Quitting a job to trade forex full time

[tim61468]

Is there anyone of you who has had a full time job that they have quit in order to trade full time? Luckily I have a job that lets me monitor my trading accounts while Im at work, but there have been many a time that i have either missed out on a great trade or royally screwed up because I got distracted at work. While Im doing "ok" trading the way I am now, Ive always felt that i could do much much better if I traded full time and could focus on the market with no distractions. Id be interested to hear who had quit a job to trade full time and is really doing well at it.

 

[Laslo]

I have the same situation. I have a job that allows me to check my VPS from time to time. Although, when I've only stated to trade at work I was more like intraday trader, holding positions for a couple of hours, using Н1 or H4. But then I switched to D1 and it made my life easier. I only need to watch the chart 1-2 times a day and I hold the positions for a few days.
Another option is the automated trading, but I'm not brave enough to trust my money to some robot.

 

[tim61468]

I have the same situation. I have a job that allows me to check my VPS from time to time. Although, when I've only stated to trade at work I was more like intraday trader, holding positions for a couple of hours, using Н1 or H4. But then I switched to D1 and it made my life easier. I only need to watch the chart 1-2 times a day and I hold the positions for a few days.
Another option is the automated trading, but I'm not brave enough to trust my money to some robot.

I used to trade on the H1 charts and now Ive switched to the M5 and seem to have pretty good luck as long as I make sure not to trade right before any major news announcements come out. Never tried trading on the D1 charts. As far as the robots are concerned Ive tried Fapturbo and Forex Steam. In the beginning I was having pretty good luck with them and then things turned south on me so I ditched them and just started managing my own account.

 

[willforex]

Is there anyone of you who has had a full time job that they have quit in order to trade full time? Luckily I have a job that lets me monitor my trading accounts while Im at work, but there have been many a time that i have either missed out on a great trade or royally screwed up because I got distracted at work. While Im doing "ok" trading the way I am now, Ive always felt that i could do much much better if I traded full time and could focus on the market with no distractions. Id be interested to hear who had quit a job to trade full time and is really doing well at it.

Don't be quick. First try to learn and make sure you are so consistent.
I am also still doing a job and I may quit my job after 05 - 06 years from now.

 

[tim61468]

Oh yeah Im not anxious to quit my day job just yet, and give up the security of a regular pay check. Like you, Ill see If I can stay consistent for the new couple of years before I make any plans to quit my job. I remember another message board I was on, there was a user there who said he quit his job , cashed out a $10000 401(k) account and started trading full time. This was a few years ago. Id love to know how he was doing now.

 

[RahmanSL]

Why do you have to quite your day job in order to trade the forex?

If you are already a reasonably experienced trader (>3 years) and have disciplined yourself well in good money management and from over trading, and you always research your target currencies pair before making trades, then there is absolutely no need for you to quite your job in order to trade successfully.

Start an account size that you can afford with a good regulated broker and add into the account with whatever excess funds you have. It will be like you are depositing into a bank but you make your own interest rate with your carefully placed trades for profits.
Over time, and only after your account has grown to a significant size which you can make monthly withdraw for your expenses & needs without reducing your trading account too much (self sustaining), then you can consider giving up your day job to trade full time.

 

[tim61468]

Right now I plan to keep my day job. Ive actually created a spreadsheet with a pretty realistic goal of where I would like to be in two years. Like you suggested ,once I get to the point where I can start making withdrawals and live off of what Im making from trading forex then Ill think about quiting my day job

 

[tim61468]

Ive created a 2 year plan on a spreadsheet with realistic (at least I think so) goals for where I want to be in 2 years. Once I reach the point where I can make a living off trading Forex, then Ill give serious consideration to doing it full time.

 

[RahmanSL]

Ive created a 2 year plan on a spreadsheet with realistic (at least I think so) goals for where I want to be in 2 years. Once I reach the point where I can make a living off trading Forex, then Ill give serious consideration to doing it full time.

I did the same thing when I first started way back 3-4 years ago....but somewhere along the way, the blueprint got lost and I landed up burning more live accounts than I care to remember.

If you have the patience and discipline to stick to your plan, then you should become fairly rich in 2 years time.

 

[itkraze]

Ive created a 2 year plan on a spreadsheet with realistic (at least I think so) goals for where I want to be in 2 years. Once I reach the point where I can make a living off trading Forex, then Ill give serious consideration to doing it full time.

That is good you will be able to achieve your target if you plan well and follow it strictly with proper discipline then we will be able to generate the positive results and success in Forex comes with proper planning.