Have you ever wondered what it takes to be a full-time pro Forex trader? Is it ever a mystery to you how they’ve achieved consistent success over the years? Before you jump in, be aware that Forex trading involves substantial risks, and you never know how many hours a pro Forex trader spends to win consistently every day/week/month (as appropriate). One thing for sure is that to succeed as a pro Forex trader a routine Forex lifestyle is of utmost importance.
Much like every highly accomplished singer, athlete, or doctor, a pro Forex trader follows an organized routine. By doing so, they maintain a certain level of discipline during the process. Routines are useful for traders since they enable them to follow a specific path as they plan and trade their trades. The result is a maximum of positive outcomes and a negation of trading mistakes. But how does a day look for a pro Forex trader trading at home? Let’s take a closer look at the typical Forex lifestyle of a pro trader in the following.
Can Forex Trading be a Full-Time Job?
In view of the fact that the majority of small Forex traders fail to make a living from trading currencies, it is understandable that you might wonder if it is possible to do so.
The short answer is YES! You can absolutely earn a steady income through Forex trading.
However, many new traders underestimate how much commitment it takes to be successful. Their level of commitment isn’t high enough to become a pro Forex trader. Instead of investing their time and energy in developing patience and discipline, acquiring the skills and knowledge that would enable them to be consistently profitable, they put their efforts into developing a positive attitude, a gambling attitude in reality.
As a result, they often lose more money than they should, making wild trades and even tend to give up on the slightest mistake or challenge, lacking the patience and discipline to lead a successful Forex lifestyle.
The goal of a successful trader is to make the best trades, money is secondary.– Alexander Elder
Maintaining a healthy Forex lifestyle is one key factor that contributes to your long-term success as a full-time Forex trader. No matter whether you trade part-time or full-time, developing a well-balanced Forex lifestyle should be your top priority.
As soon as you nail that, your financial success will follow.
What is it like to be a self-employed Forex Trader?
Practically, many people mistakenly assume that a full-time trader spends as much time on their trading activities as they would on a full-time job. However, the truth is that a self-employed pro Forex trader usually has a pretty comfortable lifestyle when compared to someone who works a traditional 9-5 job. The vast majority of them do not even spend that much time trading. They call themselves “full-time Forex traders” because their trading activities provide them with income and a means of subsistence.
Some full-time Forex traders even have a separate office setup at home in order to maintain a productive Forex lifestyle. It’s not necessary for them to wear suits and sit in traffic. While it’s nice to have a dedicated workspace or laptop for it, it’s even more crucial that a pro Forex trader stays comfortable and relaxed enough to focus on the markets instead of worrying about trivial details that have no bearing on the trade.
Preparation is the most crucial part of the Forex lifestyle, as it plays a key role in your success.
As the saying implies, the more time and effort you put into something, the greater the reward could be. Forex trading is no exception to this rule. To ensure that you succeed as a self-employed Forex Trader, an organized Forex lifestyle with regard to time management is crucial.
5 best practices for creating a successful Forex lifestyle
Having a good set of trading practices in your Forex lifestyle gives you an added advantage in the marketplace, making it easier to anticipate what is going to happen in the future. The following are some excellent trading practices to maximize your trading potential as a full-time Forex trader.
1. Create your trading routine.
Before you create your trading routine, understand that there is no standardized daily routine for traders. It is heavily influenced by the timeframe and the strategy you use to open and close trades.
Successful Forex traders aren’t the ones who wake up, go straight to the charts, and start trading instantly. They adhere to a productive Forex lifestyle that involves waking up in the morning, checking out the news for a few hours, looking for the top events during the day, and trading based on the news or events. The advantages of having a set Forex lifestyle for traders include,
- The more organized you are, the better you will be able to accomplish. You will always know what you want to accomplish when you wake up in the morning.
- It will be easier for you to cope with constant market changes if you maintain a consistent routine.
- Developing a trading plan tailored to your timeframe will increase your chances of achieving maximum profits efficiently.
Setting up a Forex lifestyle gives you a clear path to follow as you grow your Forex account, and you can start seeing impressive returns on your trades as soon as you learn how to do it properly.
2. know how much time to spend on Forex trading.
Are you wondering how many hours a day a pro Forex trader devotes to maintaining a wholesome Forex lifestyle? Fortunately, the answer is quite straightforward. It is your decision to trade Forex long-term or short-term that determines how much time you will need to dedicate to it.
The shorter the timeframe you are trading, the more time you must spend in front of the charts.
