People aiming to become full-time traders often quit their job prematurely. Even though trading for a living offers incredible freedom, it’s essential that you make sure you’ve developed the necessary skills before telling your employers that they are no longer required.
This week, Louise Bedford and Chris Tate discuss what it takes to trade full-time.
It’s topical as well because as the co-founders of the Trading Game Mentor Program, which has just opened for bookings on tradinggame.com.au. Chris and Louise love helping people trade full-time and gain back control over their financial future.
In the Mentor Program they teach people to trade confidently and safely, whether they are just beginners, or already a professional in the markets. This is the 23rd year they’ve been running the course, and because it’s a repeat-for-free course, they’ve seen traders just like you develop the skills to trade all markets over the world, over every time frame, but using their own trading plan.
Plus, you’ll hear from Andrew Woodward, one of Chris and Louise’s full-time traders. He makes so many pertinent points about what it takes to trade full-time, we wanted you to get this information so you can apply it. Plus, Andrew stands as one of our many success stories. We literally have thousands of rave reviews about our Mentor Program on our website – and if you have a little bubble of excitement, just thinking you could possibly be a full-time trader, or seriously supplement your income… now’s the time to go to www.tradinggame.com.au. Read more about our Mentor Program, and imagine what this could mean to your future, and the future of the people you love.
Ask yourself a few pertinent questions before deciding to quit your job:Have you honed the necessary skills to make money regardless of market conditions? If you do not know how to short sell, and trade options in addition to shares, then you are destined only to make money while in a bull market.This is not sustainable over the long haul. It would be horrible to have to go back to a job after you’ve managed to escape from it.
Do you have sufficient capital to continue trading even though you may suffer a string of losses? Can you build your capital and increase your position size based on your trading results? If you can’t add to your equity, inflation will ultimately bite you.Many traders begin their full-time trading career undercapitalized and spend their first few months eating baked beans, remembering the days when money flowed freely and losses didn’t matter.
- Can you exit a trade when it has turned against you? If not, you will eventually self-destruct. It’s only a matter of time.
- Have you been able to bank your primary source of income for at least a year and live solely on the income that you have derived through trading? If not, the pressure of trading for a living when you do quit your job may affect your trading decisions.
- Do you have the support of your family? It’s up to you to make sure that they understand your intentions and can accept your plans regarding how the future will unfold. It will mean a dramatic change of circumstances for you all when you start trading full-time.
About Chris Tate
Chris Tate is one of the first people to ever release a share trading book in Australia. He is the best-selling author of ‘The Art of Trading’ and ‘The Art of Options Trading in Australia’. He’s been running the 6-month repeat-for-free www.tradinggame.com.au Mentor Program since the year 2000, and he’s also the founder of www.talkingtrading.com.au, a free weekly trading podcast.
With a background as an immunologist, and his previous work as a bouncer, Chris’s life experiences will amaze you. When he’s not hanging out with his traders, he can be seen lifting weights at the gym, enjoying yoga… and trying to get a personal best time on his rowing machine in his garage.
To get in touch with Chris
About Louise Bedford
Louise is a best-selling author and the founder of www.tradinggame.com.au. She and her business partner, Chris Tate, and have been running their repeat-for-free Mentor Program since the year 2000. They provide simple techniques that you can implement straight away, and valuable resources to enhance your trading so you can maximise your profit potential.
To get in touch with Louise