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ForexTools
07-04-2011, 12:18 AM
When To Quit Your Day Job

I have had many readers through the years--most of whom were less-experienced traders--tell me that at some point in the future they planned to quit their day jobs and trade futures full-time. While their optimism was certainly positive from the standpoint of eagerness to learn about a truly fascinating business, it is also probably unrealistic that they will ever make a good living as a full-time futures trader. At the end of this feature I have a few questions that may help determine if you are ready to attempt to join the elusive rank of "full-time" trader. But first, I want to present you with some straight facts.
I have been in this business nearly 20 years. I have read stacks of trading books and have voraciously studied markets and market behavior. I have worked right on the trading floors of all the major futures exchanges. As a journalist, I have conducted countless interviews with the very best traders and analysts in the world. But I still cannot specifically predict what a given market will do in the future.
Now, at this point a few of you may be thinking, "This is not very encouraging news. Maybe I should listen to some of those other guys that say I can have immediate trading success by learning their 'secrets' or adopting their 'proven' system or strategies?" While I hope this is not the case with you, I am very proud of the fact that I have made my reputation in this industry by refusing to be marketed and promoted (hyped) as something I am not, nor can ever be.
It's very important to realize the fact that neither I nor anyone else--not even the most powerful computer trading systems--can predict what the markets will do in the future. Markets will never be tamed. I've said many times that my profession is not a business of market predictions, but one of exploring market probabilities, based upon fundamental and technical analysis--and human behavior. By exploring and understanding market probabilities, and human nature, one can achieve trading success.
Many traders are lured by fast-talkers or fancy wording into thinking that someone or some firm has a sure-fire trading "secret" or system that beats the markets on a consistent basis--and racks up big trading profits in the process. But the truth is, most of these claims are half-truths at best and downright lies at worst--and come from people who are out to take your money. I tell my readers right up front that I have no "trading secrets" and that achieving futures trading success is not easy and takes hard work. And even hard work does not guarantee futures trading success. Unfortunately for many traders, it takes the pain of losing substantial amounts of money early on before they finally realize what I stress to my readers right away.
Okay, enough preaching from me.
What are some clues that you could be one of the fortunate few that actually could succeed at being a full-time trader? I'll get some questions for you shortly, but first I want to address an issue about which you may be pondering right now. That is: Jim, why don't you only trade futures full-time if you are so knowledgeable?
I have never attempted to be a full-time futures trader. By "full-time" I mean focusing only on trading futures and using the realized profits for my living expenses. In my case, that would mean no analytical service, no custom consulting, no educational writing--all of which I'm doing now. Since I have never tried to make a living only by trading futures, I cannot tell you whether I would be successful or not. The reason I have never attempted to trade futures full-time is because I truly enjoy the communications aspect of being a market analyst and a trading educator and mentor. I hope that those of you who have talked with me or emailed me would agree that I do really enjoy discussing markets with other traders. I do know that if I were to attempt to be a "full-time" futures trader, the task would not be easy, even though I do have much experience and knowledge.
Now, on to a few questions to ask yourself if you think you might be ready to trade futures full-time:
Are you a successful part-time trader? You'll need to be successful at trading futures on a part-time basis before you think about moving into the full-time trader ranks. Don't be fooled into thinking that trading futures on a full-time basis will allow you to spend more time to cure your part-time trading ailments. In other words, don't say to yourself: "If only I could spend more time trading markets, I could have more success than I've had just trading 'one-lots' here and there."
Do you have enough money available to live on when (yes when, not if) you hit a streak of losing trades? A losing streak will inevitably occur--and probably sooner rather than later. And I don't mean a losing streak of two weeks, but more like a stretch of poor performance of up to six months, or longer.
Do you have the psychological stamina to be a full-time futures trader? Quite frankly, most people do not. Can your psyche (not to mention your pocket book) handle six months of mostly losing trades?
Will your immediate family members support you--even during a prolonged rough stretch of trading? Believe it or not, this is a very, very important question. For example, if your spouse does not support your decision to trade full-time, then you are likely doomed to failure. The pressure of having to produce winning trades and knowing that your spouse is skeptical of your efforts is almost insurmountable.
And on your part, will you be able to uphold your family or other important responsibilities even during a rough trading stretch? Or, will you brood and kick the dog when he happens to cross your path?
I think you'll agree with me that those are tough questions to answer.
One more thing: I do have many readers that are "full-time traders" but who do fall into a different category than what I described above. These are people who do have enough money to trade futures on a full-time basis--even if their trading profits alone will not support their lifestyles. These are individuals who already have significant amounts of money derived from means other than trading futures. Also, I have many readers who are now full-time traders, and that have retired from another profession and want to spend the "autumn of their lives" not in a rocking chair, but in a field that is challenging to them.
Again, they, too, have other means of income besides just futures trading profits.

noman9t9
07-05-2013, 09:47 AM
i am still student so i am not quit my job but i take forex is my part time job and i doing very happily

