What Does It Take To Be A Full Time Private Trader?
This is a goal that is very achievable to the everyday person, regardless of sex and career background. Trading the FX, stocks and commodities markets is simply a business opportunity that requires a very particular approach.
The reason why most fall short is that this business mindset is often overlooked for a far more amateur approach. Consistent wealth and a lifestyle that is funded purely by trading can not be achieved by having a cheap mindset. For many who are new to trading, this is maybe from a lack of experience and knowledge of what the industry is about given the amount of people promising quick riches. Dig deeper and they are all singing from the same hymn sheet. But it should only take one blown account to understand that this approach does not work. Several blown accounts later and, far more importantly, plenty of wasted time later, the penny still does not drop.
Your approach must change. And this must start now.
Look at any career choice, there is usually the same format to success:
- Specialised training from experts to acquire the knowledge.
- Specialised tools to help deliver results.
- Time, dedication and investment to reach an “expert” status.
I have had several career backgrounds before embarking on a career as a trader and they all follow this format.
- A very expensive 4-year degree.
- Specialised tools to create code.
- The learning is constant given the organic nature of coding languages.
- An initial 5-week full time training course.
- Classroom equipment to make teaching fun and efficient.
- At least 2 to 6 months to become proficient once teaching classes.
Advertising Photographer And Digital Retoucher:
- 2 years working virtually for free as an assistant.
- A fully-equipped studio which included a £40k Hasselblad digital back medium format camera, specialised studio lighting, Adobe Photoshop, multiple iMacs and a lot more.
- Years of practising through most of my teens and early adult life before landing the assistant role.
Why would trading be any different to this? The issues lies in that there is always something that is pushed as a way to quick riches. When I was growing up, it was the pyramid scheme and to which I did fall victim to.
In today’s day and age, it is FX trading that is sold as the sexy way to the Lamborghini and the house on the beach through a whole manner of different ways. These include binary trading, day trading, scalping and signal services and from what I understand, the pyramid scheme has also made an appearance in FX trading. The success rate to these are extremely low but the marketing and advertising will make you think otherwise. Route to market and opening and funding a brokerage account has close to no obstacles and a combination of free, cheap and absurdly expensive courses are all taking full advantage of this and all with agendas that do not favour you, the client.
So stop, breathe, take a step back and understand what is needed to make this work. And I do not mean make it work so you can have the odd expensive dinner. I mean work to a point where money coming into your account is effortless and exponential. Where your financial growth is truly life-changing and where trading leads you to a total state of empowerment in terms of money AND time. After all, what is the point of a 7-figure account if you only have the weekend to enjoy it?
Following the same format as above, here is the breakdown for trading:
- 6 months to a year is the learning phase and you want to be taught by a full time trader. You want to treat this almost like an apprenticeship. It is also essential to have a salary to leverage. You will struggle to make money if you have no money to start with. Those who get trading correct are not in desperate need of money. They simply want more from their hard-earned money rather than it sat in a bank. A job and trading are a marriage that go hand in hand. And if the market conditions are right, then excellent profit can be made in this learning phase.
- Specialised trading tools that do most of the manual labour for you such as scanners, trend filters, customised subcharts, a tool that automatically plots and updates key support and resistance levels for you, an inbuilt money management system removing the need for spreadsheets and more. This will then give you the time to make more informed and better trading decisions rather than get caught up in the mundane aspects of trading. As an added benefit, this means that trading can be adapted around any lifestyle in minutes a day which then eventually leads to empowerment of your time once you go full time.
NOTE: This is not software that trades for you. These are software tools that do all the hard work for you. The final execution of the trade and all the elements that go with it such as stoploss placement, risk management and exit management should all be made by yourself and your understanding of the market. This is where you as a trader come in. Making millions using a robot is a fantasy that will never materialise. The best combination is that of software tools and human discretion.
- 2 to 5 years as a minimum to grow an account that will fund a lifestyle and when you can walk into your boss’s office and hand in that all important piece of paper to say you are leaving. (This depends on how much you start with and your ability to follow rules!?)
There is no magic formula to success. Trading is a business opportunity that requires the same approach as any other business; understanding, training, time and investment.
However, get it correct and trading will reward you like no other business. Where as most career choices take you deep into the system, trading will take you out and help you create a lifestyle of your own design where time and money are both in abundance.
It is the era of no compromise given what trading can do for you. Many are fully aware of that given their compromised approach to trading.
Stand out from the crowd. Observe the masses and do the opposite. You can do this and be part of the 5% elite that achieve trading success.
Just do not lose sight of how it must be done; As a business!
Any questions or comments, please leave them below.
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