Are You Ready to be a Full-Time Forex Trader?

Updated from its original posting on 2013-08-31

Previously, I’ve discussed what it takes to become a full-time forex trader but focused on the financial aspect. In this article, let’s take a look at another less tangible but equally important factor, which is the passion for trading.

Passion, in its most basic sense, is defined as a strong feeling about a person, thing, or undertaking. It refers to the intense emotion that usually compels you to reach for your goals. As cheesy as this may sound, passion will play a very crucial role in your trading endeavor. How?

As we constantly emphasize here on BabyPips.com, as sure as Robopip will never get to swim the ocean, you will incur drawdowns. These are times when you will feel that everything you do just goes against you.

forex successFor some people who don’t have the passion for it, quitting will become a very welcome thought. On the contrary, those who have their heart in trading will see drawdowns as nothing more than just minor road bumps.

Being serious and passionate about trading is the healthier and more sustainable fire that will help you stick to your decision of going full-time. Despite stacks of losses, you will still trade because you want to. You won’t let your emotions get in the way of you fulfilling your mission of becoming a consistently profitable trader. You will understand that you still need to do what you have to do: update your trading journal, come up with a sensible trading plan, and just suck it up.

You don’t just trade because you know that if you don’t, you won’t have a day job to go back to, you could lose your house, or you may not be able to pay for your kid’s tuition.

So before you take the plunge into full-time forex trading, let me remind you to ask yourself these questions: Do you really want to be a forex trader? How bad do you want to achieve your trading goals? Are you really passionate about trading?

Remember that being passionate does not necessarily mean that you feel intensely positive and eager about achieving your desires. Some say that passion is like an unconditional “yes” to a particular endeavor, no matter how challenging it may get.

If forex trading doesn’t merit an unconditional “yes” for you for now, don’t worry! Passion is not an immediate emotion but rather one that can be developed and that needs to be constantly strengthened. If you feel that you’re not quite there yet, you can still keep learning or practicing on demo to figure out if forex trading is really for you.

  • Najib Ul Rehman Malik

    well said …

    • Dr. Pipslow

      Thanks for checking out my blog!

      • Najib Ul Rehman Malik

        you are welcome sir

      • Najib Ul Rehman Malik

        you are welcome sir

  • Akum

    Great words you said there! Maybe what we forex traders need most is not only passion, but an unconditional love for what we do. Which is trading. I sometimes find myself spending an entire night doing research and before i know it, its morning. To me trading is much more than just a passion. It’s coded in my genes.

    • Dr. Pipslow

      Thanks for the positive feedback on my blog post! Yeah I do agree that passion for trading is not enough, you should be able to find motivation and drive to keep doing what you do even when the going gets tough. Good for you and keep it up!

  • Alejo

    Wow! I’m right now in a tough situation related to my forex operations. I love to trade and read fundamental news, but some times I dont’ understand the market sentiment.
    Thanks for this blog. Regards from Santiago, Chile.

    • Dr. Pipslow

      Thanks for checking our blog. Understanding fundamental news and trading off of it isn’t a science, but more of an art. The anticipation or reaction isn’t always clear because human behavior is variable that is not always logical. Luckily, with lots of observation and practice, it does get easier, so don’t give up Alejo and keep working hard!

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