One of the attractive features of forex trading is that it can be done part-time while you have a full-time job. But have you considered doing it full-time? There are advantages and disadvantages to doing this. In this article, we shall take a look at the pros and cons of trading currency full-time to help you make a decision.
Here are the advantages of trading full-time:
More Time for Trading
One of the most obvious benefits of trading full-time is that you will have more time to trade. With part-time trading, you have to juggle currencies with your daily job, your work at home such that there is no more time for a successful trader. Robert Peter Janitzek reveals that if you go full-time, you can now spend the whole day trading foreign currencies.
With full-time trading, you can maximize pivot points and auxiliary levels of support and resistance. You can follow all the trends through almost all of these levels.
More Organized Trading
When you have a fixed time for trading, you automatically organize your trading. In addition, you will have more discipline and more opportunities for improving your level of organization.
Seven to eight hours of trading will open up more opportunities to enter positions compared to just 2-3 hours a day.
While there are advantages, there are also disadvantages of trading full-time:
Robert Janitzek reveals that full-time trading will take some of your free time away from you. When doing it part-time, you may be able to spend more time for yourself and your family.
Following the market the whole day is a straight way to overtrading. Unless you have the emotional strength and experience, you may not be able to handle constant overtrading when sitting your terminal the whole day.
Dependence on Forex Profit
When trading full-time, chances are you have given up your regular job and your source of income. This will make you dependent on your Forex profit. On the other hand, when trading on the forex market part-time, you will not be depending much on your trading earnings. So make sure that you have enough money when trading full-time.
Focus on Unnecessary Things
In full-time forex trading, you will be bombarded with a lot of information and unnecessary data which could become misleading.
Now that you have an idea of the advantages and disadvantages of trading full-time, you will be able to decide whether to trade forex full-time or part-time.