How Do Forex Traders Live?
Forex trading is one of the jobs that most people seek today, and it has a good reason for that: success stories abound, telling tales about those who make hundreds per trade and saying you need to be the next one.
However, the trading lifestyle is a bit rougher than what advertisers show you, but it’s a necessary adaptation if you want to reach that kind of success.
Therefore, we’re here to guide you on how Forex traders live and how their lifestyle affects their success.
1. It’s A Lot More Modest
Don’t get me wrong here; Forex traders can live in luxury and it’s a fascinating career indeed, but it’s definitely not as visually stunning as you may think.
Forex trading only needs a computer - perhaps with additional screens as your career progresses - but you don’t need to travel or even dress nicely for it; you can trade in your pajamas if you want!
2. No More Long Shifts At Work
One of the best benefits of having trading as a career is that you can forget about spending half of your day sitting in front of a desk.
In fact, once you get used to analyzing charts, you can open and close all your trades for the day in less than half an hour, and there are days when you won’t need to look at your screen!
Truth be told, this career can be maintained with just a couple of hours spread through the week.
3. Traders Are Disciplined and Constant
Don’t be fooled over the previous statement, though; that’s possible after you’ve gathered enough knowledge and have moved from the beginner stage into the professional.
And even then, those hours you spend each week must be respected and seen as critical as they are, for they’ll make or break your profits.
Even if you work from home, you need to keep checking your positions and the news regularly, so you can’t really skip a day if you’re feeling like not working - unless you’re OK with losing your positions.
4. Patience Is A Lifestyle
Trading can be frantic and stressful, but then you have those positions that take days or weeks before moving the slightest.
As such, you must be aware of the fact that keeping your cool is vital during the fast and the slow, during the furious and the sleepy. It’s just as easy to lose a trade because you took too long to exit as it is to lose it because you didn’t wait long enough.
5. Mistakes Are Necessary
Staying on patience, losing money won’t end your career (unless you lose everything and need to pause before reinvesting).
Quite the contrary, a good trader will recognize that each mistake brings him closer to perfection - as long as they can acknowledge and avoid it the next time!
6. Money Is A Consequence Of Good Risk Management
A successful Forex trader - the one who gets all the cars and luxury - is the one that knows how to control the risks they take.
Your goal is not to make the largest amount of money possible in each trade, but risking the least!
Those traders you see in the ads are those that know which trades they can enter, who know when to exit, even if it cuts on the possible end profit.
Self-control is the pinnacle of trading, and a good trader knows that once they know how to curve risk, money will start flowing.