Is it advisable to quit your job for forex trading?

[Farkid]

Before quitting your day job you can always try to master your trading system around a timeframe that suits you like the 1hr timeframe. I was able to quit my day job after mastering trading in a 1hr time frame and I only take trades at night or the Asian session where market tends to be slow. Once I understood the market for what it was, I could now move to a smaller timeframe which required more focus and concentration so I had to quit my job. I don't see why one can not combine his/her day job in trading especially when trading higher timeframes like the 4hr. it takes less effort and time to analyze and place the trade with targets and stops. In my opinion placing a trading and monitoring it, gazing on the screen for hours is counter productive. Your trading system should have predetermined stop loss and targets to you can manage much later even from your mobile device and go about your day.

 

[General01]

At the developmental stage, I would not suggest that!
It affects psychology, It would lead you to make decisions that are not optimal because you would be in the pursuit of money and not the process of trading and ultimately the results will not be likely.
I would advice that you keep your job while you learn the process if trading .
After learning and you become profitable you would decide whether to keep the job or not.
In a nutshell, it is not advisable to leave one's source of living while learning how to trade. But reverse is the case after learning the process

 

[Emptings]

Quitting your job to trade in the Fx market will only be a foolish move to make as you still need to adhere to other responsibilities. Instead, trade part time and save some money on the side. Then, when you do reach a stage of winning consistent profit, you can consider quitting.

 

[Ludicrism]

I won’t recommend that to anyone unless they have professional level skills and are already very profitable as a part time forex trader. Switching to full time trading is going to be a challenge and one needs to be fully prepared to make a living out of trading alone.

 

[BinarySumo]

I have done that and the outcomes weren’t pleasant. Trading is unpredictable. Do not add an extra layer of burden on you. So, trade part-time until you gain some consistent profits.

 

[Honkie]

No, I would not suggest you quit your job for forex but continue your job and also carry on with fx. And maybe in the future when you have gained enough experience and have started making consistent gains you can switch to being a full time trader.

 

[Mary Frederick]

Traders don’t expect to lose from the market but they have to due to the lack of proper trading knowledge. Brokers sometimes help traders by providing their analysis done by their experts. If your broker does so, you should make the best use of this opportunity. You can follow the free educational program of Eurotrader broker to enhance your trading knowledge

 

[YellowWitty]

I have done that! Not a sweet spot! Quitting your job will not help you because the forex market is unpredictable. Plus, it can be stressful for you, and if you lose, a debt can overburden you. Trade part-time to test the market. There is plenty of scope.

 

[Gastrolatry]

You should not leave your job to trade forex, as it would be risky for you if you do so. Consider enjoying the learning process first and then enjoying the fruits of your actions. Approaching the way you want by quitting your job is not advisable and will never give you the results you want to see.

 

[FXOchartist]

All decision back to each trader, when you felt ready quiting job and focus on forex trading is no matter as long as you become profitable trader. But if skill still not yet supported, better keep the job and treat forex as part time job only, Still there are some opportunity to make free money from contest like that exist in FXOpenforum dot com.

 

[Finger Geek]

It is ok if we can quit our jobs and base on forex trading but it is not advisable to quit when we are still new and yet to understand the system. As we all know that forex trading is not easy and many people have lost lots of money trading forex but I will say that those are the ones that only had little idea on forex trading and invested in it with there little knowledge and eventually lost there Investment.

If we are still doing the job we can invest small amount in forex trading and this will be to learn and become a professional in for trading. So if we loss our small Investment and because we still have our job, we can still add more and continue trading. But not that we will continue adding without learning new strategies to make profit or else we will continue wasting our money. So after we are now making profits, we can now think of quitting our job and become a full time trader.

 

[Liquescent]

No, that's not what I will recommend to anyone. Forex trading is a high-risk market because of high volatility and there’s no certainty that you will make money. Some days the trade may be good but some days you will lose. No one can ever always win in the market so you should think twice before making any risky decision.

 

[LaneBall]

You must be financially sound and settled with enough savings for taking such a major step. In that case you can surely go for it. Otherwise, it will be a huge risk on your part even if you are already profitable as a forex trader. And if you are just a beginner who lacks experience and struggling to remain consistent, then you should be working hard to become skilled instead of quitting your job without any planning.