Ticker tape by TradingView

So you're thinking of quitting your job and trading full-time, this is every trader's dream as nothing embodies freedom more than those who trade full-time. However, this type of independence isn't for everyone, so how are you meant to know when you're ready? From personal experience and through relations with other great traders, I've been able to narrow it down to a few points.

1. You Have Enough Capital

The capital you have is probably one of the most critical factors of going full-time in this game.

You must have enough capital in your account that whereby making at least 7%/month is more than double what your full-time job is paying you. And not only this, you must have enough money in the back where you can cover at least the next year or so of standard bills such as rent, utilities, and food, without having to think about withdrawing from your forex account possibly.

You must be prepared to have the capital to continue living an everyday life and be comfortable with a few account fluctuations every now and then and being prepared in case of losing streaks or large drawdowns.

There is no set amount you should have at least to go full-time as it all depends on personal circumstances, and the lifestyle you live. However, speaking for myself as an almost 19-year old university student living away from home in England, I would desire to have at least £35,000 in my trading account so that 7%/month is at least £2500 which will grow if compounded, and at least £25,000 in the bank to spend on necessities which would last me at least the next two years or so.

This is so that, if half-way through I realise I am not pulling in the best results trading full-time, I have enough time to find a good job and start getting paid well.

2. You've made Consistent Monthly Profits for the Past 2 Years, MINIMUM

You must have data in your journal that proves that you're able to make consistent monthly profits on your trading decisions for the last two years every month. Of course, a losing month here and there is fine, but overall per month, you must be making on average around 8-10% gains on your investment.

Just by throwing your work clothes in the wardrobe and earning money in bed by trading 24/7, it does not mean you will be any better at making trading decisions than you were trading part-time.

If you know you're not quite there yet at making consistent monthly profits, then the idea of trading full-time should probably be put on hold as there chances of you doing so as a full-time trader will most likely decrease.

3. You Have Other Responsibilities that will Distract Yourself From Trading

I believe trading does not need to be "full time" where you sit at your all day and take countless trades; it all depends on the type of trader you are.

I think most people would agree that swing trading is probably the best type of trading, as it allows time to catch the next full swing in markets. For this reason, I think having a job or some responsibility is a good thing as a distraction, to keep you away from the charts whilst the trade is open.

Sitting at your desk, 24/7 could lead to over-trading, and we all know what the usual consequence of that is.

That's why if you're planning on quitting your full-time job to pursue trading full-time, you should definitely have something else to do throughout the day and that can be literally anything!

This could range from being in charge of taking and collecting the kids to and from school, cooking for the family, cleaning the house, anything! Anything that can take your mind off the chart.

4. You Have a Real Passion for Trading

You must be clear with yourself about why you're taking the leap of faith and going full-time with your trading. Do you really believe this is what you're truly good at and it's got to a point where it's making you much more than your job? Or are you just trying to make some quick cash?

You must critically and honestly assess your skills, and I'd recommend you fix any issues you have with yourself before you give in that notice.

If you rely solely on your paycheck to pay your bills, mortgage, or your family's tuition fees, then strongly consider the consequences of removing that paycheck will do for you, have you been making enough, or even double than what you get paid to be responsible for this? You definitely don't want to put your lifestyle or your family's well-being on the line.

Quitting your job and going full-time is pretty severe, and there are plenty of risks involved not just in the monetary aspect. Take your time with your decision, and make sure you're ready financially, mentally, and emotionally.

Hi everyone! I see you're here because you want to develop your interest in personal finance and entrepreneurship. I'm TraderBart with A1 Trading, and I'll be talking about three books, which helped me build my millionaire mindset.

Honourable Mention

I wouldn't say this book deserves the Top 3 list; however, I believe this book should be the first you read before getting into others. It introduces financial literacy, assets vs liabilities, and building wealth from personal finance. This book was the book that changed my life forever that taught me the principles of money and wealth, and it was the first book I was able to read since leaving high school three years ago now.

