We use a range of cookies to give you the best possible browsing experience. By continuing to use this website, you agree to our use of cookies.
You can learn more about our cookie policy here, or by following the link at the bottom of any page on our site.

Free Trading Guides
EUR/USD
Mixed
GBP/USD
Bullish
USD/JPY
Bearish
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Gold
Mixed
Low
High
of clients are net long.
of clients are net short.
Long Short

Note: Low and High figures are for the trading day.

Data provided by
Oil - US Crude
Bearish
Bitcoin
Bearish
More View more
Real Time News
  • RT @JLyonsFundMgmt: CBOE Equity Put/Call Ratio just registered one of its Lowest Readings in Half a Decade $SPY $SPX https://t.co/M3lHiUTHFV
  • UK Election Poll (Panelbase) Nov 13/14 - Conservatives 43% (+3) - Labour 30% (unch) - Lib Dems 15% (unch) - Brexit Party 5% (-3)
  • 🇺🇸 USD Business Inventories (SEP), Actual: 0.0% Expected: 0.1% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2019-11-15
  • IG Client Sentiment Update: Our data shows the vast majority of traders in Ripple are long at 97.63%, while traders in France 40 are at opposite extremes with 82.80%. See the summary chart below and full details and charts on DailyFX: https://www.dailyfx.com/sentiment https://t.co/eUtqm8E6JN
  • RT @EamonJavers: White House releases first phone call between President Trump and the president of Ukraine: https://t.co/rNLsna71Y4
  • Commodities Update: As of 14:00, these are your best and worst performers based on the London trading schedule: Oil - US Crude: 0.29% Gold: -0.37% Silver: -0.52% View the performance of all markets via https://www.dailyfx.com/forex-rates#commodities https://t.co/XJRZGTC41L
  • Heads Up:🇺🇸 USD Business Inventories (SEP) due at 15:00 GMT (15min), Actual: N/A Expected: 0.1% Previous: 0.0% https://www.dailyfx.com/economic-calendar#2019-11-15
  • Indices Update: As of 14:00, these are your best and worst performers based on the London trading schedule: US 500: 0.48% Wall Street: 0.43% France 40: 0.41% Germany 30: 0.17% View the performance of all markets via https://www.dailyfx.com/forex-rates#indices https://t.co/2FiT7gdzUs
  • In the upcoming episode on Trading Global Markets Decoded #podcast, DailyFX Chief Strategist @JohnKicklighter and Senior Strategist, @CVecchioFX are up for a discussion on your choice of topic. Vote for your choice of topic below👇
  • https://t.co/PGfuQ85fyR
Guest Commentary: Does Trading Forex Professionally Ruin Your Life? Or Improve Your Trading?

Guest Commentary: Does Trading Forex Professionally Ruin Your Life? Or Improve Your Trading?

2011-05-12 16:48:00
Yohay Elam, Forex Crunch,
Share:

Does Trading Forex Professionally Ruin Your Life? Or Improve Your Trading?

Most forex traders don’t rely on trading as their sole source of income. They use it as an investment alongside their regular jobs. Are they missing out on turning professional? Or playing it safe?

James Woolley advises you not to rely only on forex trading. In his great article. Woolley mentions that market conditions can change and your systems may not work anymore.

He also states that relying on forex trading might put pressure leading to a loss of discipline and to hasty positions.

This can lead to a catastrophic chain of events because if you are relying on this income to pay your bills and give yourself a reasonable standard of living, then you may find yourself losing your discipline and taking more and more risks in order to become profitable again. This in turn will generally lead to even more losses.

Guest Commentary: Does Trading Forex Professionally Ruin Your Life? Or Improve Your Trading?

So, his advice is to diversify your sources of income, and not live a stressful life, that can risk your assets.

Not risking everything all at once sounds very reasonable, especially if you’re new to trading. It can be very irresponsible and dangerous. But after some time, you usually improve at what you’re doing.

So perhaps dedicating more time to trading might make you an even better trader? As James mentions, discipline is the key. If relying on trading makes you nervous and causing you to make to irrational decisions, well, it’s not for you.

But if relying on forex trading for a living means that you trade better because you have a responsibility, then maybe it’s worth exploring this opportunity. Dedicating more time, all your work capacity to trading, can turn you into a better, more balanced trader.

You do need to plan it carefully and not risk anything you can’t afford to lose. But if you do it responsibly, perhaps this is the career that has been for you.

Further reading:5 Points on When to Go Pro

By Yohay Elam, Forex Crunch

DailyFX provides forex news and technical analysis on the trends that influence the global currency markets.

DISCLOSURES

News & Analysis at your fingertips.