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Food isn't free
First and foremost, you need to be financially stable before you even make the decision to become a trader. If you are living paycheck to paycheck but still have the aspirations of becoming a trader, you are going to really struggle. Yes, you can learn part-time but it will take you longer and you need to keep focused on your regular job so you can keep bringing home income. The journey to becoming a full-time trader is long regardless, so don’t sweat this too much.
However, never, ever trade with hard earned dollars that you should be using to keep your family safe, warm, fed and comfortable. Do not use savings that are ear marked for the future in the hope that you can re-pay yourself through trading. The odds are you won’t be able to re-pay yourself unless you become successful – and that could take years. If you do not have the financial means to trade, don’t.
Statistics of Success Are Not on Your Side
There is a high probability that you are coming to trading at a later stage in life. You probably want this to be your second career. You may have been very successful in your past career and you probably have been smart with your finances and have accumulated some money. You may even fall within the top 10% of intelligence, as on average new traders usually do, but just because you are coming into this older and wiser, doesn’t mean that things will necessarily be easier.
A large portion of newbie traders deciding to transition into trading, do come from a background of being successful in another career. Does this success mean you are an excellent candidate to become a successful day trader? Maybe. Except statistically speaking, 90% of people that attempt to make money through retail trading, lose money net/net and give up on trading entirely. This statistic includes traders who blew up their account in 3 months to the ones that slowly grind their account down over many months. It is a harsh reality, but trading logic is not intuitive, it is learned. Be careful out there friends.
CFTC Rules 4.41 - brascotrading.com / It should be assumed that these results are hypothetical and simulated. Hypothetical or Simulated performance results have certain limitations, unlike an actual performance record, simulated results do not represent actual trading. Also, since the trades have not been executed, the results may have under-or-over compensated for the impact, if any, of certain market factors, such as lack of liquidity. Simulated trading programs in general are also subject to the fact that they are designed with the benefit of hindsight. No representation is being made that any account will or is likely to achieve profit or losses similar to those shown.
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