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Becoming a full time trader no cakewalk
Very often, some people quit jobs to become full-time stock market traders but before doing this, they need to ask themselves a few questions.
Very often, some people quit jobs to become full-time stock market traders but before doing this, they need to ask themselves a few questions.
First check why you want to get into trading. Very often, someone sees someone making quick money by trading and then thinks it's lucrative and easy to make money via trading. This shouldn't be the attitude.
Get into trading only if you are passionate for trading. Passion for trading should be backed by the desire to make money. Most people opine that trading is the shortest way to become rich and many get trapped and often lose their entire capital. Trading is not a gamble and it is definitely like any other profession which needs skill.
For trading, one needs to have a proper financial backup. Before you quit job, make a good amount of savings and have a sufficient amount for trading. In case of emergency, a good financial support is imperative to meet unforeseen expenditure. Before quitting job, it is better to clear all house loans, car loans etc. Never be under financial stress while trading as trading is a mind game.
Trading requires lot of discipline. One should always be disciplined in life. Only if you are disciplined, one can maintain a strict stop loss, have a proper trading psychology and be equipped with the proper risk management skill. You should be disciplined enough to control your emotions while trading.
Everyone is familiar with the proverb that practice makes a man perfect. To become a successful fulltime trader, one needs to put in lot of practice. To master the art of trading, one requires lot of hard work and practice.
One should have an edge and be equipped with proper back tested strategy. First, try to analyse different charts and back test various trading strategies. Try to work on a strategy which suits you it could be open interest analysis, simple price action or use of indicators, volume analysis, taking trades based on chart analysis. Price action also is a very good strategy because it is not based on lagging indicators. You can learn some strategies through some course, online webinars, by reading some very good books on technical analysis etc.
To sum up, passion, financial backup, discipline, practice and a back tested strategy are important for a fulltime trader.
