Finding Your Way to Professionalsm as a full-time trader.
So you decided to get involved in trading. Whether your trading stocks, forex, cryptos, etc. Most beginners based on my experience usually begin by studying some books, attending online webinars, getting a mentor and typically practice techniques on a demo account.
This phase of their trading career can last several years before they decide to trade with live capital. Some start trading live accounts earlier, but it’s best to first prove to yourself that you can at least double or triple a demo account first. Throughout this phase of growing your demo account, you’ll likely explore hundreds of different strategies from swing trading, to scalping to intra-day trading etc.. You’ll also likely find an asset that tends to be more profitable than other assets. Or an asset you find easier to work with. For some this might be the S&P500, Bitcoin, EURUSD, Gold, Oil, etc. But eventually you’ll find a pair that works best for you. At this point, you’ll then want to master this one single pair. There’s an old saying “Master of One or Master of None”. You should know everything about this one asset such as how it handles major volatility, manipulation, earning season, fed speeches, elections, etc. You should also know when this asset is likely to trend, retrace and consolidate. What does a typical trading day of this asset look like? How much price action is considered extreme or average? You should know how much price tends to move on an average day. For example a $20 move in Gold for the day is a big move. Or a $10 move is considered an average day.
My recommendation is if you’re striving to become a full-time trader, focus on one or two assets at a time and master them. If you’re wanting to generate greater returns, you can simply increase the volume you trade with these one or two assets.
