To turn Forex trading into a business, you must learn basic business principles and apply them to your trading. One of the biggest pitfalls of Forex trading is not managing risk as you would in any other business. The most fundamental business principle is longevity and for Forex trading to have longevity, the risks must be managed effectively. Being impatient and impulsive can cost you your whole portfolio and that will not allow you to continue to do business. The key to any successful business is sustainability. If you can make a consistent and reasonable profit your business is a success. In terms of Forex that means limited risk, safer decisions and consistent profits.
When you view Forex trading as a business rather than a get rich quick scheme you will see things differently. Making money in business is a long-term activity. Gambling and getting rich quick move much faster. The faster you expect to see real results the more disappointed you will be. There is a big learning curve. Large percentages of day traders fail. You must accept that you will win some and lose some but you must make sure that the amounts of the losses are smaller than the amounts of the wins.
As in any business the first stage is research and education. Learn the field inside and out. Successful trading is not as easy as it looks. The internet would have you think that you can make money trading overnight. On the contrary, it takes learning and research to make Forex trading into a sustainable business. Make sure you test your strategy repeatedly. Tweak it to make sure it works the way you need it to. Understand clearly how the market works and what type of trading is best for you.
The next step is raising capital. Every business needs capital and a business plan. The plan must include reinvestment. Most of your trading account capital will be consistently reinvested for your business to grow and succeed. This will be difficult in the early years because you will need to have other avenues for earning a living. As at the beginning of any business, you are unlikely to produce income for the first two years.
The good news is that if you have done all of this correctly, and reinvested up until year three, you should be able to quit your second job and take a nice profit monthly from your full time Forex trading business. This should free up a large amount of time. Take that time and enjoy the fruits of your labor. Do not make the mistake of looking for more action in your Forex trading and risking more of your capital. Protect your capital and continue to make conservative, managed risk based decisions and your business will be a success. You will be considered an expert trader now.