The book itself is about Kiyosaki's childhood, where he had a rich dad and a poor dad. The poor dad was his actual father, and his rich dad was his best friends dad. Overall it is a fantastic book; it's enjoyable and very educational. This isn't the best entrepreneurial book out there, but I can vouch that this book turns on that "switch" in your head. It makes you think twice about the real importance of money.

#3 - Self Made : The Definitive Guide to Business Start-Up Success

Self Made is a great comprehensive book for anyone wanting to gain success from running their own business. The book covers every tier of the business development process, from start-up to exit, offering practical, implementable and global advice on the start-up process. Additionally, it features interviews with well-known entrepreneurs, entertainers and industry experts.

The book provides straightforward advice on turning a standard business into a commercially viable proposition. It advises the common mistakes to avoid and helps you create a sustainable enterprise that will flourish in success.

#2 - The 4-Hour Work Week : Escape the 9-5, Live Anywhere and Join the New Rich

In this book, Ferriss discusses the years he has spent testing various entrepreneurial ventures and working regular jobs. He has worked extremely hard over the years to be able to earn $40,000 a month. He gets to say he works ‘four hours a week’ because he did the hard work for years, then learned how to delegate and prioritise tasks better.

Ferriss’ epiphany was that happiness primarily comes from time and freedom, which he calls the ‘new rich’ currency, and I could not agree more! Overall this book is fantastic, and I definitely recommend it.

#1 - Millionaire Next Door : The Surprising Secrets of America's Wealthy

The main idea of this book is building wealth, and how simple saving and spending habits will help you build a wealthy lifestyle over time, as we get a constant reminder that becoming wealthy does not happen overnight!

It explains why always watching money as it flows in and out of your bank account is very important, and for someone who is very frugal with money, this speaks volumes to me! I have been taught from a young age that a focus on cash flow is a critical block for financial success.

Gold members in our community are getting some serious upgrades with their membership. We are trying to provide gold member with the best package money can buy with more trading tools and scanners.

What's in the Gold VIP Membership?

Being a Gold member means that you will have unlimited lifetime access to our community, which includes signals, our educational library and all our software. Here are some more details about the Gold membership from our A1 Trading Website:

We have chat rooms as well as six top analysts giving their signals every day. Each analysts with a 50-100 pip goal per week in mind. Each trader gives their own insight on the markets and giving status updates on all their trades being winners and losers alike. With our six analysts at work, we have coverage of all market times for there to be 24/7 analysis.

Instead of purchasing each individual piece of software, our Gold membership gives you access to the $900+ worth of software, as well as updates or any additional scanners/bots including the brand new XMR Indicator Package:

https://a1trading.com/gold-vip-membership/

Why it's nice to be a gold member

The benefits to being gold is that the benefits keep coming. A common concern from those who want to become gold members say that they don't want to miss out on any new software since they have already purchased gold. But that is not the case; a gold member will always get any updates on older software as well as new releases and will not be charged because of the one-time payment to join Gold. Another way we made it easier to join Gold is by making it $25 off so the original price of $300 is now $275.

We hope that our new deals will be beneficial to you all as we plan to make this community one that is affordable and safe. We believe that analysis, trading tools and signals are very important in learning how to improve your trading to where we can trade and learn together as a community. Hope you guys are doing well and trade safe! To learn more about the Gold membership or other memberships we offer, check out the link below:


Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

Thanks for reading!

Where to purchase your own scanner: https://a1trading.com/xmr-indicator/

Remember the XMR Indicator scanner? This uses the same RSI strategy except with a different look, and is incorporated in the package deal with the XMR Indicator. We thought it would be a good idea to provide another option for traders depending on what scanner they like better. Instead of bars reading -5 to +5, the Arrows Indicator places an arrow or an 'x' on a candle if prices look overbought or oversold.

