More and more we’re seeing this happen. Traders getting into the game in hopes of leaving their job and making this their one and only. The best part? It’s happening every single day. No longer successful, consistent trading is viewed as a rare career path or income vehicle. Every single day more and more traders are handing in their 2 weeks’ notice at their 9-5 jobs to go full time with forex trading and day trading in particular. In this article, we’ll cover our best suggestions for making this transition as well as what we’ve learned having now witnessed 100s of our students doing just this.
Be Excited But Don’t Rush It
If you’re one of those individuals who don’t feel like the work you do right now is a great fit, know you’re not alone. Studies show that about 80% of the population is neutral or unsatisfied with the job they currently work. That’s a sad statistic. We all know that work takes up a large percentage of our time here in this life and so the thought of spending more than half of it at a job we don’t care for or even dislike is hard to sit with. Thankfully, we all have the ability to make changes as we come to realize we’re unhappy with work (or any part of our lives for that matter). We are not stuck. For those hungry enough to escape their current state and move on to bigger and better things, there are options.
Realizing we’re unhappy with our work is the first step. From there, it’s doing the research and seeking out alternative ways to generate an income to support ourselves and our families. Trading the markets is increasingly becoming one of those safe havens for those with the determination and the drive to pull it off.
Once you see others making this transition and going on to match their 9-5 income with trading, double it, triple it… so on and so forth, it becomes exhilarating pursuing the path. What we want to make clear however is to not rush this process. It’s important to take your time and transition when you are ready. There’s no need to put unnecessary pressure on yourself by forfeiting your stable income source just to go full-time. All of our most successful traders made this transition gracefully. Get your trading income to a level of consistency you can maintain, build a nest egg of capital that can support you in the case you have a poor month in the markets, and leave only when you need the extra time to dedicate to your trading skill and scale things up.
When Is The Right Time For You
There is no set-in-stone rule for when to pull the trigger on this and go full-time. It varies widely depending on your circumstances, the income you’re forfeiting, the expense you carry month to month, the size of the account you’re trading, the percentage returns you’re averaging month to month, etc. Because of this, there is no clear-cut answer, however, we can provide you with a few things to consider as you line up this move.
First off, it’s going to feel incredible when you do this.If you’ve never worked from home or have never been self-employed prior, you will feel so free. Nothing beats waking up and knowing you have the whole day ahead of you to attack your goals at your own pace, on your own schedule. This time freedom is what draws most people to trading, to begin with. That is alongside the nearly unlimited earning potential that trading provides. Having this newfound freedom will require you to become your own boss and hold yourself accountable each day. This takes adjusting at first! The reason we bring this up is that you can start to hone this skill before you leave your job. On weekends and days off, show up to your trading like it’s your full-time gig and like you have no job that you’re required to be at. Really visualize for yourself what’s required of you for the day and step into that reality. Becoming accustomed to this new routine will soften the shock that comes when you leave your 9-5 so that you can be more effective from the get.
One more thing we want to make clear, leaving a stable income source that a 9-5 provides can bring stress, especially when your trading isn’t absolutely consistent. So our best recommendation is to build up a store of capital that you can rely on in case you have a poor trading month here and there. The standard advice is to have at least 6 months of living expenses put aside and ideally 12 months before you make the leap to trading full-time. Again this is not hard advice and will vary from person to person. We just want you well prepared in advance so you can make the move and do it right the first time.
This Is Just The Beginning
While leaving your 9-5 and pursuing trading full time may at the moment feel like the ultimate goal (and it’s a big milestone to cross no doubt), we want you to be well aware that this is just one of the initial stages. You leaving your job to go full time with your trading will free up so much time to not only build your capital and continue developing your skill set thus increasing your returns month after month, but, it will open up plenty of doors of opportunity to invest in various other asset classes.
Trading is a great foundational skill set and source of income to pocket. Once you’re full-time and scaling this business up, it’s very common for traders to go on to build additional businesses alongside their trading, to invest into real estate, to get involved in cryptocurrency investing, etc. This truly is just the beginning for you. Get the income flowing with your trading and know that there’s a whole world of opportunity available to you out there where you can build your wealth as you progress towards financial independence and inevitably financial freedom.
Trading full-time is a nontraditional path, yes, but it can be a very lucrative one for those who see it through and commit to the process.
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Robert Castillo @coldwaterfx FX Trader & Analyst Writer & Editor
Rob is a funded trader from Toronto, Canada, and has been trading currencies, commodities, stocks, and cryptocurrencies for over 7 years. Outside of trading, he enjoys making music, boxing, and riding motorcycles.
