When trading profits make up a significant portion of your income, the long-awaited, responsible and often stressful period comes - the first step to making trading your main activity.
On our behalf, we would like to point out that being a full-time trader does not mean giving up any other source of income and stopping your development only on trading. It is about the fact that you naturally begin to devote more time to it and make it an important part of your life.đ
âïž Psychology.
Psychological stability becomes not just an important factor, but your insurance against impulsive decisions and ill-considered transactions. After all, you can only be responsible for your deposit with a cool head, otherwise every transaction is a risk of losing everything.
Besides, when you decide to make the market one of your sources of income, it is important to have that very safety cushion. Otherwise, your trading will not become a set of rules that bring you profit, but a struggle for survival. Obviously, under such conditions, there is no talk of a stable emotional state.
All this is because not everything in the market depends on us: one month may be super profitable, and the next the market will stop and there will be very few trading situations.
So before you take that long-awaited step into full-time, make sure you're ready for it both emotionally and financially. Which, by the way, are often interconnected.
But of course psychology is only one of the important components at this stage. Another key thing is your trading strategy.
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We won't talk much about this, since we have written about the importance of strategy and its constant updating earlier. Just know that before you join the ranks of professionals who came to the market not to tinker, but to work - make sure that your strategy has passed more than one test that the market has given it.
After all, many decide to go into trading after a good bull market, when you don't need much skill to earn money. And this decision can turn out to be a failure.đȘ
The phase will change and stable trading will require not only "buy and hold" skills, but also extensive experience and the ability to adapt. Therefore, first of all, make sure that your TS is ready to work with any market, and is not tailored only for growth.
Once all these points are completed, you can successfully move on and join a large, sometimes toxic, but friendly family of traders. On our own behalf, we will only say that it is natural to worry about this decision, but the pleasure we experience daily, doing what we love, is definitely worth it.
When you have been trading long enough, you realize that being stuck in one market or trading style is a stagnation in your professional development. It limits your growth opportunities and profits.
At this stage, when you have already succeeded in one area, it is important to continue learning. With your accumulated experience, this will give you a good advantage. As a result, you will not only scale your skills and profits, but also gain new experience that will help you stay afloat in the conditions of changing trends.
Constantly analyzing the work will remain an integral part of the path. This is important. We have already talked about this in previous posts, so we will not dwell on it in detail.đ±
Another important aspect is working in the community and developing your own products.
You are probably already part of one or more trading communities. Share your experiences, participate in discussions - this is not only useful for others, but will also help you learn and find new ideas.
For example, many experienced traders are engaged in training, create their own communities or projects in the field of trading: develop screeners, terminals and other tools.
Sometimes, due to the toxicity in our industry and the crypto boom in 2021, when a lot of scams appeared, such initiatives are perceived skeptically. There is an opinion that a trader should only earn money in the market and nowhere else.đ„
But let's draw parallels with other areas: sports, medicine, law. Wherever a person reaches heights, he shares his experience with others, and this often becomes an additional source of income, while benefiting others.
The bottom line: creating your own products that will help other traders is always a positive step. Not only does it bring income, but it also structures your knowledge and promotes personal growth. Who knows, you might even innovate the trading industry.
If you have an idea for a product related to trade, don't be afraid to bring it to life. With the accumulated experience, you have everything to share your knowledge and contribute to the development of the industry. The main thing is that the TS is working! đ
