Can forex replace a job?

in LeoFinance3 months ago

Direct from the desk of Dane Williams.

Yes, forex can replace a job…

…as long as you have a substantially funded account.

Only then, with the addition of the right forex trading strategy for you of course, will you have the tools required to replace your day job.

Once you have a strategy in place, navigating the challenging periods and capitalising on the prosperous ones can certainly lead to making forex trading your primary source of income.

But trading forex full time demands you have a substantial account.

If you're embarking on this journey with something like a $100 account, I'm afraid you’re just not going to make it.

As soon as you’re relying on trading profits to eat dinner and put a roof over your head, then you simply can’t afford a catastrophic loss.

That means focusing on risk management and strict risk to reward ratios.

To replace your 9 to 5 slave job with forex trading, you must approach it with a long-term perspective and substantial capital.

Let me be clear here.

Forex trading is NOT a quick-fix solution for financial stability.

It requires dedication, discipline and a robust risk management strategy.

As such, your account size plays a pivotal role in your success.

It really is the key to replacing your job.

A larger account provides you not just with the staying power needed to weather market volatility and losses.

But affords you the ability to earn a livable dollar amount per trade, with the same percentage of your account being risked.

Consider this.

If you're trading with a tiny account, you just can’t follow the strict risk management principles required to succeed, while earning a livable wage.

On the other hand, with a substantial account, you can follow the exact same risk management processes, while making the dollar amount required to live.

Moreover, to rely on forex as your primary income source, you must develop a deep understanding of the market.

Yes, education and experience is paramount.

So, invest in learning, hone your trading strategy and ensure it continuously adapts to all different market dynamics.

There’s no point replacing your job with forex if you can’t make money during a ranging market.

Forex isn’t a journey for the risk averse, but with commitment, it can lead to financial independence.

However, don't let the allure of easy money deceive you.

There’s nothing easy about trading forex.

Add in the need to make a livable wage and things just got a whole lot harder again.

The market can and will be ruthless.

Losses are a part of the game and that’s why your process is so important.

You must have the mental fortitude to persevere through the tough times and the confidence in your strategy that you will be able to.

Remember, life as a full-time forex trader can be unpredictable and quite frankly isn’t for everyone.

Trust me, I know this better than anyone!

While it is possible for forex trading to replace a traditional job, it's not a journey to embark on lightly.

It requires a significant capital base, a commitment to your process including risk management and a strong psychological mindset.

Just make sure you know what you’re getting yourself into before you hand in that resignation letter!

Best of probabilities to you.

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Making forex as a means of livelihood puts one into pressure. One has to start setting target, else the person won't pay bills. In order to make profit in forex as a starter one has to have a constant source of income.

Yep, the pressure is way too much for some people.

And that's totally fair enough!

Forex trading is all a big mindset battle inside your head.

It's a tough journey for anyone trying to make money off trading. Wouldn't people also need some emergency funds as well? The market won't always be great and you could end up with a few bad trades in a row.

Yep, that 6% a day target we talked about yesterday is not going to be every day.

That's just the reality of the market.

Take what you're given.

If you're going to replace your full time job with forex, you definitely need a warchest!

Very well said. The mistake many people make is they think forex is a get quick scheme which is not so

We've all been there.

But if you learn that its not, then there are traders who can and have replaced their job with forex.

I don´t believe I have dedicated myself to trading full-time ever. I am more likely to buy assets that I believe in and hold them, for a long run. If that assets give dividends then better.

Sounds like you understand the distinction betwen long term investing and day trading a market like forex.

Completely different streams 🙂.