Master Forex IB
07-11-2013, 03:04 AM
If you are good in earning with forex ,It is up to you to quit job or not. You can continue forex with your regular job . I started forex as a student to get pocket money .I am doing a job now but forex is a side business for me giving extra income.

samuel_p80
07-15-2013, 10:26 AM
i am still student so i am not quit my job but i take forex is my part time job and i doing very happily

good decision guys....
Don't ever quit from your JOB. Forex is more danger, it is very crucial and never be predicted. The best and the wise decision is make forex as the second/part time job...
It's will safe you to still a live in the world,xixixi..;)

UMOFX AIR
04-01-2014, 05:29 AM
I am doing my job.It is a full time job for my living.Forex is my passion and part time work for me. I know forex risks so not aim to quit my job for just high profits possibilities that can be a great danger any time. Remain happy and contented on some profits easy to get with forex.

number1
04-11-2014, 08:45 AM
I consider forex is not my main job, it's like a part-time job or just a hobby so even sometimes I am so bored with my job but I would not leave it for forex trading.

casama
04-15-2014, 03:49 PM
yes. if you have money you can earn money with this market. and you can quit your job

trader
04-21-2014, 01:23 AM
do the both guy. you can work your job and trade forex . it is ok

danny
04-24-2014, 07:20 AM
forex should be partime job. we can get money with little time

babushkafx
04-28-2014, 08:17 AM
Manual trading is undoubtedly the safest and more promising option than indicators and EA, but new ultrascalping robots which play with below 1 second volatility proved their efficiency and stable profitability. IT is a pity that they are not available for retail investors.

trader
05-27-2014, 03:48 AM
don't quit your job . you shouldntrade as a part time job. it will be good

babushkafx
08-20-2014, 08:52 AM
U quitted my job when trading with Hotforex started to yiled 10 times more than my salary in offline job. It was a breaking point in my career.

fxapex
11-24-2014, 01:38 PM
Its totally an individuals decision, its all about the consistency of your profit making and the confidence you have regarding your trading skills, if you day job is not paying well then certainly forex market is a primary option.

bulalakaw
11-25-2014, 07:16 AM
I might quit my day job if i earn twice my sallary from forex, thats an option that i have in mind

orni308
12-01-2014, 04:51 PM
If you are confident enough that you earn from the market more than your current job, then you should try to leave your job and join forex.

vic84
12-10-2014, 04:53 PM
Its up to the trader , is a trader is earning a good amount consistently then he can quit, but forex is a market which is available at any time so you earn in your leisure time. Make decision for quitting very wisely.

shade
12-11-2014, 08:39 AM
Anybody willing to survive in this business must always take money management into consideration when doing this business,the good
thing about proper money manage is that even if our entry is wrong we are still gonna end up making something from the market,though it
will require time and patient but the truth is that it will surely pay off and yield good profit as well. forex knowledge is the key, some material got bore, you may need more informative way of learning, a video explanation would be more interesting check this 4 minutes video, explain of what forex is, and most basic knowledge.
http://www.armadamarkets.com/video-tutorials/ , interactive video tutorial which help you to become profesional traders, once you already a pro trader you may quit your daily job, or perhaps you gonna start to hire several employee under your own management :)

tonyaja
05-25-2015, 04:27 PM
I think that quit from main job is worse idea. you have to know that most of trader 95% will loss there. I think that use forex as part time job is more perfect choice. I done this and have been making money in some brokers like Mayzus, Liteforex, Fbs, and Roboforex and some others too..

vic84
06-07-2015, 04:58 PM
I think that quit from main job is worse idea. you have to know that most of trader 95% will loss there. I think that use forex as part time job is more perfect choice. I done this and have been making money in some brokers like Mayzus, Liteforex, Fbs, and Roboforex and some others too..

It could be worse only if you are not able to make enough money with trading otherwise its a good move to leave your day job if you can sustain from market.

HundEr
06-16-2015, 10:49 AM
It's a kind of a vicious circle - you can't quit your job, because you need money, but you can't earn enough monet on Forex because you have no time to learn how to do that properly. You have no time because you have to do your job.

Annette Ashley
04-25-2016, 10:24 AM
I don’t think we need to quit our jobs at all, I believe it’s a sort of work that we can do along with jobs, and so that’s why we should never think about quitting. I have been doing very well in last 1-2 years, but I still prefer to do my job since that gives me comfort and makes me relaxed with things. It’s helped by the factor that I trade with OctaFX broker where they have epic mobile trading platform, so that always helps me trade from any corner of the world.

Hilry Canes
05-02-2016, 09:25 AM
I think if we’re able to make good profits consistently then we can quit our job, but unless we’re not able to do that we should never leave our job to stay comfortable and secure. Annette, I also trade with OctaFX broker and with them, I believe one can easily get into shape of quitting the job. This is because of their wonderful conditions especially low spreads to high leverage to smooth trading platform, it’s all so much easier for me to trade.

blueberry
05-13-2016, 09:32 AM
I suggest keep doing your primary jobs as forex trading is a time flexible business which can be done in any time and from any where.

William Wesson
02-28-2020, 04:10 PM
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