Hey hey, what's up my friend, so in today's episode I want to talk about how to become a full-time trader. What you must know so first thing, first number one as a trailer doesn't matter whether you're full-time trader, bottom traders doing trade, a position traded, a trader. You must have an H in the markets, so what is an H or I let me give you an example. It is an example that used many times.

Imagine you have a coin. Every time the coin comes up heads you win two dollars every time. The coin comes up tails. You lose a dollar.

You know that a coin is a 50-50 chance of coming up heads or tails. Clearly, if you have that special coin, you have an H in that you know in that coin toss and it's the same for trading. You must have an H in the market, because without an age it doesn't matter what risk management you use. It doesn't matter how good your trading psychology is because we done it is.

You will lose consistently in the long run. So, first thing: first as a fool as a full-time trader or as someone who wants to transition into full-time trading, you must make sure that your trading methodology has an edge in the markets, and some of you might be thinking. I'm hearing that it's easy to say. Man, how do you find an age right? So I've talked about this in the number of episodes right couple of ways.

Someone make this your trading strategy there, if possible back. That's it quantify it and see how that trading strategy performs right, using historical data across different market environment, Moo market and bear market, etc. If you don't know how to back test, you can always forward test it right. Do it on us on a demo account, do it on a small life account and use that trading methodology and see how it fares in the live market, environment, but bottom line is, is you must have an itch, and also some traders have the misconception that you Know I'm doing, but I'm trading now and I'm not making money, but if I do it full-time, if I you know have more time to look at the markets, I have more opportunities right.

I will be a profitable trader. No, it doesn't work that way. I'm sorry doesn't work that way. That's like saying that you know you can't run a full marathon, but hey you know.

If I do 100-meter sprint right, I would be able to make. It doesn't quite make sense right. It's the same for trading. If you haven't found success, but I'm trading or trading off the higher time frame, and if you think that you can find success by making a transition into full time, training or lower timeframe trading, then I'm sorry to burst your bubble doesn't work that way.

Number two. As a full-time trader, you want to have at least 12 months of living expenses covered and that's excluding right. Your trading account the money in your trading account, and the reason for this is that, even though you're a full-time trader, you will not make money every single month. That's just the nature of this business unless you know you're the type of trader who can take a thousand treats each day? And you know you have a 52 % win rate with a one-to-one reward ratio and Ed hey it's possible to make money every day and even on one on every month.

But let's face it right: you don't wan na take a thousand trades a day and even if you can take a thousand trades a day, your commission will probably kill you. Those are the stuff that high-frequency trading high-frequency traders do right now, CHF deforms, that's not your realm of you know, trading niche so as a full-time trader, when a trade off the fifteen minutes time frame the five minutes. Time frame. Trust me, you will face losing months along the way and that's why it's important to set aside at least 12 months of living expenses.

So, let's say you're in a drawdown right. The market environment is not favorable to you. Doesn't matter right. You can go to three months in a way without making a time you can still survive, because you have set aside money right to live on.

So that's number two right set aside twelve months of living expenses right for yourself and I'm tree as a full-time trader. I would say it pays right: we have multiple source of income as well, so just because you're, a full-time trader doesn't mean that trading has to be your only source of income. There are many full-time traders that I know who have books out there cause us out there, who makes you know a recommendation to service that they believe in and have some side income besides their full-time trading. Gig and again, that's that's a smart move, because certain months they don't make money hey you know.

At least you can pay your expenses using this site income very often so as a full-time trader, don't tow the fog. Alright, the possibility that you can also an other source of income right, besides from your trading and before, if you're doing the full-time trader, if you're a be a full-time trader, then you must also have the right account size it. It baffles me right now: trader wants to treat full-time with $ 1,000 trading account I mean $ 1,000 trillion come to treat full-time. That's just that's not! You know realistic.

Let's say you make 50 percent a month, it's 500 or someone can you survive with final dollars? A month I mean for most of us in most developing countries and developed countries - 500 Ollis a month might be for developed countries is a stretch right for developing countries. Maybe yes, maybe no, but the other thing is that 50 % of money - that's not sustainable. In the long run, so you've got to start with the right expectations in the right account size. So how do you know what's the right that wrong size for you again, look through your historical records right if you are considering to make a transition to full-time trading or unitary full-time? How much are you every gene per month, 3 %, 4 %, 5 %? Let's say we take a hypothetical number of 5 % a month, so if a $ 10,000 trading account, you make 5 % a month, it's like $ 500 a month instead enough for you.

Well, if it's not enough, what most traders will do is that they take on more risk. There is 20 30 percent on each trade and that's suicide, because it's a matter of time before you blow up your trading account, so don't go down that route. Instead, what you'll do is to increase the size of your trading account? Maybe instead of a $ 10,000 account, could you get 100k a company? If you make 5 % that's $ 5,000 a month? Can you survive with that? If that says yes, then the next thing is to focus on building an account up to $ 100,000 may be true. Savings through your current job or whatsoever focus on building up the right account size, instead of taking excessive risk, which will eventually lead to your root.

Ruin right so better in mind: you must start off the right account size as well and finally, as a full-time trader, you must have a routine right. Full time trading is not about having a laptop trading by the beach or ice sipping, a cup of pina colada. Knowing doesn't work that way, full-time trading is a serious business. Do you open your restaurant, sometimes at 11:00 a.m.

sometimes you open your restaurant at 3:00 p.m. sometimes you don't even open your restaurant for the day. No, your restaurant is a legitimate business. You open.

Maybe let's see every day at 10:00 a.m. and you close at 10:00 p.m. and it's the same for your trading business your day in front of the markets before it opens, and you leave right only when the market closes so have a routine. Let's say you are a Forex trader, you only trade, a London session, then be there half an hour before the London session opens to mock our levels, identify yourself with the possible news release for the day and only leave right after the London session is over right.

When you have a fixed routine, that's where you will be able to exploit every opportunity. That comes your way within your session within your time. So if you start going, you know, relax aim, you know chillin, you know coming in and say when you want living and when you one then you'll miss trading opportunities and when you miss trading opportunities, you start doing funny things like you know, chasing the market. Sorry they didn't race that is outside of your trading point, and these are all disaster right for your trading results.

So it's important to have a routine and stick to it and when you stick your routine or you be more consistent with your actions and when your action is more consistent, guess what you get more consistent results! Alright! So that's what it takes right to become a full-time trader. So that's it! I wish you good luck in good trading. You've enjoyed it smash the thumbs up. Button subscribe to the channel, and I will talk to you soon.

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