Every other time that I have had a meeting with a Live Trader, there was that same emotion of wishing “Wish that I could make a living out of it” and would respond with a grimace. That was not to offend but looking at the current situation of trading. Making a right amount from trading is very much possible, and there are suitable cases where ordinary aspiring people have made it possible to take up trading as the primary source of income, but the number of such successful people is very low.
When you are in the business of trading, you can either feast over your achievements or perish in it. It might seem more or less like sales, but it’s much harder than that. The burden of the monthly draw itself is gruesome one, and to top it up the market might even pull down your 2 or 3 months paycheck. The struggle then begins to level the amount with the paychecks of the months coming up.
Considering these factors, it is best recommended for an individual who is planning to take up trading as a career to have a backup income source. It can be a little revenue, but should not be reliant on the market fluctuations. The need for this revenue stream to serve as the steady and reliable amount for basic life needs and also to be a matter of relief in the times of drawdown which are sure to push you into it at times.
Another idea of looking into this issue is by creating a better goal with trading i.e., to trade for life. This is one of the most prominent skills that can be attained to sustain it in the market.
Making a profit would not be possible if you buy them at the highs. Years back, a community member had bought 529 accounts when his kids were in school to prepare for their college. Now 16 years later, they were dumbstruck to see what they have gained in their ‘wise investment.’ Deducting all the concerned fees, their gain was only 2.1% yearly. Thank God, they hadn’t relied on it as a source of retirement income.
The base factor is that being organized is not the key for the next generation. Do not attempt to break the clock, make the most of your life and live it now. Live in harmony with the financial market, learn and take back from it effectively. Only by trading for life will you be able to receive financial safety over your investments in the coming millennium.