So, you’ve put in some work and built up your forex trading portfolio. Time’s gone by and you’re seeing some serious cash roll in.
Is it time to quit your day job? No, not the saying: can you make the educated and financially sane decision to quit?
It’s scary, even if you think you can do it. Transitioning to being your own boss takes a little while.
Are you ready? You’ll have to spend some time prepping to do a full-time Forex lifestyle but once you do you’ll never look back!
Forex Lifestyle Readiness Indicators
Are you ready to take the dive and put in your two weeks? Here’s how you’ll know.
1. Fluid Capital
Do you have enough money in the bank to not have an income for one to two months? You shouldn’t quit your day job until you have a little egg saved up.
Things go wrong fast in the trading market, even for the smartest investors. Don’t put all your eggs in one basket and end up broke.
A good rule is to have two or three months of expenses saved up, so you can cover your self if you have to.
2. You Have Other Pots on the Stove
Being a Forex trader isn’t a full-time job, once you have a system set up. You can work half the hours you were and make more if not as much.
What will you do with your other free time? Can you start a blog that walks people through your Forex lifestyle journey? Use ads to bring in income?
Spreading out your income is a good way to ensure you don’t flat out fail at first when you don’t have a salary.
3. You Have Practice
You know the difference between playing a video game by yourself and playing one with other people? The second is way better practice than the other.
The same goes for Forex trading. You shouldn’t quit your job until you have practice trading Forex live.
There’s trading market psychology and plans you need to have in place. Don’t go in blind and assume you’ll figure it out.
4. The Thought Excites You
Even if you do something you love and you don’t see it as work, there will still be days you don’t want to get up and put in the hours.
It’s human nature. Do you love Forex trading enough so that won’t be an issue?
Or do you love it and you have the self-discipline to make yourself work when you don’t want to? Both are equally as important.
Going Full Time
Before you go full time into the Forex lifestyle, make sure you can check off the boxes above.
Do you have enough money saved? What about enough experience? Any side projects that can fill in income gaps?
And finally, do you want to go full time? Ask yourself if you want to, not if you think you should.
Should doesn’t drive passion, it develops into boredom.
If you’re passionate about going full time, you’ll need all the resources you can get. Check out our free tools and free signals here.