Trading forex isn’t something you have to wait until you’re retired, and research backs this. Only 15% of active forex traders are over the age of 45, which means that many in the peak of their employment age are already familiar with spreads and pips. But there are also those that slog away at their day job and then come home to forex as a side hustle, too scared to cut the proverbial cord and do it full time. While there are many reasons why you should stave off the urge to plunge into the deep end if you do it right, you might just end up swimming.
Set Yourself A Deadline
One of the things that make it hard to cut the cord to that full-time salary, is the high risk associated with forex. But this is where it becomes tricky because the risk element in forex is unlikely to change. Your preparation for it, however, is what will be the deciding factor in leaving your 9-to-5. Create a deadline that will incorporate everything that needs to be done before you can leave the stability of your main source of income. This could include items such as finishing forex training courses, building up enough reserves to cover your expenses for a few months, or simply making the move from a demo account to a live account.
Make The Most Of The Markets
One of the standout qualities of forex trading is that it is an exciting form of investing. Those who want to make their forex side hustle their main source of income will need to learn how to read the markets and forget an emotional response to it. This is because it’s not only the actual event that sparks a shift on a currency, but also the perception of the markets when the event takes place. It’s important not to attach emotion to the event, as this often leads to premature decisions during a trading event. Trading can be wildly rewarding and often traders are able to boost their portfolios when forex brokers with a no deposit bonus offer more than just a trading account. This is an ideal way to increase trading activity and make the most of world events that have an effect on currency pairs.
Find A Profitable Strategy
For a forex trader, one of the most important aspects of trading is building up enough income to cover your overheads. It’s also important to build reserves for those trades that simply don’t go according to plan. Before doing this full time, industry leaders recommend that you manage a profit account for at least 3 to 6 months on a demo account before moving on to the real thing. Once you start your live trading sessions, you want to be able to show consistency as well before giving up your income.
As a forex trader, it’s important to distance yourself emotionally from the trading events to make the most of your trading sessions. As a full-time trader, watching the market shifts happen throughout the day can be a daunting experience, but with the right approach, it can be a lucrative income stream.