Question

I would like to personally thank you for all the effort in writing those books because vpa actually helped me get a grip in the fx market. I would like to ask you a question if it is not too much to ask. I am really new to the market and i am planing to be a full time trader in the near future so i would like to know if it would be a good thing to do! Meaning, is trading something that would always be available for all us retail traders lets say for the next 30 years? I know it is impossible to know the future, i would just like to know your opinion because i am concerned of my career. Should i devote my time into trading or should i do it only as a part time job?

Thank you for your time and your answer in advance.

Answer

Hi – many thanks for your Facebook message and I’m so delighted that my Volume Price Analysis method is helping you as you start your forex trading endeavors.

With regard to your questions I will try to answer these as best I can.

First, whilst it is impossible to predict what may or may not happen in 30 years time I think I can safely say, with a high degree of confidence, that the financial markets will continue to exist and indeed be even more accessible to the small retail trader. This is one aspect that has changed almost beyond all recognition in the time that I have been trading.

Scroll back 20 years and foreign exchange was relegated to a back office operation within the banking world and really only provided as a service to bank customers requiring physical transfers of cash. Since then the FX market, speeded by technology, has emerged to become a mainstream market for traders big and small.

A further example is the futures market which again has changed dramatically. When David & I started trading futures, it was a market restricted to a few, with limited instruments available. Now, the CME and other exchanges are actively seeking smaller, retail traders by offering mini and micro contracts at a fraction of the cost of their larger counterparts. In addition, emini contracts have exploded onto the scene allowing traders to speculate on indices and other markets.

Finally, ETFs have also provided traders with yet another new instrument, and with the options markets undergoing significant changes, these too are opening up a world of opportunities to retail traders like you and me. And will continue to do so, in my opinion.

With regard to your second question I will give you the answer I always give when asked which is : Keep your day job as long as possible and to build your trading experience in parallel.

Trading is a very stressful business and you do not need the additional pressure of trying to live off the proceeds of your trading without some other kind of income. So run the two in parallel and develop a strategy that allows you to hone your trading skills, and when you are happy and comfortable, then and only then consider making the switch.

I hope the above helps and thanks again for taking the time and trouble to write to me.