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  1. #1
    Administrator Martin Kay's Avatar

    Is Trading a Hobby or a Business for you? !!!

    What is it trading for you, the great hobby or a business venture?
    How do you approach trading binary options, more like a gambling with higher risk taking or more like a well calculated business with controlled and as low as possible risk? Share your experience and your views. What do you expect from your trading venture in the upcoming year? How do you plan to improve your skills and master your trading?

  2. #2
    Legendry Member Michael Hodges's Avatar
    It's kinda both. Trading started as a hobby but now it pays the bills. I don't exactly work, I trade for a living.

  3. #3
    Master Member vinayakm's Avatar

    Smile I agree with Michael: It is both !!!

    Quote Originally Posted by Martin Kay View Post
    What is it trading for you, the great hobby or a business venture?
    How do you approach trading binary options, more like a gambling with higher risk taking or more like a well calculated business with controlled and as low as possible risk? Share your experience and your views. What do you expect from your trading venture in the upcoming year? How do you plan to improve your skills and master your trading?
    Trading is a lot of fun for me and at times it allows me a way to release stress. This is not always the case, though. There are always those moments that test an individual's nervous system when doing some trading.
    I suppose I can surmise by saying that trading is an additional way of generating income by looking at the economics across the globe (major currencies, indices, Apple stock, etc). That is fun for me and I suppose I can classify it as a great hobby.
    But then again, I would not trade as much if the money wasn't good.
    I plan to really step up my trading game in 2013 and I will be utilizing the skills I learned here and the tips that are quite abundant on this forum.

  4. #4
    Senior Member Grae's Avatar
    Quote Originally Posted by Michael Hodges View Post
    It's kinda both. Trading started as a hobby but now it pays the bills. I don't exactly work, I trade for a living.
    Thats really great. Still a hobby, but should get Trading to pay my bills too-soon.

  5. #5
    Legendry Member Michael Hodges's Avatar
    Quote Originally Posted by Grae View Post
    Thats really great. Still a hobby, but should get Trading to pay my bills too-soon.
    Word......!

  6. #6
    Specialist Member RCox's Avatar
    I think a lot of whether trading is a business or a hobby comes from the mindset that goes into each trade, and the way that psychological reactions are managed once trades are open. Anyone expecting to make money trading over the long term has to approach things with a conservative mindset and have the understanding that there will be a certain number of wins and losses, and that your main responsibility is not to win every trade but to come out ahead based on the averages. Once it is understood that, as always, there is a "cost of doing business" in terms of instances of loss as well as in the time an effort that goes into analyzing the markets, it starts to become a business rather than a hobby.

  7. #7
    M.J
    M.J is offline
    Veteran Member M.J's Avatar
    Quote Originally Posted by Martin Kay View Post
    What is it trading for you, the great hobby or a business venture?
    How do you approach trading binary options, more like a gambling with higher risk taking or more like a well calculated business with controlled and as low as possible risk? Share your experience and your views. What do you expect from your trading venture in the upcoming year? How do you plan to improve your skills and master your trading?
    For many beginners, it is more like gambling. But eventually they start to do calculations and try to know about market. Experienced traders always adopt good money and risk management techniques.
    The bottom line is it depends on u. For me, it is well calculated business.

  8. #8
    Solid Member Peter Green's Avatar
    It is a hobby for me, but I eventually could make it my main business. I didn’t consider it as gambling at all. Gambling is when you try to double your investment overnight, when you pray blindly to win a particular option. That is absolutely not my case

  9. #9
    Veteran Member Ammeo's Avatar
    i havent turned Online trading into a full time profession cause of the uncertainty invilved in it...infact i do have a feel one cant fully just rely on trading online and not having a 2nd source of income..its too risky...

  10. #10
    Veteran Member uj.forex's Avatar
    Intra-day traders are normally full-time traders.... while inter-day or swing traders might take trading as a part-time thingy or a hobby...

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