What should I know before leaving my regular 9-5 job to become a full time trader?

This is a question that I get asked all the time by aspiring traders. The answer, unfortunately, is not simple. There are a lot of things you need to know in order to be successful as a trader. But here are some of the most important ones:

First and foremost, you should have an understanding of how the markets can fluctuate and realize that not every trade will result in a win.

Next, you should have a plan for how to deal with any losses that occur.

You also need an understanding of the tax implications and what they mean when it comes to your total return on investment (ROI).

And finally, trader or no trader – do not keep all of your money in one place! Spread it around into different stocks, accounts and assets. Cryptocurrency is the latest buzzword and many traders are now looking to invest in it.

To be a trader, you need to be prepared for the risks that come with it. But if you can handle those risks and are ready to put in the time and effort, trading can be a very profitable venture. Just make sure you do your research first!

And just like when someone decides to start a business selling a product or delivering a service has to put some savings away or take out a loan to start production, you too need money to invest (avoid taking out loans, I suggest saving up or taking on a second job to fund your new venture). Ensure you have enough capital to cover any monthly debts , living expenses, and the like.

And finally, before jumping in feet first to forex trading, make sure you have a plan!

Without a plan you’ll be like a ship without a rudder–you’ll just keep going round and round with no real destination or purpose.