If you are willing to venture into Forex scalping or day trading for a living, you will need to be glued to your screen the whole time as you buy and sell currency pairs throughout the day. At the same time, if you’re a long-term Forex trader, you are under no compulsion to watch the market all the time and can keep an eye on your trades as needed.
It is also important to know that the Forex market is not driven by single currency exchange, but by a global network of currency exchanges and brokers. There are different trading sessions for the forex market in each participating country.
There are four major trading sessions in Forex which are as follows:
- The Sydney session
- The Tokyo session
- The London session
- The New York session
It is important for traders to understand their trading hours and pay attention to times of day when two exchanges overlap since certain times of day are more active.
3. Make sure you don’t get distracted.
When you say you are trading Forex 8 hours a day, do you mean you stare at charts and analyze economic data releases for 8 hours? Or do you mean 8 hours analyzing charts, looking at economic data while also making breakfast, playing with your kids, watching Netflix, Instagramming, Snap chatting, and Tweeting about saving the world? Because if you do that while you day trade, you’ll probably miss a lot of entries and exits, and end up scalping your own head because of all your losses.
That’s why short-term trading options carry a high level of risk and do not work unless you spend most of your day analyzing the market. There will be a lot of inconsistency because you won’t know how much money you’ll make tomorrow, next week, or next month. Due to this, making any kind of trading plan or predicting the future can be challenging. It’s important to remain calm and remember that trading is a continuous process, and it is perfectly fine to miss a good opportunity. You must master the ability to stay focused and the patience to wait until all factors line up.
As soon as you make a profit and decide to celebrate or treat yourself, make sure you stop right away because we don’t know how long the profits will last. Hopefully, it will last for a very long time, but if you fail to take a long-game approach, you might lose everything you’ve accomplished. It takes proper lifestyle choices for discipline and focuses to develop, as they are the key to profitability.
4. Be precise when entering and exiting a trade.
One of the primary reasons why novice forex traders fail to make a profit is that they don’t have set goals. The purpose of trading goals is to keep you on track with your trading plan and to ensure that you trade consistently. Setting trading goals involves setting targets you hope to achieve within a specified period of time. You cannot manage your trades effectively without goals because you don’t know when to exit a trade.
There is also no guarantee that every trade will turn out well when it comes to Forex. Remember that even the most cautious traders acknowledge that markets can be unpredictable at times. Placing a calculative entry and exit strategy can be helpful in saving your trades since it is automatically executed if the price of the security reaches a specific level. If you can execute take-profit and stop-loss orders on time and quickly, you could potentially make a fortune – especially with leverage.
Furthermore, successful full-time Forex traders do not trade for the sake of trading; instead, they wait and wait for opportunities to trade that have a high probability of being profitable. In the face of volatility, losses, and wins, they remain emotionless because they incorporate strict stop losses and risk management into their Forex lifestyle.
The feeling of entering and exiting the market is an extremely important element for many beginners, and testing your strategies without it is not really valid. Instead, we suggest you test your strategy in a real environment, but with a small amount of money, like a Cent account. You can then switch to an ECN or a Standard account once you have gained some trading experience.
5. Indulge in a power nap for a better trade.
Sleep is an integral part of your forex trading career, no matter what trading session you are in or which trading strategy you imply. The Forex market runs round the clock during weekdays, and novice traders sometimes trade extra hours in order to maximize profits. Remember that you are always at risk of mental health problems when you engage in a full-time Forex lifestyle.
Create a schedule and ensure you get enough sleep after choosing your desired market hour. Choosing a bedtime schedule will help your body adjust to it and will allow you to maximize your trading sessions. A balanced sleep routine in your Forex lifestyle will definitely make the market chaos more manageable. The top 3 benefits that a Forex Trader can derive from a balanced napping schedule include:
- Setting up time and getting ample sleep will definitely boost your trading performance while reducing drowsiness
- A clear mind enhances cognitive functioning so you can make better judgments during your trade session
- Besides lowering blood pressure and providing relaxation from stress, taking a nap improves overall health
When it comes to a career as challenging and engaging as Forex trading, having a good sleep is imperative. There are times when the stress of forex trading can follow you to bed. Ensure that you create a stress-free environment to help you sleep better.
Can you lead a fulfilling life on Forex trading alone?
There is a lot to take into consideration when addressing this question, as each person’s situation is distinct. For those who quit their jobs on Friday with little or no trading experience, trading successfully the next Monday is not an achievable goal. It is absurd to have such ambitions.
The truth is that developing the skills and attributes you need to become a successful trader takes time– a lot of it. The importance of having a routine and sticking to it cannot be overstated. Maintaining a routine will help you be more consistent in your actions. And if you are more consistent in your actions, guess what? You achieve more consistent results.
