Some Pros and Cons of Being a Forex Trader | Ep. 014
Dr. Jason Gospodarek has been a Forex trader for over 14 years. He could give you hundreds and pros and hundreds of cons. Today he gives us his take on a few of the top Pros and Cons of Being a Forex Trader.
If you’re a seasoned trader, you may already know some of these. This podcast is for those that are new to Forex trading or are still doing it part-time.
Trading is Stressful
Let’s start with the bad stuff. Jason likes to end off on a good note so we’ll save the pros for last.
Stress. Trading is a very stressful business. It can give you mental and physical stress. The physical stress can manifest itself as tightness in your back, neck and shoulders. It can even affect your stomach. Trading can be stressful for the large amounts of money or at other times, not a lot of money but a lot of time.
Lack of Sleep
It’s very difficult, especially in the US for people who work a regular 9 to 5 job. If you’re trading after work or before you go to beds, you’re trading the Tokyo Session. Tokyo Session is commonly a slower session. It can be quiet.
You typically get into trades after dinner in the evening, do your research, make find their entry, take it a low and behold it’s [9:30] or [10:00]. Finally, some news starts to trickle in as the European markets begin to open and by 1;00 am the markets start to change and become more volatile.
Overnight Ups and Downs
That trade you made at 9 or 10 o’clock at night is finally starting to move. If it’s profitable, you don’t want to go to bed, you want to ride it out. Alternatively, if it’s negative, you might not be able to sleep and it starts causing you stress.
Maybe you sleep just fine but you find yourself waking up several times through the night checking on the trade. This is where you should let your stops and limits work for you.
To hear Jason’s take on the good and the bad, download and listen to Some Pros and Cons of Forex Trading.