Many individuals are looking to begin a career in foreign exchange trading. The reasons behind this decision are numerous and include both financial and lifestyle factors. If you are one of these individuals you must take into account certain considerations. You must determine whether this is the correct career for you and if you are suited to the foreign exchange Melbourne market.
Working part-time on the foreign exchange Melbourne market
Before you jump into your dream of being a career forex trader you should consider starting part-time. There are many traders that feel that this is just a delay process, but there are a number of benefits that come with starting your career this way. When you trade part-time you are able to learn about the market without the pressures of having to make a set amount of money. The income you get from your normal day job will cover your living expenses and what you make from the forex market is extra at this point.
One of the main reasons why you should start as a part-time trader is to get a better understanding of the market. There are very few traders who can start on the market and make a consistent profit immediately. Being successful on the market from the outset is something that less than 10% of traders are able to accomplish.
Working full-time on the foreign exchange Melbourne market
When you start your trading career as a part-time trader you may wonder when the time is right to move to full-time trading. This differs for every trader because of the personal aspects of trading. Before you make the move you have to be confident in your trading. You also have to have ben making a consistent profit for at least three months. There are many traders who wait until they have made a consistent profit for 6 months before they move. You should also have 6 months expenses in savings, as you should if you went out in any other business for yourself; this will give you piece of mind.
Working with a sound trading strategy
When you move from part-time trading to full-time trading you have to consider what your trading strategy is. The strategy that you used for part-time trading may not work as a full-time strategy. As you have a limited amount of time for part-time trading your strategy will reflect this. Once you are a full-time trader you will have more time for your trading and need a different strategy.
This is where many traders have a problem because the profits they are making are through the part time strategy. There is a period of time where you may not be making the profits you expect when you change from part-time to full-time. During this transition period you should continue trading with your part-time strategy while you implement your full-time strategy.
This transition period can be very hard for traders, but it is important that you continue doing this. If you do not transition between the two trading ways correctly then you will lose your dream of being a full-time trader.