Have you ever placed a trade on the Forex market? It’s probably one of the most exciting and exhilarating experiences you can have from your computer chair. If Forex is new to you, it stands for the ‘Foreign exchange market’ and is the medium which currencies are traded across worldwide.
Fun Fact: Forex is the largest financial market in the world.
Yes, that’s right, an average of 4 trillion dollars exchanges hands across the Forex market every single trading day. This makes the New York Stock Exchange look like an ant in comparison. There is no reason why you can’t get involved and get a piece of this action for yourself.
In today’s article, we are going to outline some of the reasons why making the decision to become Forex trader can potentially change your life like it has done for me and many other traders we know.
Probably about 80% of the things we do in life is to one day achieve a level of financial freedom. Most people are working full-time jobs through the week, taking on as much overtime as possible to generate more income. The cost of living is becoming overwhelming that so people are doing whatever they can to get ahead financially. You hear the phrase ‘money doesn’t buy happiness’ getting thrown around a lot, but the more money you have, the fewer problems you are going to have in your everyday life. How many problems would 1 million dollars solve for you right now, how much happier would you be?
If we told you, from the comfort of your own home you could become a trader, generating an extra income through buying and selling currencies on your home computer, would you believe me? This is an exciting reality and is growing exponentially in popularity with every single passing day.
Now we are not saying you can start trading forex tomorrow and quit your job by the end of the week, but if you applied yourself and really focused on becoming a good trader, you could definitely build yourself up to the level where you could one day leave your day job and become a full-time trader.
Some of us wake up early in the morning, put up with peak hour traffic and get screamed at by our superiors. Why do we allow ourselves to be put through the daily grind of our 9-5 jobs? We simply need to do this to survive. It’s all about the money.
There are people out there in bad financial situations causing them severe depression. With economic times being as bad as they are, good jobs are hard to come by. Most are stuck with the minimum wage, barely being able to put a roof over their head and put food on the table.
Some people take the risk and open up their own business. Because it’s such a saturated and competitive world out there these days, new businesses have a high failure rate. Many going bankrupt after the first few years of trading.
Professional Forex trading is no different from running your own business, but you won’t run out of customers, the opportunity is always there. Of course, it’s going to take some time for you to build it up to the level you want, but determination is a powerful thing. If you apply yourself and are serious about the venture, there is no reason why you can’t run a professional forex trading business from the luxury of your own home.
One of the advantages of being a Forex trader is the ability to trade from anywhere in the world. Imagine traveling the world and trading on the go. All you really need is something portable like a laptop and a connection to the internet and you’re all set.
With the advances in technology and the increasing popularity of Forex, it’s now possible to get applications for your smartphone that support trading. Basically, you can have the Forex market at your fingertips wherever you are in on the globe. We use ‘end of day’ trading strategies, meaning you only really need to check the markets once a day, ideally at the close of New York trading.
Imagine running a successful forex trading business while you’re exploring the world. You could theoretically pay off your holiday before you even make it back home. The best part is you don’t have to answer to anybody but yourself. Now that’s real freedom.
Most countries today are suffering from major debt problems and have high unemployment figures. For the everyday person, this is bad news. It becomes very hard to find work, nobody can afford to hire. Even if you have a job that’s no guarantee you’re safe, there is the chance you may even be laid off.
It's bad news all round for most people, but not Forex traders. Ironically, during bad economic times, Forex traders can really clean up by selling into market crashes. We have made most of our returns during bad economic periods when currency pairs like the EUR/USD, GBP/USD, and AUD/USD were crashing. By holding sell positions in bearish markets, the lower the market goes the more you earn.
So while everyone is finding it hard during times of recession, there is always a good opportunity for the Forex trader to make money.
One of the major advantages of the Forex market is it’s a 24/5 market. 24/6 in some locations around the globe. The market basically opens at 8 am Sydney time on a Monday and closes 5 pm New York time on Friday. This allows you to be flexible with the times you spend trading.
As we mentioned earlier we use an end of day trading strategies, which means we only need to check the markets once per day. We combine this approach with ‘set and forget’ trade execution. Once a day we check the charts, set the trade up and forget about it. Once the trade is placed, the market does the rest of the hard work for us. The reality is we only need to interact with the market 15 mins/day, leaving us to spend the rest of our free time doing things we enjoy.
These strategies are excellent for anyone starting a professional trading career because they allow you trade and keep your day job. You could even be a full-time mum or even studying. Whatever your situation is, you can benefit from the advantages of becoming a Forex trader without any cost to your personal life, or interruption of your normal daily routine.
To access our Weekly Forex Outlook report, click here: http://dubaiptg.com/weekly-forex-outlook-september-04-08-2017/