Lessons I learned from quitting my job too soon to trade full time:
1. Unless you are profitable enough to live a lavish lifestyle of freedom, trading full time is really boring and lonely.
2. If you have nothing else in your schedule, you’ll overtrade to feel productive and take unnecessary losses.
3. Removing a reliable monthly income will negatively impact your trading results unless you are skilled in controlling your emotions. Now you don’t trade because you want to, but because you need to. You’re more prone to over leveraging so large profits can silence your doubts.
4. Just because you are a full time trader doesn’t mean you’ve “made it” yet. Don’t increase the cost of your lifestyle to keep up with appearances too soon or you’ll crash and burn.
5. Don’t be ashamed if you need to go back to work to fund your trading account. You might even find a job you enjoy and don’t want to replace with trading. There are solicitors and doctors etc who love their career but also trade. You don’t NEED to trade full time, you can do both if you want to.
6. Taking the leap when you aren’t ready is risky but it will also force you to think on your feet - you’ll go through more breakthroughs in a shorter space of time. 💛
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