There’s a lot of talk these days on the topic of side hustles, entrepreneurship, and creating new streams of income alongside or in replacement of a job’s income. In today’s article, we’re going to be breaking down how trading (forex trading in particular) can be one of the most valuable high-income skills to develop if and only if you go about it correctly.
There is a lot of hype around trading and making quick money and we want to demystify all of that in this article and break down for you the true path to financial freedom and wealth using trading as the core skillset.
What Classifies Trading As A High-Income Skill?
A high income skill to us is a skillset that can not only out earn a job income when mastered, but also has great enough leverage in the sense that there is no cap or ceiling to the income you can potentially earn if you become proficient at it. In short, there is limitless income earning potential with a high income skill. You can take it as far as you want to take it.
The beauty of trading is that as your skills improve you generate greater returns. You not only earn more on the capital you are trading but you have the opportunity to take on larger and larger sized accounts that your developing skill can be applied to. If you can generate 10% returns per month on a $10,000 account, you can generate 10% on a $100,000 account. The difference in earning here is vast when you do the math. This same logic applies to trading a 7 or 8 figure account. The strategy you’re applying to generate returns month over month is the same! The only thing that changes is the capital in the account. The game therefore becomes all about acquiring larger and larger accounts to then have greater and greater leverage. You’re essentially giving yourself a pay raise as you improve as a trader and as you get access to more capital. This type of pay raise is NOT available to us working a 9-5 job.
What Are The Perks Of Full Time Trading?
Why get involved in becoming a trader besides having a nearly limitless income-earning potential? One of the most sought-after benefits is location independence. Most new full-time traders leave their 9-5 work schedule due to a nonnegotiable commute and having to show up at an office 5 days a week. The nice thing about trading is that you can work from home in an office of your own design. The new work commute eliminates having to wake up and rush off to an office and is replaced by a 30-second walk to the coffee machine followed by a sonder to your private home office. No distractions, all focus. You’re free to schedule your day as you like. The only challenge? You’re your own boss and are required to hold yourself accountable to get what needs doing, done.
This location independence allows you to up and leave and take your work with you on the road as well. Many of our students here at Phantom Trading send in pics on a regular basis showing themselves trading from all around the world. On family road trips, backpacking, work trips, etc. All you need is your phone, a working laptop, and a stable internet connection and you’re set.
Another reason so many get involved with trading is that unlike a typical 8-hour work day (plus commute), trading does NOT require you to be at your screens 8 hours a day. You are free to trade as much or as little as you like depending on your individual goals.
How To Go About Mastering Trading As A High-Income Skill:
The process is not easy, but it is simple. Like any new skill, you have to learn from someone who’s walked the path and has paved the way. We live in an age now where you no longer have to reinvent the wheel. You are able to model after others who have at one point in time been where you are (at the start), and who are now where you want to be (generating results and showing others how to do it). Whether you become a member here with us at Phantom Trading OR you go on to find another community that resonates with you, what’s important is to learn from others who have a proven process that works repeatedly.
It’s easy to get lost in the sea of information available online for beginner traders. You can trade stocks, cryptocurrency, foreign exchange markets, metals, the list goes on. What’s important is to refine your search and focus. Pick one niche to specialize in and go deep rather than wide. While the Phantom strategy does apply to a wide range of instruments, the core strategy itself is one method (supply and demand strategy).
Your sole focus should be on finding ONE proven method and practicing it on repeat until you see results with it. In the same way a professional athlete would shoot hoops, swim laps, or run plays… a professional trader sharpens his abilities on the charts through backtesting, demo, and live trading. For the beginner trader, the key is to have mentors in their corner showing them the ropes one step at a time as well as being surrounded by like-minded individuals who are also learning alongside them.
Looking For A Strategy To Help You Secure Funding, Get Profitable And Start Generating A Full Time Income From Trading?
Click here to join Phantom Trading and get exclusive access to our global trading community filled with like minded traders, plus learn from our team of funded traders with a combined 50+ years of trading experience featuring the founders Wyse & Warner who have institutional experience and experience with trading private capital, plus our team members who have over $1.5 million in funding through prop-firms combined!
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 his motorcycle.