Back in the day, forex trading was often seen as a controversial way to make some money, if you are lucky, but even more often as a sure way to lose a lot of cash. This is why you may have heard trading, and especially trading forex is only enjoyable if you are wealthy enough to afford the losses. This article explores the benefits of becoming a full-time trader.
It is true, forex trading, just as any sort of trading for that matter, does involve lots of risks and can lead to financial issues if not done the right way. However, with time and a lot of dedication, you can become a forex trader even if you are not the wealthiest of people. In fact, forex trading can end up becoming a full-time job that brings more financial and personal satisfaction than any entrepreneurship journey.
Central banks, governments, and large corporations all participate in the forex market, but individual traders account for 90% of all market activity. If you look online, there are plenty of success stories about people who started out with a few hundred dollars and ended up building their wealth by trading on the forex market.
Still, being a successful trader is one thing, but opting to give up other opportunities and choose this as a career is an entirely different, more complex story. If you’re not sure forex trading is better than entrepreneurship, perhaps these compelling reasons can convince you.
You will work for yourself, with yourself
One of the primary reasons why people choose to quit their day job and become full-time traders is the opportunity to work for themselves, by themselves. When working for someone else, many people claim that their abilities are undervalued or that climbing the professional ladder within the firm is unattainable. As an entrepreneur, things can get even more stressful, as you have a huge responsibility to your employees and partners, so you can’t really afford to make bad decisions.
When you become a full-time trader, you will never have to answer to anybody except yourself. You will be in command of your schedule; you will not be required to report to anybody; neither will you be required to meet with clients and try to persuade them to conduct business with you or anything similar.
Of course, trading does come with a set of responsibilities, such as handling your own finances, learning better time management, and figuring out which decisions are going to be the most advantageous for yourself. Forex trading is not simple, so don’t expect to spend most of your time sitting around waiting for money to come flooding in. To guarantee that all of your judgments are founded on facts and not on instinct, you’ll need to do technical studies, keep an eye on the news, and participate in community discussions, but knowing that you’re doing it for your own good will make it much more rewarding.
You can trade from anywhere in the world
Because you don’t have a set work schedule, you may choose when and for how long you want to trade. If you decide to go on vacation, you may trade from your hotel room, the beach, or even while waiting for a train.
Because the forex market is open 24 hours a day, five days a week, you may trade at practically any moment. However, if you want to make the greatest decisions, you must discover the optimum times to join and leave a trade, which can occasionally clash with your everyday schedule. Still, this is your best chance at becoming successful and learning as much as possible about the market.
Just keep in mind to choose a forex broker that is regulated by an authority in your region. For example, traders who conduct their activities in the EU should look for brokers accepting EU clients, which often provide better trading conditions compared to offshore brokers.
The greatest thing you can do is try to keep to a trading plan that works best for you. This is where self-discipline comes into play the most. You must create a timetable and plan ahead, just like you would if you were working on a deadline, but the difference is that you can do so from home or even from a beach house or country cottage if you choose to.
Trading is not your only money-making option in this environment
When you become a professional trader, you will have a plethora of chances to increase your revenue, many of which stem from forex trading. You may make money not only by opening or closing a trade at the right moment, but you can also build trading strategies and techniques that can be shared with others over a fee.
The next major things you can do in the business are social trading and copy trading, which means you can really trade your expertise for extra money. This basically means that people can duplicate your trading moves in order to make money using copy trading, and you get paid for assisting them. However, in order for others to decide to invest in you, you must first become really good at what you do.
Good trading advice is also hard to come by, so if you have enough experience and have established a name for yourself in the field, you may start developing trading lessons for others to follow – for a fee, of course.
It brings tremendous personal satisfaction
Being an entrepreneur is extremely satisfying, but forex trading can be even more of a pleasure. Forex trading is not simple, and you will need to devote a significant amount of time to master all of the intricacies, but once you do, the joy that comes with it is immeasurable. Being able to thrill in such a big and challenging industry will transform you into a professional, responsible, and confident individual.
Being able to become a professional, full-time trader will allow you to develop both personally and professionally, which is something that few 9-to-5 occupations can provide. So, whether you decide to trade forex for the rest of your life or return to a traditional career after a few years, the experience will be invaluable.