More and more people are interested in trading and more particularly in FOREX. It is true that making trading its main activity means high salaries and ideal working conditions (by the sea, in the mountains, abroad…) for many people. However, many apprentice traders fall into the trap of the financial and currency markets.
As a result, many of them become obsessed with it and spend hours in front of their computers predicting graphic trends and price trends. This is totally different from what they were hoping for when they started trading FOREX. If you were planning to quit your job to start trading FOREX full-time, this article is for you. Indeed, you will see that it is quite possible to keep your job while investing in the currency market.
How your job will help you in trading:
If you wish to invest in FOREX or any other financial instrument, you will need to provide a minimum capital in order to open a trading account.
A trading account also means risk. Indeed, trading, if you are good, can bring you a lot of money but can also make you lose all your funds. So if you decide to quit your job or you are unemployed and lose your own money, you would have no other source of money to support yourself on a daily basis. In other words, you will be losing yourself as a trader.
One of the ironic things about trading is that the more you feel you need to generate profits, the less you will generate. Those generating profits consistently in the markets are those who feel nothing or very little about their investments. They feel literally nothing about making or losing money on their trades.
Putting all your hopes in trading will bring you a lot of stress. Thus, keeping your job will allow you to have a secure source of income in the event of significant trading losses and will allow you to be more confident when you invest in the markets. You will not have this fear of losing part of your capital as if you were dependent on it.
Minimum funds are required for trading
Many articles on the internet highlight these traders who have raised fortunes by starting trading with only €1,000. However, these legends only serve to animate the financial industry. Such capital will not allow you to implement real trading and risk management strategies. On the other hand, the commissions applied by your broker will very quickly burn your funds, especially if you Day trade.
If you want to start trading seriously and consistently achieve positive results, a recommended account of 25,000€ is recommended. And the best way to raise that kind of money is to keep your job. Before reaching this amount, you can still practice on demo accounts to refine your techniques.
Trading outside working hours
With the internationalization of markets and an Internet connection, it is now possible to trade from your room, office or garden and those at any time of the day thanks to the different time differences between each country. This means that you can find a time zone that works for you and your schedule. For example, if you are a day trader and live in France, the FOREX market in Australia opens around 11pm while the New York market opens around 2pm. All the more reason to keep your job.
It is advisable to use a demo account before trading in order to implement real trading strategies. Keeping your job will also allow you to raise funds to finance your trading account while you practice fictitiously in the FOREX market.
Use a demo account such as IG‘s, for example, which will also allow you to organize your schedule to match your working hours with trading.