Reasons to Choose Trading as a Living.
In the past years, trading has be seen as evolving into being that niche job without wearing a suit and tie. A job of self-regulation and freedom which ultimately has no limits. Whilst some or all of this may appeal to you, is trading really the type of career that you would opt for full-time over one that is stable and reliable?
Many people come into trading with a goal in mind, either because their jobs have become monotonous or are searching for alternative careers. They think that the sound of owning your time and having no management or employees above and below you is highly appealing, especially if you prefer your independence. But why does a full-time trader sound more appealing than a part-time trader?
Pros and cons of a full-time trader
The idea of full-time trading could bring on an awesome thrill or anxiety. Full-time trading means dedicating most of your working hours, through perseverance, to gaining all the relevant skills needed to be successful. But with having all the hours in the day to accomplish your trading “to do” list, comes the downfall of not having the financial security from a stable job.
Pros and cons of a part-time trader
Part-time traders are able to put a bit of their seriousness aside, as their trading is probably for recreation. Also, given the fact that they already have a stable job, losing money is not as serious because earning the extra money becomes an added value. Even though, naturally, your ego may be bruised.
If you are capable of splitting your time, have the patience and discipline to dedicate special screen time – then you will most likely be able to balance well at being a part-time trader. However, if you are not the type to be able to take on extra demands or be disciplined enough to keep a check at certain times only or find it difficult to find extra to learn and develop – then adapting, maybe taxing and also could take longer than expected.
The advantages and disadvantages of full-time and part-time varies, but this doesn’t mean that either is not doable. Full-timers will always rely on profits earned, and if successful at it, then it could be earnings that would be way higher than if you were in a more secure position. For part-timers, it may take up much of your free time, lunch breaks and traffic jams to acquire all the knowledge needed to become an expert trader but earning the extra money could make life that much better. In trading, there are no promises guaranteed… but also no salary guaranteed.
The preferential job
Still, there is nothing to say that you have to choose either full-time or part-time careers in trading. The combinations show that you could work in a more stable position half of your time and dedicate the other half to trading, you could trade by day and work in the evenings or vice versa or even trade for few hours per day. Trading gives you the ability to play with your time.
Once you acquire this profession of freedom, you will have carte blanche to choose what works for you and what doesn’t – from time, routine, trading tactics and more. What’s good for one person may not be good for another but if it works for you then go ahead.
At the end of the day, trading is about your performance.