The Candlestick Trading Bible
The Candlestick Trading Bible – PDF Download, by Munehisa Homma! Last week, I made a bold move. I quit my job as an IT executive to trade forex full-time. I did that with a do-or-die mentality. Initially, my plan was to quit only after I am certain that I can earn more than my day job through forex trading. However, due to an increase in workload and responsibility, it’s getting difficult for me to find time for forex trading. Often, I am feeling very lethargic after work that I do not have energy left to look at charts and perform any analysis. Hence, I made up my mind that I am going to just quit my job and go for it. I am writing this post to share my feeling and experience with those that have the intention to do what I did.
Was it hard to make the switch? Why?
Yes. It was a very tough decision to make. From having a guaranteed annual income of more than SGD76,000 to SGD0, it was hard for me to swallow. Without the guaranteed income, I must consider every purchase carefully (Whether is it a necessity or want? Do I really want to spend so much on food? Do I really need this holiday trip? etc).
Tell your family about your intention
Not everyone can have the freedom to quit their day job and venture into full-time trading due to various reasons such as personal/family commitments, lack of confidence, afraid of the uncertainties, etc. But once you have decided, always inform your family about this because their moral and/or financial support is very important. Most often, if you have the support and understanding from your family/spouse, it will make the trading journey less stressful. I am extremely lucky to have a supportive husband and hence I was able to make the decision with ease. He is understanding and knows that at a start, I may not earn as much as I used to in my previous employment, due to small trading capital. Rome wasn’t built in a day, he believes in me and this trust allows me to concentrate on my trading business.
Do not expect to make a substantial profit with small capital. If you did, good. However, always know the realistic return on investment (ROI) you can achieve from forex trading. It is possible to earn $10,000 from forex trading if your capital is $100,000 because the ROI is 10% and that’s reasonable. But if you are aiming for $10,000 based on a capital of $5,000, please wake up.
Have savings that can last you several months
Before jumping straight to become a full-time trader, it is advisable to have some savings so that you can still pay your bills, buy food, basically, survive. Not only do you need to survive, but you also need capital to trade. And we have talked about a realistic ROI can be 10%, it can also be just 1%, you never know.
Basically, for myself, I made the tough decision to quit my job after discussing it with my husband. I also made sure that my savings can last me for several months. Not forgetting the housing loan that needs to be paid every month, I make sure to have money for that too. For those who are considering whether to go full throttle into forex trading, I hope this helps. And for those who have already made the switch, congratulation on your new journey and let’s become profitable together!