Have you thought about trading digital options full-time before? If you’ve given it serious thought, then the following will explain how you could leave your current job and make it happen.
Trade Part-Time for at Least Six Months
At the very bare minimum, you should have trade digital options for at least six months before you leave your full-time job. Even that would be considered too soon by many experts’ standards. Most would probably recommend a year.
There are a number of reasons for this, but the most important is that you need to experience a few different trading cycles before you can know whether or not trading digital options full-time will work out.
Lose a Lot of Money First
Another important milestone you need under your belt before trading digital options full-time is suffering a big loss or two. This is an inevitable part of investing, no matter what kind you prefer.
However, if you’re only trading digital options part-time, it can be easy to avoid anything too serious. When you have another full-time source of income, it’s easier to sit out or take a break. You can avoid big losses by deciding to sit a few days or even weeks out.
Losing a lot of money is important, though, because it tests your ability to respond maturely. A big loss also teaches you a lot about yourself in terms of how you respond to such an event. You don’t want to get this education after you quit your job.
Try It Out
Most people with full-time jobs aren’t going to have the time or energy to trade another eight hours a day, five times a week. As it turns out, you might just like digital options trading every now and then. Maybe you even regard it as a hobby or a good way to blow off steam after work.
That’s fine if that’s all trading digital options turns out to be for you, but if you have full-time dreams, you need to find out what it feels like. Take a day or two off from week sometime in the near future and commit to trading for eight hours. Obviously, we’re not saying you have to trade every hour of that span. Instead, treat it like you normally would: doing ongoing research, looking for trends and trading when it makes sense.
Put Aside at Least Six Months of Savings
Personal finance experts tend to agree that you should have at least six months worth of savings aside at all times. Although we’re recommending the same for slightly different reasons here, the point remains you should have that money set aside before you switch to trading digital options full-time.
This includes the money you’re going to need for your trades. A lot could happen when you start trading as your main source of income, so you want to protect yourself against becoming desperate because of some bad turns. That’s probably the quickest way to force you into asking for your old job back.
Prepare Yourself for a Lean Budget
Hopefully, by now, you’ve designed a budget for your trading. However, to move into trading digital options full-time, you’re going to need to reassess that budget. You’ll also need to reassess the one you’ve been using for your daily expenses. Keep things modest so, worst case scenario, chasing your dream doesn’t burn through all your reserves.
While it can be exciting to consider trading binary options full-time, don’t rush into things. The above advice should not only help you with this transition; it should help you think about whether or not it’s a good idea in the first place.