Ep. 80 – How to Become a Full Time Trader with Rolf Schlotmann
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In this episode:
The Crypto Trading Competition is moving into it’s final week! David Cheetham of XTB gives some last minute tips
The boys all commiserate after being caught out by recent Bitcoin drop…
Rolf lived for years as a ‘Nomad Trader’ traveling and trading in Asia – he shows us how to live the dream
Trader Interview – Rolf Schlotmann – How to Become a Full Time Trader
Long time listeners of the podcast will remember our interview with Moritz Czubatinski on Episode 16. Moritz and Rolf form both halves of the Tradeciety team, and are also the people behind the wildly popular Edgewonk trading journal.
Rolf began his professional life in much the same way I imagine many of you reading this did – good degree, corporate job, good salary and great prospects. But, just like many of you I expect, he grew disillusioned with the 9-5 life.
Rolf did what many wish they had the stones to do – he sacked off his job, sold everything he owned unless it fit in one bag and moved to South East Asia to become a full time trader, or ‘Trading Nomad’.
But, being a deep thinking kind of guy, this was not a rash decision; not spur of the moment. He made sure that he followed an action plan.
He laid it out for us and recommends that anyone thinking of following in his steps to become a full time trader does something similar:
First become a profitable part time trader. Be honest with yourself. Stop system hopping. Get great at one thing.
Decide how much money you need to live for a year. Keep that separate from your trading account. Ensure that your trading account is big enough and you are profitable enough that after a year you could live on the profits.
Be patient and have a long term mindset.
If you decide on Monday that you hate your job don’t just quit, sell everything and move to Thailand. Follow an action plan.
You have to be a profitable part time trader before you can become a full time trader. Rolf’s experience with many traders that he has mentored through this process suggests that once a trader is sat in front of the screens all day every day they actually find it harder to trade profitably because they can’t stop fiddling with their trades!
Deciding to quit your job to become a profitable trader is the wrong way around, according to Rolf.
This episode is packed full of advice for anyone wishing to become a full time trader, be it a nomad trader or from-your-bedroom trader at home!
If you want to read Rolf’s blogs that were mentioned in the episode you can check them out here:
Cryptocurrency Trading Competition
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