Can Forex trading be a career?
Forex trading can be a career if you go about it the right way.
What is the right way to go about making Forex trading a career?
The fundamental thing that you must do is to decide what you want to achieve trading Forex. In determining what you want, you have to be pragmatic. Put forward a very sensible and quantifiable objective — plan to play the long game (long-term forex trading goal) rather than the monthly goal.
Pros & Cons
Here are some pros:
- Low barriers to entry (becoming a trader is easy).
- Most trading platforms you will use to execute trades are free.
- Your broker provides the data feeds for live tick data for free.
- The markets are open 24/7 Monday through Friday.
- You can trade remotely so if you want the flexibility.
There are a lot more I can attach, but here are some cons:
- You will only make a career out of forex trading if you have an edge (it is a zero-sum game).
- A lot of big firms invest in forex and hire the brightest minds to trade on their behalf. That's your competition.
- Learning the necessary skills takes time, but you will get it eventually.