Should I Quit My Job For Forex
I’ve had many traders (beginners and veteran traders alike) ask me this question more times than I can count.
Well, Forex lovers, in my years of trading the financial markets with periods of focused trading for at least three years, and focused career development for more than that, I can but give two complex answers to that question.
Should I quit my job for Forex? My Answer: YES and NO.
As it is commonly said: “To each his Own”, and as the feminists will put it: “To each his/her Own”
Let’s start with “NO”.
NO
In my view, if you’re still a beginner trader or even an experienced trader who has not yet formulated a consistent winning strategy, that is fluid, and yet resilient enough to withstand most market conditions, you have no business quitting your job. “Trading is a Journey”. Yes, trading is a journey. For most, it’s at least a 3 year-journey with consistent day-trading to fulfilment. For others, it may be as long as 10 years, or as short as 5-months.
Many popular traders will say: One can only become consistent in either of two ways in the forex market: 1 – Learn from previous losses (bitter lesson) or 2 – Get a well experienced and learned mentor. Let’s analyse this analogy together:
-For those who sway in the way of “1”, it means: gain, lose, lose, gain, and lose again until you learn from your mistakes and become win, win, win, win, and then one or two losses after so many wins. You may ask why “lose” even after so many wins/mistakes? Well because EVERYBODY LOSES…..eventually, and no one can ever have a 100% predictability of the market. The goal is to have a higher win/loss ratio.
-For Veteran Traders who sway in the way of “2” (Getting a well-experienced and learned mentor) – It means: You’ll have to go deep into your pocket and dish out a substantial amount to a mentor/trainer, one that can guide you on your trading journey with every market opportunity observed. Going via this route, you minimize your losses while learning, and may even get to raise your portfolio as a plus.
If we consider the two points of this popular analogy, in some ways, they both make sense because in the end, it means that “a price has to be paid” or if you will: “a sacrifice has to be made” along the trading journey to fulfillment. After all, “there’s nothing free in Freetown”, and “No good thing comes easy”.
This is why we as a company have come in to minimize the losses by offering
training/mentorships almost for free while still providing the opportunity to make some money in class with signals occasionally given when the win probability is at least an 80%.
In essence, this popular analogy leads to one conclusion, one that is popularly known all across the world, and in different cultures: “YOU NEED MONEY TO MAKE MONEY”. Until you reach the finish line, DON’T QUIT YOUR JOB. Let your usual stream of income keep pouring in, until you become consistent enough to glide through the markets unscathed. Therefore, you need
your job to provide the nutrients required to train your legs to be strong enough to win the marathon.
You need money to pay homage to the gods (hahaha), you need money to make that sacrifice. Simply put, that sacrifice is money. You may ask: “Is it worth it losing so much on a trading journey that I may never finish ? ” Well, I can answer you with my own story. When I became more consistent, I was making my monthly salary in two weeks, and recovered all my life-time trading losses without a mentor all in six months of trading.
It is Worth It!!!
YES
Again, “To Each His Own or To Each His/Her Own” . One man’s food is another man’s poison.
I say “yes”, if as a trader, you have built a fat enough portfolio that gives you enough leverage to say “bye bye” to your job. While some already have that fat portfolio, others have to work, and save for it. While some think they don’t have it yet, others believe they have enough.
While Trader A believes having 4,000 USD sets him on the right track to be independent as a day trader, Trader B sees 4,000 USD as a starting sum to build on for a target of 40,000 USD before considering leaving his job.
My take is this: Build your portfolio, be it from job savings or from diligently racking up profits till you hit a set target that’s comfortable enough to trade without having to sit at your laptop all day. This is especially important for pensioners whose backs have grown weaker from many years of diligent work and may hardly be able to endure 8 hours monitoring the charts daily.
Should you quit your job while trading the forex market? The answer to that question is relative to every individual. YES and NO.
My dear Forex Lovers, on the road of our trading journey and on the road of life, I leave you with these few words:
“Trading is an Art!”, “Trading is a Skill!!”, “Trading is Beautiful!!”, “Trading is
Life!!!!!!”
By Atomashi Dania
