Time to Quit Your Day Job

trading-joyWell, actually not yet. But, if you read this article I have a better way for you to make a living and it will be from the comfort of your own home, no bosses over your head and no one to answer too and above all, the money you’ll be able to make is way better than your actual day job. So, what am I talking about? Trading stocks and currencies.

Hang on, don’t hit the back button just yet and hear me out. If you’ve heard before that trading is all about luck and gambling than you’ve heard wrong. These people either never traded a day in their lives or traded wrong and lost their money. In this article, I would like to share with you a few important guidelines to follow in order to succeed in trading and in 2-3 years make a living from it and quit your day job.

1. Don’t Be Afraid to Lose Your Money – When you’re afraid losing your money you tend to make mistakes like selling a stock or currency too soon or without a plan, causing you to lose. You can avoid this easily if you trade with the amount of money that suits you as a trader and that means never with all your money. Set the amount of money you’re willing to trade with and trade freely. You will not lose your money so don’t worry but when you trade without fear, you will not make mistakes. With time as you gain confidence and experience you’ll be able to add more money to your trading account and trade for a larger amount and profit even more.

2. Always Do Your Homework Prior to Trading Day – Trading stocks and currencies has nothing to do with luck or gambling. You come prepared to every trading day and that means freeing 2-3 hours each day to read the news and analyze as many charts as you can. During your preparation to trading, you’ll find the best stocks and currencies to trade for that coming day and know exactly when to enter and exit them. This is allow you to know how much money you’ll make from the trades but also limit your losses to a minimum if the trades were not successful. This is exactly how you won’t lose all your money and control your bankroll.

3. Work with Your Mind and not Your Gut – There are plenty of trading strategies and that is because trading is not done using rumors or gut feelings. Like I said, gambling and luck has no place here so if you’re calm, calculated and you’ve done your homework prior to trading day, you know how much money you’ll be making and limit your losses. If you trade according to your charts and work you’ll make money in the long run and make a living from trading, but if you trade according to rummies and gut feelings on stocks you haven’t worked on, have no idea when to enter and exit them and have no real trading plan to that day, don’t be surprised if you’ll lose. Always work according to your homework and the stocks you’ve found and don’t gamble on your guts, use your head.

4. Know to Take Small Profits – Until you master the trading and know all the tricks there are, know to take home small profits as well. It’s better to take home these profits each time than to lose it all one time just because you were greedy. When you gain more experience you’ll be able to take home more profits, so take it nice and slow and gain experience on the way as well.

5. Never Stop Learning to Trade – The more your trade and the more you learn from other successful traders, the better trader you’ll become yourself. Even when you don’t trade on real money, trade hypothetically and see if you were right. Always learn from mistakes and don’t repeat them again, with time you’ll master the trading and will be able to make thousands of dollars each and every day.

Follow these rules if you want to live a better life, have more time to yourself and spend it with your family and don’t be afraid. With time you’ll gain experience and confidence and if you follow these rules, in 3 years or so you’ll be a happier man without a day job and a lot of money. Don’t be greedy, start slowly and make one step at a time. It will take some time but every professional trader started just like that to a better life and a whole lot of money, so now I guess it’s your time…

I would have wished you the best of luck, but we all know that successful trading has nothing to do with luck, right?

Jimmy Simond is a founder of Personalfinancetricks.com, he share his immense knowledge of finance in this blog.