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EP136: Should You Quit Your Full-Time Job to Trade Forex?
In this episode of Truth About FX, Walter talks about probably one of the biggest myths in trading: that you’re going to “perfect” your trading once you quit your job.
Walter shares his personal experience on this and his take on whether or not this would actually help you step up your game. According to him, choosing the right broker is critical… But, aside from this, do you know what is the most important point to remember? You’ll fnd out in this episode of Truth About FX…
Download (Duration: 05:05 / 5.82 MB)
In This Episode:
00:17 – misconception
01:18 – tiny account
02:14 – cushion of money
03:14 – bump up
04:13 – trades in your pocket
Tweetables:
Choosing the right broker is critical [Click To Tweet].
Build your confidence up [Click To Tweet].
Add more markets [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Where do you find the time to manage your trades when you have a full time job?
Walter: This is a great question and I think there’s a little bit of a misconception because I thought the same thing when I was working. I thought, “Well, if I’m able to get out of my job then I will have all of my focus on my trading. My trading will get so much better. I can trade the H1 chart or the H4 chart” — or whatever that I find difficult doing while I’m working and it was actually the opposite was true.
My trading stepped back when I focused on it. I think the reason why is because when you’re trading the D1 charts — obviously, if you’re trading and working, the easiest way to do it is to trade the D1 and W1 charts.
If you’re thinking, “Oh no, my account’s too small. I can’t have 375 pips stop losses,” then you need to move to a broker — and we’ll put the brokers in the show notes for this episode.
There are brokers out there that allow you to trade nano lots, micro lots — or whatever they call them, these little, tiny lots — so that it doesn’t really matter if you’re risking 379 pips or you’re risking 37 pips. You can still risk the same amount even if you have a really tiny account.
That’s critical. Choosing the right broker is critical. Once you’ve done that, you can do the D1 charts. You can sit down for 15 minutes a day whether it’s in your morning or in your evening and you can use that time to make your trading decisions.
That means putting in your entry prices and your stop losses so that your orders are setup to go. Whether that means moving to break even or even if your using a trailing stop every day, you can go ahead and adjust that stop, assuming the market is going in your favor.
All of that stuff can be done in 15 minutes a day, trading the D1 charts. Even if your watching 25 different D1 charts, that’s really easy to do. I would suggest that you switch to the D1 charts and the W1 of course.
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By Walter Peters (FXJake) and Hugh Kimura (Trading Heroes)In this episode of Truth About FX, Walter talks about probably one of the biggest myths in trading: that you’re going to “perfect” your trading once you quit your job.
Walter shares his personal experience on this and his take on whether or not this would actually help you step up your game. According to him, choosing the right broker is critical… But, aside from this, do you know what is the most important point to remember? You’ll fnd out in this episode of Truth About FX…
Download (Duration: 05:05 / 5.82 MB)
In This Episode:
00:17 – misconception
01:18 – tiny account
02:14 – cushion of money
03:14 – bump up
04:13 – trades in your pocket
Tweetables:
Choosing the right broker is critical [Click To Tweet].
Build your confidence up [Click To Tweet].
Add more markets [Click To Tweet].
Announcer: Sometimes, forex trading is a wild and wooly place to be. That’s why Hugh is here, to post your questions to Walter, the naked forex guy. Hugh’s got questions and Walter’s got the answers. Here at the Truth About FX Podcast.
Hugh: Hi, Walter. Where do you find the time to manage your trades when you have a full time job?
Walter: This is a great question and I think there’s a little bit of a misconception because I thought the same thing when I was working. I thought, “Well, if I’m able to get out of my job then I will have all of my focus on my trading. My trading will get so much better. I can trade the H1 chart or the H4 chart” — or whatever that I find difficult doing while I’m working and it was actually the opposite was true.
My trading stepped back when I focused on it. I think the reason why is because when you’re trading the D1 charts — obviously, if you’re trading and working, the easiest way to do it is to trade the D1 and W1 charts.
If you’re thinking, “Oh no, my account’s too small. I can’t have 375 pips stop losses,” then you need to move to a broker — and we’ll put the brokers in the show notes for this episode.
There are brokers out there that allow you to trade nano lots, micro lots — or whatever they call them, these little, tiny lots — so that it doesn’t really matter if you’re risking 379 pips or you’re risking 37 pips. You can still risk the same amount even if you have a really tiny account.
That’s critical. Choosing the right broker is critical. Once you’ve done that, you can do the D1 charts. You can sit down for 15 minutes a day whether it’s in your morning or in your evening and you can use that time to make your trading decisions.
That means putting in your entry prices and your stop losses so that your orders are setup to go. Whether that means moving to break even or even if your using a trailing stop every day, you can go ahead and adjust that stop, assuming the market is going in your favor.
All of that stuff can be done in 15 minutes a day, trading the D1 charts. Even if your watching 25 different D1 charts, that’s really easy to do. I would suggest that you switch to the D1 charts and the W1 of course.