24. Should You Go Full Time with Trading?

In this episode, we continue our discussion on full-time trading and how to know when its time for you to go full-time with your trading!

You will learn some of the common mistakes that many traders make when transitioning to full-time trading, which ironically enough, often sabotages their chances of a successful career from the get-go!

By being aware of these mistakes, we aim to help prevent you from making the same ones on your journey.

These mistakes include the following:

Unrealistic expectations - expecting smooth sailing from the get-go
Putting themselves in a situation where they NEED to make a certain amount of money
Trading randomly - no plan, no tactics, no results
Overlooking the progress - not appreciating how far you have come

After breaking down the above mistakes in detail, we also take some time to speak on the two scenarios below:

(1) When you should you NOT consider taking your part-time trading hustle full-time

If you have been recently laid off and have more time available to daytrade
If you've only traded SIM and are doing well
When you are bored - especially relevant during the COVID-19 quarantine

(2) When it might make sense to take the plunge into full-time trading

If you have several months worth of savings in the bank (3-6 months minimum)
When you are using trading capital that you DO NOT rely on for survival (to pay for necessities)
When you have a record of live trading success (about 6 - 12 months of consistent returns)
If you have completed enough personal development to believe that you can succeed - any doubt is dangerous!

But that's not all!

We've got your back here at TRADEPRO Academy and we want to see each of you succeed so we also put together a set of actionable steps that you can follow to give yourself the best possible chances of success as a full-time trader!

You'll walk away from this episode with a lot more clarity on where you stand on your pursuit towards full-time trading as well as some steps that you can implement to get yourself closer to your goal!

In This Episode You Will Learn

The common mistakes that traders make when going full-time  05:00
Why you have to start at the entry-level in trading regardless of external success 12:30
3 situations where you shouldn't consider full-time trading 19:60
When it would make sense to go full-time with your trading 29:30
How shifting towards living at cause puts you in control of your life 44:50
Why reviewing your trades daily is important for growth as a trader 56:00
How trading is a lifelong journey of constant adaptation and growth 61:00

Some Things We Also Discuss

Why tomorrow money is more valuable than today profit 07:30
George's experience with his first month of full-time trading 14:45
How sim trading can bring you a false sense of confidence 26:30
A story about scarcity and relying on the outcome to work  41:30
Why setting up visuals in your trading environment is vital for your success 51:15
Why more time spent working does not lead to more pay in this industry 58:25

Resources

Connect with our community online: Trade Pro Academy
Catch up with our earlier episodes: Mind Over Markets Podcast