How it works

This tool uses the same concept as the XMR Indicator by taking the average of five RSIs on the time periods of 4 days, 7 days, 14 days, 28 days and 50 days. However, this scanner will not notify the user if values are between -2 and +2 so it can only capture the more extreme XMR conditions. If the scanner calculates a +3 or -3 on a pair, the Arrows Indicator will place an arrow on that candle shown above. A blue arrow shows that the price is oversold, and a red arrow shows that the price is overbought.

If the scanner calculates a reading of +4 or higher/-4 or lower, it will place a red 'x' on top of the candle. The 'x' shows that prices are extremely overbought or oversold, and that it could be a good chance to long or short a pair.

How to set up

Because the XMR Indicator and Arrows Indicator are a package deal, the process of installing and/or customizing Arrows is the same as XMR, so you can refer to the set up and customization process mentioned in the XMR article here:
https://a1trading.com/2020/07/21/new-trading-scanner-the-xmr-indicator/

How we like to trade with it

Notice how a single arrow does not necessarily show a strong indication to buy or sell. However, a cluster of arrows/'x's usually show up before price shifts the other way. I think a good way to use this indicator is to wait for at least 2 arrows/'x's before it's time to enter.

I've noticed this on other time frames too.

15 min Chart
1H Chart

Overall, this indicator tends to work better on time frames higher than 5 minutes and are most accurate on longer time frames like 4H to 1M since we're looking for extreme mean reversions. Like we said before, not every indicator is perfect, but the XMR package could be a great tool to have if you're unsure on whether or not a pair will continue its trend or reverse. We hope that these tools will be helpful in your trading career, and we are excited to release this product and hear your feedback.


Thanks for reading! If you are interested in joining our trading community, we have chat rooms, trade alerts from our top traders, and educational content. You can join using the link below, and get a discount on your membership.

Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

For the past couple weeks, our team has been working to make the A1 website a go-to platform for traders to get access to information on forex markets and indices. We want our website to be like another finviz or TradingView for members to see our trade ideas, real-time market conditions and important updates. Here's what we added to the site:

If you click on the 'Market Analysis' tab, you'll see general currency pairs as well as our articles posted on the site. But if you hover over the tab, you'll see both a forex dashboard or stock market dashboard tab appear.

The forex dashboard is really cool, thanks to TradingView who provided us with their software widgets. The heat map above shows you how the major pairs are doing throughout the day. For example, EUR/USD is down -0.17% as of that time and AUD/JPY is up 0.32%. If you scroll down, there is also an economic calendar to tell you what to look out for, forecasts, and the actual numbers released in real-time.

Another page on our website covers stocks and indices for traders interested in trading the SPX500, NAS100 or US30.

My favorite addition to the stock dashboard is the technical analysis sentiment meter which tells you how traders feel about the market today or on any time frame. TradingView has really helped us out with their free software and analysis tools that you can also access on their site.

As a signals service and an educational website, we think it's important to make you guys feel we're a home for traders and investors alike as well as a hub for newcomers and all our members. These helpful tools are here for you guys and will hopefully give you more insight on global markets, trade ideas, and what our analysts are looking at. On behalf of the A1 Trading Community, I want to thank you all for making it possible to get to the point we are at now, and we hope to keep growing from here. Expect more updates in the future as we plan on creating a top-tier platform for all traders who want to learn with us in an ever-changing global market.


Thanks for reading! If you are interested in joining our trading community, we have chat rooms, trade alerts from our top traders, and educational content. You can join using the link below, and get a discount on your membership.

Disclaimer:

Please note that this email is my personal opinion only. I am not a licensed financial advisor, and any information shared or discussed is not to be construed as investment advice. Trading and investing involves a degree of risk, and is not suitable to all investors. Please consult with your financial advisor before making any sort of investment decisions.

A1 Trading Company

A1 Trading Company is a financial services and media business founded in Atlanta, USA.
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