Is it advisable to quit your job for forex trading?

[Ivo Zetticci]

There are a multitude of educative video tutorials and e-books available on Youtube and Google by following which you can develop your knowledge. Traders should make the best use of them.

 

[Laminary]

If you are asking about quitting your job when you are going to start your career as a forex trader, then let me tell you that it is not a good idea to quit your job. You must quit your job after you have started making consistent income through forex.

 

[Lickspittle]

There is no need to quit your job to trade forex. Trading is something you can do in addition to your current job or business. However, if you are consistently making a profit and want to leave your current job. Then you can take a risk.

 

[Fardage]

That is entirely up to you! I would aim for several years of sustained profitability at a level sufficient to cover my living expenditures. Before you seek to quit your job, you should diversify your income streams; otherwise, forex can and will fail you. Forex is profitable but I can assure you that there are unpleasant days as well. And if you are not careful, terrible days might virtually bring you back to zero.

 

[Mudpuppy]

I won’t advise doing that. There are no guarantees in the forex market and you may not be able to achieve your goals as planned. You will have to take some kind of losses every now and then and without a regular paying job, you may not be able to keep up with the requirements of your trading career.

 

[Cittosis]

No, certainly not. The Fx market, even though it can be profitable, is very risky. Traders should take their time in the market seriously and plan and execute each action efficiently. Without earning consistent profit for a time, it is not practical to quit your job. The market is uncertain most times, causing high levels of risk. So, financial freedom will be achieved only after you spend time learning the market through experience.

 

[Gastrology]

I won’t suggest this to anyone. Forex can be profitable but I can assure you that there are unpleasant days as well. And if you are not careful, terrible days might virtually bring you back to zero. You must make consistent income from forex before taking this highly risky decision.

 

[Petricolous]

Quitting your job for the sake of trading is risky as becoming a successful trader in the first go is an unrealistic aim. Honestly, trading is a lifelong game. You can’t depend on it, especially if you don’t have a source of income. Thus, don’t ditch the source of income. Instead, trade part-time and try to be good at it. You would be able to decide whether you are ready to take it as a full-time career after a while.

 

[Diagraphics]

No. This will only make things worse for you. The chances of becoming a profitable trader in your first go are very slim. Traders who are successfully trading full-time started as part-time traders. So, it would be better if you take this path and learn how the market operates. Don’t get into something that you haven’ tested. Do demo trading and then trade on a micro account. Depending on your skills and experience, you can later decide for yourself.

 

[eldavis]

Though we have lots of full time traders out there, but I would not advice anyone to focus on trading alone. For does who have jobs they where already into before going into forex trading, no matter the level of profit you are gaining, it is not advisable to quit your job for trading alone. The forex market is not stable and anything can happen. What happens when you come across a situation where you experience some losses, would you start form scratch again?

 

[Shaf]

Some people eventually quit their job to focus on trading forex or cryptocurrency, but they do not solely rely on trading as a source of income. Most I've seen offer paid courses and mentorship or they vlog on YouTube to generate income and keep up with their passion.

Some of them partner with others while some have other means of generating income asides trading forex like dealing in real estate or stocks and shares.

For some people, trading becomes an addiction or hobby. Quiting your job should be done with wisdom though. Fit example, someone that is nearing retirement and has a reasonable amount of money put aside can choose to focus on trading.

A young person who's in his twenties though, that would be a bad decision since one can get liquidated fast. Also you need a source of income to support your expenses while you learn and build a portfolio that can ride you through your later years.

 

[moonchild]

Most of these comments are bullshit and they smell of 'I don't trust myself'.

Why do you have to come to a forum to ask for strangers opinion on your own very life, most people commenting here don't know jack about forex or how it works, so they'll advise you from a position of fear.

Forex is real and it's market cap is the largest in the whole world, trillions are exchanged everyday, if you really know your onions you can make a killing in this market.

People are saying, forex is not stable and you can lose your account yada yada, I wonder if they know what risk management is or psychological contr.

Keeping a job or not will not affect anybody but you, measure your pros and cons very carefully before taking the plunge.

Forex is very rewarding but most jobs are civil slavery, where you're told what to do like a toddler.

Think for yourself, make the right decision and stick to it.

There are many successful forex traders on Facebook and YouTube, you can connect with them and source inspiration from them too.

Also, I'd recommend regret minimization framework, it'll help you to stay accountable for yourself.

 

[cmoneyspinner]

Sure! FOREX is difficult but if you're serious about the trading, it is also a full-time endeavor. If you have become a successful trader, why not quit you job? But most people continue working their full time job while trading. It's up to you. Do you want to be a part-time trader OR full time? (Can You Trade Forex While Working Full Time? - My Trading Skills - mytradingskills.com/forex-part-time)

 

[Electuary]

If you have been in the market for a long time and are making a consistent profit, you may want to consider quitting your job. However, if you are just getting started in forex trading and establishing yourself as a trader, this may be a bad decision. Therefore, it is conditional. If you are just starting out in trading, I would advise you not to quit your job at this time.

 

[ShyCube]

Being a full time forex trader can be a rewarding career only when you have enough knowledge, skills and funds to support yourself. Quitting a job is a big decision and must be done only when you have enough savings to take up the risk.

 

[OtherClam]

It depends on where you stand as a trader. However, as a newcomer, one should avoid doing this. Forex is a volatile market and there is no guarantee about your success. So, why do you want to take a risk? Don’t quit your job. You need an active source of income, anyway. Trade part-time. Switch to full-time trading only when you have become consistently profitable for months or at least a year.

 

[Vigorish]

That's absurd. It will be very challenging for you if forex is your sole source of money. You should be aware that forex trading is risky due to significant volatility, and there is no assurance of profiting every time. When you have a consistent income from trading forex part-time for a lengthy period of time, you may want to consider quitting your work. If not, focus on being a profitable trader and developing skills for the time being.

 

[cashisking149]

If you have a massive body of evidence to suggest this is feasible. Also if you have a good back up of funds to cover the slow months and/or you are sensible with profits you DO make if using large capital to ensure you have that rainy day funds.

 

[LoukiaCharilaou]

In my opinion, it is not wise to quit your job for Forex trading. The truth is that Forex trading is becoming more and more popular all over the world. I have heard that a lot of people make money through it every day. Of course, you must have some knowledge of Forex trading in order to make money from it ,otherwise you may lose your money. In conclusion, I believe that it is too risky to quit your job for Forex trading. You can do Forex in your free time. In this way, you can be safe.

 

[Mikky01]

If wish to quite your job for forex, it is fine but you need to be sure of yourself, think for yourself, decide for yourself. Having your job along with forex is cool, yeah, I understand the fact that you will need more concentration on trading which your work might not allow. In short the ball is In your court, play well.