New traders often believe that their day job is a hindrance, an obstacle blocking the path to trading success. However, I discovered that my day job was actually my lifeline, leading me to become a full-time, successful trader. Let me share 3 ways my job helped me to become a Full-time trader.
Overcoming Market Obsession
As a newbie in the world of trading, I had the habit of constantly interfering with my trades, compulsively checking the market trends on my phone, buying and selling impulsively. But this led to blowing up my initial account. Working as a customer service assistant in a bank helped me overcome this habit. The focus I had to maintain at my day job, serving customers and dealing with daily work issues, helped me keep my mind off the market and thus led to less interference with my trades. This reduced involvement ironically led to higher profits as I allowed my trades to hit my profit targets or trigger my stop-loss.
Relieving the Trading Stress
Another critical lesson from my journey was the importance of having a consistent income source when starting out in trading. Trading can be stressful, especially when it is your only source of income. The uncertainty of returns and the pressure to make profits can make it overwhelming. With a steady job, however, you can relieve this pressure as you have a fixed income to take care of your bills and daily expenses even if you do not make money from trading.
During my initial days, I was making minor profits, about USD 8 per trade. Though insignificant in the grand scheme of things, these small gains played a key role in honing my trading skills. My mentor advised me that no matter how small your account is, the skills you develop can be scaled up when you begin trading larger amounts of capital.
Building A Financial Buffer: From Savings to Investments
The third way my job helped me transition into full-time trading was by enabling me to build a financial buffer. The income I earned from my job allowed me to save a significant portion. These savings helped increase my trading capital, establish an emergency fund, and invest in safe investment avenues such as money market funds and treasury bonds.
The interest income from these investments could cover my monthly expenses, giving me peace of mind even if I didn’t make money from trading for a few months. You can’t make a daily income from trading, hence having an alternative source of income is essential at the beginning.
Stepping Towards Trading Success
As I walked this journey from being a customer service assistant to a full-time trader, I learned valuable lessons. Your day job can be an asset on your path to trading success. It provides financial stability, helps you learn essential skills, and builds a financial buffer that allows you to transition smoothly into full-time trading.
With the right approach, you too can leverage these benefits and become a successful trader. To learn more about “How you can Start Trading for a living” then sign up below for my Free Training on the “7-Steps to Financial Freedom through Trading.”