s trivial to “extract earnings” from the market consistently.
For many experienced traders, “day trading” and intraday trading are about as far off from “real trading” as one can get. Real-time trading pros don’t spend 8-10 hours daily glued to their computers.
Traders typically avoid trading on shorter time frames because of the increased volatility and noise at these intervals, making effective risk management extremely difficult.
Avoid getting caught up in the excitement of following the daily or even hourly fluctuations of price charts; doing so can be pretty addictive.
Weighted pricing data shown at higher timeframes (four-hourly or daily) significantly impact long-term price fluctuations.
Time Zones For The Forex Market
The Forex market is an OTC (over-the-counter) exchange for trading foreign currencies. Every day, the market sees a daily average currency volume of almost US$5 trillion, making it the largest market in the world.
The Forex market is not a unified trading facility but a decentralized network of regional currency exchanges physically situated all over the globe. Since the needs are electronically connected, trading can occur around the clock, five days a week.
The market begins trading on Sunday at 9 PM UTC and runs through Friday at 8 PM UTC.
The four main sessions that make up a Forex trading day are America, Asia, Europe, and the Pacific. The institutions, traders, and investors present in the market during any given trading session determine the level of participation in that session.
Is Working in Forex a Full-Time Job?
First, just because you can trade Forex full-time doesn’t mean you should. Many Forex traders spend their evenings poring over charts, analyzing data, and keeping tabs on the global currency markets, but they still lose a ton of cash.
One could argue that while that strategy is full-time work (and then some), it isn’t what most people have in mind when they ask if Forex can be a full-time profession.
These are the fundamental questions you must answer before committing to this type of investment, especially before quitting your day job to become a full-time Forex trader:
- What is your exact reason for starting foreign trading currencies?
- How much money do you have in the bank in terms of investment?
- Do you have the proper knowledge?
- What are your plans?
Lastly, you must be able to quickly find the best Forex brokers in case you are just starting. The right broker will guide you in the best possible manner and provide further tips.
Summary: Is It Possible to Make a Living Trading Forex Full-Time?
In conclusion, if you put in the time, effort, and energy, you can become a full-time Forex trader. Treat Forex like a business, with careful research and a firm commitment to a strategy. You will start making a handsome living only by doing Forex.
Keep some cash aside in case of emergencies, and always practice with virtual funds for at least three months before putting your money where your mouth is. In addition, you might continue Forex trading on the side.
Whether you do it full-time or part-time, the right strategy, adequate knowledge, and patience are some key pointers.
Good luck with your choice!