Every person gets to the point when they think of radical changes in their life. These changes can be forced by the appearance of some new facts, for example, additional source income. In any case, sometimes we get questions that cannot answer without help. And it is good that we can get help from and support from others in such moments. This article will try to answer your question “Should I quit my real job and trade Forex for a living or should I not?”. Take it as an easy and comprehensible guide to your financial success.
Forex Earnings vs Job Salary
Before you decide to fully drop your job and become a professional trader, you should look how much income does Forex trading actually gives you. It is clear, that if Forex gives you 70% of your income while you spend only 20% of time trading, you should think about dropping your job. But if your Forex trading counts for only 6% of your total income with more than 20% of your time, there is no reason to give up on everything and trade 24/5.
Job and Forex Education input
One of the main forces that move your Forex trading to a new level is Forex education. Basically, you can measure how much will you achieve if you educate yourself with additional knowledge. It is difficult but real, just remember to be realistic and never think that this one webinar will make your trades 2 times more successful. And even though, education makes Forex trading for a living possible, it will not come at one second.
On the other hand, you can calculate the benefits of getting an education that is important for your work. There are always some training, conferences or qualification courses. As you can suspect, such educational tools can boost your career and get you a higher position at your firm. Also, they will be a good addition to your CV and it will increase the possibility of you getting another well-paid job.
Also, maybe you always wanted to be a programmer but your choices together with life obstacles made you a manager. You can spend your time learning how to make programming code instead of trying to earn on Forex. Just think what opportunities are waiting for you and what are the tools to achieve them, maybe there is something you are missing out. It is never too late to study.
So, before you decide to start FX trading for a living, just try to measure your success possibilities with additional training, and who knows, maybe you are in one step from new heights of your career.
Own Business vs Forex Trading
As we all know, in order to start FX trading you have to generate some value of money which will become your initial deposit and will be used as a tool for further income generation. And you should not forget that this deposit, as well as earnings made with it but not withdrawn, are exposed to risk.
The same can be said about starting your own business, it also requires investments that are exposed to risk if used incorrectly. You will be impressed with how much Forex trading and starting your own business actually have in common.
So, before you start trading full-time, try to measure what would you earn with your own business. Who knows, maybe your idea of selling handmade hats has a lot of potential and hidden opportunities.
But when you compare these two things, try to also measure your emotional excitement as a value, because in a long term it becomes important. Also, be realistic and do not calculate million dollar profits in the first quarter of your business and IPO in one year, start small. For your calculation use deposit amount as a starting capital of your firm, it will make calculations fair. And if trading Forex for a living brings you more excitement and profits, you know which path to choose.
Leisure Time vs Forex
It is clear, that while your main source of income comes rather from your job than from Forex, you have to spend much of your time working. And if you do work full time and trade Forex, there is definitely not much time left for rest. This is why you have to weigh-in factors before making an important decision. Who knows, maybe additional 2 hours with your family or 20 minutes meditating will help you achieve more in any sphere of your interest. So, if you recon that more leisure time will increase your Forex earnings so high, that they will be enough for your life, maybe it is time to quit your job.
Also, you can use this time for additional work on yourself. Maybe meditation, gym or nice book of Stephen King is exactly what you have been lacking on your road to full confidence and success.
Trading Forex for a Living Possible?
So, if you do believe that trading Forex for a living is your destiny, there is actually nothing that will stop you from going this way. And if you will achieve success and confidence this way, just keep it up and trade as hard as you can.
On the other hand, if you do believe, that other opportunities can bring you more wealth and excitement, there is nothing bad in giving up on trading. Real life is more than just currency fluctuations.
But, as we would suggest, you can keep your Forex trading as a day-to-day hobby and see how it goes. Really, if you are already trading, just continue FX trading as your personal hobby, it is almost as good as any other. If it brings you a small share of your budget, just continue doing it without giving up on your job and sending angry emails to your boss. Remember that you learn while you trade and at some point, FX hobby can start to bring you more income than your usual job. That would be the moment when you can send a valedictory email to your boss and start living on your own. Just answer yourself a question “How to trade Forex for a living?” and you are good to go!