How To Trade For A Living In 2022
2 videos • 206 views • by Michael Whitman To be a full-time trader, you need to combine a high level of knowledge with experience; without this, your probability of success over the long term is very low. When you leave work to trade full time, you no longer have the security of a regular income. This means your attention is often focused on making profits from every trade to pay the bills. This need for survival often results in the trader trying to trade more to make up for any trading losses or because they are unable to meet their day to day financial needs. Consequently, a spiral of increased pressure begins, resulting in the trader taking higher risks to get back on top. Unfortunately, because of their lack of knowledge and experience, many end up back at work. Being a full-time trader does not mean you work every day. It simply means that your trading is paying for your lifestyle. This is a very important distinction and one I recommend you ponder if your goal is to trade full time. Trading is about creating a lifestyle, not making it your lifestyle. Hence, if your goal is to replace your income of $100,000 a year, it does not mean you have to make around $2,000 a week from trading. It just means your total trading profits over one year need to equate to $100,000. Looking at it like that, rather than the micro-view of generating $2,000 a week, will make a dramatic difference to your trading psychology and how you trade the market.