If all traders are asked why they want to trade, the average will answer because they want freedom.
Freedom of time and financial sought after. Many want to be a full-time trader from home only.
What to consider if you want to be an FTT rather than a person with a 9-5 job?
The challenges of becoming an FTT are very many and many do not see this matter realistically, many also just daydream but do not work towards it.
We list 5 questions for you to ask yourself before you send a resignation letter to your boss to become a full-time trader.
1. Are you a risk taker?
First, do you really want to be a full-time trader? Experiencing losses, drawdowns and not even earning income within a month will be spent as an FTT.
Trading can actually be associated with entrepreneurship, where you can not determine how much profit per month and how much money will be lost from your account.
Not many are able to take the risk of facing such uncertainty.
2. Is your trading account large enough?
Only with a large enough trading account can you become an FTT.
It is important for you to know your trading performance, how much profit you can make a month from trading.
Once the figure can be estimated, then make it your income goal.
3. Do you need to withdraw every month?
How do you structure your trading account, expenses and savings? How many times do you withdraw the profit you get?
If you make $ 400 a month and you have to withdraw everything for expenses, then the slower your account will grow.
So plan how to grow that account and take care of your finances.
4. What is your motivation for success?
Why trade? Why make money from home? There must be a very clear answer.
Probably because of family? Because of self-satisfaction? Various other reasons can be your motivation to succeed as FTT.
Remember, you have to pump motivation every day. Avoid lethargy. Because after becoming an FTT, if you are lazy, your profit will also be lazy and this is very dangerous.
5. How long has it been in the trading world?
Experience is one’s best teacher in life and do you have enough experience to be an FTT?
Many lose early, due to insufficient experience but too eager to quit work due to beginner’s luck causing them to stumble. Avoid!
Enough knowledge in the chest accompanied by experience will help you to become a successful FTT.
