Times are quite tough at the moment…and by the look of things it going to get a whole lot worse over the next couple of years.
Post pandemic we are in the midst of a cost-of-living crisis, inflation, interest rates, energy prices and not forgetting a recession.
This all means more and more businesses, households, and individuals are going to find it a real struggle to make ends meet.
It’s unsurprising therefore to hear that more people than ever are starting their own side hustles and home based businesses to supplement incomes and earn extra cash.
In fact, according to a report by digital marketplace Airtasker, 46% of Brits are making a second income using side hustles, and where it is estimated that the side hustle economy is now worth around £346 bn.
As you’ve signed up to my Cutting Edge Trader e-bulleting, I’m assuming Forex trading is potentially going to be your profitable side hustle, or maybe your full-time career at some point in the future.
As you undoubtedly know, trading presents an amazing opportunity to make not only an additional part-time income but also substantial, life-changing money.
However, there are lots of things to put in place first before getting to that point of consistent profits and success.
So Is Trading Really The Right Fit For You?
You may be passionate about trading.
Have an appetite to learn and work hard to accomplish your dreams.
You may also have a strong desire for you and your family to finally achieve financial freedom and independence
Despite all the above playing an essential role, these on their own will not determine whether you will eventually make it as a trader.
So before taking the plunge and investing lots of your time and money to trading the markets, I’ve managed to source a quick trading quiz that will establish whether its really for you.
Are you ready?
Let’s go…
Question #1: Do you consider yourself a risk-taker?
A.No. I’m extremely risk averse, and little to no interest in taking risks.
B. Occasionally, depending on my mood at the time and the situation
C. Yes. I enjoy risk-taking and have positive experiences of winning big when it matters
Question #2 When starting to trade, my priority is…?
A.Making lots of money as quickly as possible
B. Win more trades than I lose
C. Learning how to trade and how the forex markets work in order to make consistent profits longer term
Question #3 Do you want to make quick profits?
A.Stupid question!!! Of course I do?
B. Sometimes, so I can treat myself to some luxuries every now and again
C. No, I much rather investing for the long term
Question# 4 Can you keep cool and calm when you lose money?
A.No. I become angry and want to recover my losses as quickly as possible.
B. Sometimes. I try and accept the loss and focus back on my trading plan but I can find that difficult
C. Yes. I have no difficulty in resisting the temptation to ‘revenge trade’ to make up my losses
Question #5 How would you best describe yourself?
A.I often lose my temper and react badly to bad news
B. On the whole I’m patient, but occasional can get very upset when things don’t work out for me?
C. I am calm, patient and level who never gets irate, annoyed or agitated.
Question #6 Do you having a plan to follow?
A. No. I learn best from making mistakes
B. Yes, providing it’s doesn’t prevent me from my urges and inclinations
C. Yes, I like order, structure and consistency
Question #7 Do you like doing research and analysis?
A.Not really, I just prefer to get things done quickly
B. Sometimes, when I fell it’s necessary
C. Yes, I am very analytical and thorough
Question #8 What are your mid to long term goals?
A.I want to be financially free by any means whether that’s from trading or any other business venture or opportunity
B. I want to trade to supplement my income and make some extra cash on the side
c. I want to a full-time trader and become financially secure over the next over the next 5-10 years.
OK so how did you get on?
If you’ve answered:
Mainly As, then it’s maybe not the right time for you start trading just yet. You’d be wise to first establish where your true passions lie before commiting your valuable time and money on trading courses, education, systems and software.
Mainly Bs– Trading maybe suitable for you, however you still require additional courses, education and practice if you are to be successful over the long term
Mainly Cs– You are definitely on track to become a successful trader. With consistent practice and discipline, trading success is as good as yours.
Regardless of what the so-called gurus and ‘experts’ say about riches that come with Forex trading, there’s so much that needs to be in place first before any of that remotely becomes a reality.
Patience, discipline, dedication, resilience, risk-management and a positive mindset are some of the key ingredients to becoming a highly successful trader.
Of course all these traits are things everyone can learn and develop over time, but before taking the leap into trading, it’s important to ask yourself these types of question know where exactly you are on a personal level.
Doing so, could as I’ve said, save you from losing money as well a lot of unwanted and unnecessary pain and frustration.
As always, please feel free to let me know what you gleaned about yourself from doing quiz and whether it made you change course with your trading.