In spite of this, there are significant advantages to remaining part-time until you have gained the experience and confidence to switch full-time. A real job can have a significant psychological advantage in that it keeps you off the screens and from making impulsive decisions when trading. It also prepares you better to make methodical decisions by providing less information to cloud your thinking.
Read when to move from Demo to Live Forex trading account so you can dive into live trading more confidently for your pot of gold.
Things to know before taking on a full-time Forex lifestyle:
There is no getting around the fact that forex trading requires a lot of dedication and commitment. The majority of new traders start trading with the goal of one day becoming full-time Forex traders. However, the trader must invest in quality education and exert effort to achieve this.
To achieve that goal and boost your performance while continually progressing as a full-timer, you’ll need to:
- Make sure you know yourself very well and are aware of the things about yourself which affect your discipline, patience, focus, and persistence.
- Currency pair trading involves a high level of volatility, so you should have a solid understanding of how it works.
- Make sure you keep your end goal in mind and develop a profitable trading strategy with solid risk management (risk-reward ratio, win rate, stop-loss, and take-profit orders).
- You must learn to adapt yourself and your trading strategy over time as market conditions change.
- Monitor your track record and keep a trading journal to track your progress.
- Adopt a positive mindset to overcome obstacles in Forex trading, as well as your own unhelpful tendencies, such as overtrading, trading impulsively, anchoring, recency, confirmation, addiction, and loss-aversion.
- You should keep improving your skills and your trading practices as you go along.
You should also ensure that your trading platform works without glitches and interference if you intend to become a full-time trader. According to this AximTrade review, the trading platform and servers support fast and quick trade executions, including a one-click trading function that allows in-depth analysis of markets on MT4.
Think of your full-time Forex lifestyle like a Business!
It’s true that making a fortune through Forex trading is possible, but there is also the risk of high returns due to the leverage associated with this type of trading. Those who devote more time to trading will find that trading is naturally addictive and induces greed and obsessive behaviors, which are the greatest threats to your trading career. The best way to combat this, and be successful in your trading, is to treat it like a business.
When it comes to treating your trading as a business, discipline and risk management are crucial. It is important not to concentrate on the money, but rather on the markets and your strategy. Being greedy is one of the most important things to avoid in order to avoid trading beyond the rules and parameters of your risk management, holding onto losing trades too long, and not taking advantage of good profits. Consider losing and winning in terms of process rather than dollars, remove the money factor, and put more emphasis on the process.
Today’s younger generations are driven by new exciting earning opportunities in forex trading not just as traders but also as investors, Introducing brokers, Affiliate partners, Copy Trade Money managers, Local depositors, content creators, and even Forex influencers. The advantage of being a referral partner is that, unlike retail and e-commerce, which offer one-time commissions per code, forex commissions are lifetime percentages based on the affiliate’s referral traffic. As a result, establishing a Forex trading business is highly profitable in the long run. As a result of the retainer business model, forex IBs are guaranteed a steady income stream that will last a long run.
Here’s an ultimate guide on how Entrepreneurs can succeed in the Forex trading business not just as traders but also as investors, financial influencers, business partners, affiliates, and digital marketers.
Learn how to copy trade for a rewarding Forex lifestyle
If you are considering making your first step into the forex trading space, copy trading can be an excellent entry point to consider. With copy trading, you can improve your trading abilities, reduce research time, and move past your inexperience by learning from successful investors and traders already in the business.
How to get started Copy Trade?
Copy Trade with Aximtrade and benefit from a global broker that provides premium services to build client and partner profitability. More than creating custom accounts, Aximtrade strives to improve the knowledge and skills of forex traders. Here’s how to get started with Copy Trade:
- Choose a highly reliable forex broker that offers you the security and variety of trading tools you need.
- As soon as you find a reliable broker, open a Forex account, if you don’t already have one. Make sure the broker gives you the option of selecting between Standard, Cent and ECN accounts.
- Deposit funds using any of the available payment methods.
- You can view a list of AximTrade’s top traders and money managers along with their historical performance.
- You can follow Money Managers according to the strategy they adopted and the profit rate they achieved. The best way to decide which strategy is right for you is to experiment with several strategies.
- Taking full control of your trades enables you to monitor and profit while enjoying complete flexibility.
Many people are reluctant to try new things because they assume they lack the skills it takes to succeed. If you’re one of those people, you may find yourself spinning with conflicting information on popular forums and websites. It is common for newcomers to feel this way. Fortunately, enrolling in a pro-made online Forex course and learning from an experienced trader will likely speed up the process and help you avoid the common mistakes Forex beginners tend to make.