Full-time or part-time trading in 2023?

Daily Forex Signals – If you consider trading full-time, you must be prepared for many challenges. Many traders cannot deal with the psychological pressure and set themselves up for failure. As with any freelance or entrepreneurship, self-awareness is key to successful trading. Not every person is prepared to work independently for himself. In this article, FBS shares both advantages and disadvantages of full-time and part-time trading.

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Should I become a full-time or a part-time trader?

Becoming a full-time trader might be tricky if you don’t have a plan. Before quitting your job and diving deeper into the world of points and strategies, analyze your current approach to trading and check your trading performance. FBS recommends paying particular attention to your profit, drawdown, and recovery factors. Are you good enough to have a stable profit factor between 1.75 and 4? Can you keep your drawdown metrics at a low level? If you answer “yes” to these questions, you can handle the instability of a full-time trading approach.

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full-time or part-time trading in 2023?

The way of dealing with stressful situations and rationalizing decisions is also essential for a full-time trader. Unfortunate events and losses should not break you, and you must stick to the plan no matter what.

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Finally, a full-time trader must have a sufficient financial cushion in case they encounter unexpected losses. If you think about how to become a full-time trader, this is one of the most crucial points.

On contrary, if you feel like you need more money to exit your nine-to-five job or you are uncomfortable with losing a stable source of income, you can consider part-time trading. This way of combining your life and trading is also a challenging one. However, if a part-time trader learns how to balance his daily activities, it will bring him decent results.

What are full-time and part-time trading?

First, let’s define full-time and part-time trading.

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Full-time trading is an attitude towards trading as a primary source of income. Similarly to freelancing, a full-time trader doesn’t stick to strict working hours and tasks. At the same time, they need to be systematic to have a stable source of income that will cover their expenses.

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Part-time trading is when a trader combines a full-time job with trading, supplementing their income. To succeed in this combo, a part-time day trader must build an effective plan and follow it.

What are the main advantages and disadvantages of both trading approaches? Let’s find out.

Full-time trading: advantages and disadvantages

Independence. A full-time trader doesn’t have to wake up early, prepare the report for their boss and do tasks that don’t satisfy them. They can plan their trading schedule based on their needs and habits. Don’t feel like a trader today? With full-time trading, you can easily take a break. However, beware of too many unplanned day-offs, as you will likely lose your grip.

There is also an alternative case when you decide to make trading your career. You can shape an ideal career path by joining big companies and mastering your skills.

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A chance to become the best. With trading as your full-time job, you can practice a lot on your skills and train hard to be a good analyst and trader. After that, you can become a mentor and even create your trading community.

Responsibility. Being a trader requires your full responsibility for everything that happens. It would help if you took control of your mind and your actions.

Time management. Trading requires a lot of time for studying and research. Once you open a position, you will carry your work with you for the whole day, week, or even month.

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Your revenue depends only on yourself. You can relax for some time at your regular job as you know you will receive a certain amount of money at the end of the month. But when trading is your full-time freelance, you need to be concentrated and always be up to date.

Part-time trading: advantages and disadvantages
Now, let’s observe the pluses and minuses of trading part-time.

You don’t have to quit your full-time job. If you have a stable source of income, there is no need to turn it away. Y

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An opportunity to save more money for a brighter future. If you don’t have a big salary to put more money in your deposit account, trading part-time may help you earn enough and move you closer to financial stability and freedom.

Time management. While full-time trading requires a strict schedule for long-lasting results, part-time trading necessitates a decent work/life balance. If traders don’t have it, they will face difficulties combining a 9-to-5 job and trading.

Lack of focus. If you trade with a full-time job, you will have less time to analyze assets and manage trades.

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Limited time for trading. Trading with a full-time job limits the number of options, as some assets get volatile only during specific trading sessions.

A limited number of instruments for trading. Trading part-time is more effective if you focus on less than three instruments.

full-time or part-time trading in 2023?

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full-time or part-time trading in 2023?