The lure of trading is powerful. People often dream of having all the money they could ever need and the fastest way to this is often the most attractive. For the majority of ordinary people, working a 9-5 office job or earning a living doing something that they don’t really want to do is a reality that is hard to escape.
The question is often asked, should I sacrifice a stable income and risk everything to strive for my goals or should I employ a side-hustle and risk never realizing my ambitions? Unfortunately, risk and reward are intertwined – so this fundamental choice has to be discussed.
Trading has always been a fascinating endeavour for people, largely because of the image associated with it through TV and film. A good example of this is The Wolf of Wall Street – depicting a dramatically successful, albeit illegal rise to riches. Brokers often offer tempting forex bonus welcome accounts which give you a real incentive to start trading, adding to the fascination.
You may be asking yourself if starting forex trading or trading in any market is a serious idea, particularly if you’re considering how much time you want to commit to it. So, what factors should you consider?
It’s not a get-rich-quick scheme
Perhaps the most pertinent thing to realise is that if you’re just starting out in the world of forex trading, you’re not going to become a millionaire overnight. Learning the tools of the trade, understanding market factors and gaining useful experience happens over a period of months or years – not days.
Committing to trade full-time is a very risky strategy because of the financial implications involved. If you have a strong financial situation or money in the bank, then going full time can be a good way to learn the markets more quickly. However, if you’re in a precarious financial position, you would be foolish to abandon a stable income for the hope of trading profit and financial sustainability.
Is it better to start out as a hobby?
Due to the amount of time and effort needed to understand the markets and learn the tricks of the trade, starting to learn and experiment with trading as a hobby is always a good idea. Committing a few hours a week to reading industry news or analysing market trends will quickly build up your knowledge base, all whilst you remain comfortable with a stable income. Supplementing your income with trading profits will be a rewarding way to start in the markets, but it won’t come instantly.
If the time comes when you enjoy the trading process and you are confident in your knowledge and abilities, then by all means you can make the leap to trade full time.