In this episode, we continue our discussion on full-time trading and how to know when its time for you to go full-time with your trading!
You will learn some of the common mistakes that many traders make when transitioning to full-time trading, which ironically enough, often sabotages their chances of a successful career from the get-go!
By being aware of these mistakes, we aim to help prevent you from making the same ones on your journey.
These mistakes include the following:
- Unrealistic expectations - expecting smooth sailing from the get-go
- Putting themselves in a situation where they NEED to make a certain amount of money
- Trading randomly - no plan, no tactics, no results
- Overlooking the progress - not appreciating how far you have come
After breaking down the above mistakes in detail, we also take some time to speak on the two scenarios below:
(1) When you should you NOT consider taking your part-time trading hustle full-time
- If you have been recently laid off and have more time available to daytrade
- If you've only traded SIM and are doing well
- When you are bored - especially relevant during the COVID-19 quarantine
(2) When it might make sense to take the plunge into full-time trading
- If you have several months worth of savings in the bank (3-6 months minimum)
- When you are using trading capital that you DO NOT rely on for survival (to pay for necessities)
- When you have a record of live trading success (about 6 - 12 months of consistent returns)
- If you have completed enough personal development to believe that you can succeed - any doubt is dangerous!
But that's not all!
We've got your back here at TRADEPRO Academy and we want to see each of you succeed so we also put together a set of actionable steps that you can follow to give yourself the best possible chances of success as a full-time trader!
You'll walk away from this episode with a lot more clarity on where you stand on your pursuit towards full-time trading as well as some steps that you can implement to get yourself closer to your goal!
In This Episode You Will Learn
- The common mistakes that traders make when going full-time 05:00
- Why you have to start at the entry-level in trading regardless of external success 12:30
- 3 situations where you shouldn't consider full-time trading 19:60
- When it would make sense to go full-time with your trading 29:30
- How shifting towards living at cause puts you in control of your life 44:50
- Why reviewing your trades daily is important for growth as a trader 56:00
- How trading is a lifelong journey of constant adaptation and growth 61:00
Some Things We Also Discuss
- Why tomorrow money is more valuable than today profit 07:30
- George's experience with his first month of full-time trading 14:45
- How sim trading can bring you a false sense of confidence 26:30
- A story about scarcity and relying on the outcome to work 41:30
- Why setting up visuals in your trading environment is vital for your success 51:15
- Why more time spent working does not lead to more pay in this industry 58:25
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