In a society that is becoming more digital, forex benefits massively from affordable technology to internet access across the world.
There’s a reason why you are seeing an increase in brokers and trading sites advertising – it’s never been easier to start trading, and not just in forex.
Stocks, futures, cryptocurrencies – all of these are widely available to a large portion of people in an array of countries. My students today are the most diverse group I have ever taught!
So whether you have been thinking about forex trading for awhile or came across it recently, I am going to take you through 5 simple reasons why you should give forex trading a start today.
1. Generate Multiple Streams of Income
Financial security and independence can be difficult to obtain for yourself in today’s money driven world. Many people have to work multiple jobs in order to get by and yet still cannot afford to set money aside to save up. Not only that, the threat of losing a job can jeopardize your entire livelihood. This can create a reliance on your job that can force you to remain in a difficult financial situation for years.
This reliance on jobs that don’t pay enough or that you don’t enjoy can leave you feeling trapped with no alternative avenues. One of the best ways to try and shed this reliance is to create multiple streams of income. The idea of not putting all your eggs in one basket is most applicable to your finances. If you can find one or two alternative streams of income it enables you to break out of these toxic financial cycles. Saving money is more likely to be an option, changing jobs is then a reality because you can tide yourself over with money until you find a new one.
This is one of the benefits that forex trading can give people. Most traders use forex as a secondary/supplementary source of income. Over time, you can increase your account and create a larger financial pool from which to rely on. But the opportunities that arise by having a diversified financial stream are well worth the time and effort.
2. Start With Little to No Money
When you start forex trading, you won’t be putting real money into it straight away (unless you want to lose it all!). Instead, you’ll setup a demo account where you practice trading without any of the financial risk.
That means you can start today with no investment from yourself other than your time! As long as you have something to trade on (phones, laptops etc.) and an internet connection, you can start right away. But when you want to start trading with real money, you still don’t need a whole lot. Many brokers offer a minimum deposit of $100 – $200 in order to live trade.
The barriers to entry in forex trading are so small that almost anyone in the world can get started. Brokers will offer you support, information, and even charting software to use (though we like to recommend TradingView). There is no requirement to invest a wheelbarrow of cash for this career. All you need is something to trade on, access to the internet, and a determination to learn!
3. Be Your Own Boss
Look, I am going to be honest with you – one of the biggest pay-offs of being a full time trader is that I get to be my own boss. I decide when I work, when I want a vacation, when I want to trade – the list goes on. Having the freedom to dictate your work life is an incredible freedom that not everyone is fortunate enough to experience. Forex trading can give you that as a realistic option. A word of caution though…
To be your own boss requires you to be disciplined and have a good work ethic. You won’t be successful if you don’t spend the required time on your trading. As with any job, if you neglect your duties your performance will decrease and you will not find success. To help with this, there are a few methods you can employ, the first being a trading plan and trading tracker. Using tools like these will help you be consistent as well as give you great ways to assess your performance. Afterall, no one else will if you are your own boss!
4. Work Anywhere in the World
The great thing about forex trading is that you don’t need to be confined to an office or your house in order to work. You can trade from anywhere in the world, just as long as you have access to internet. I regularly go travelling and I regularly take trades whilst I am away from home. It’s one of the perks of being able to work remotely and you can take advantage of that.
This also means that if you are working another job you can trade in your spare time; even if that means you are in another country! The accessibility of forex trading makes this a true reality. Who doesn’t like the idea of making money on a trade whilst you are exploring the world and seeing new things.
5. 24 Hour Trading Market
Last, but certainly not least, forex is a 24 hour market. Unlike the stock market, the forex market doesn’t close during the weekdays and only closes on the weekend. Even then, it isn’t a full two days as the forex market opens with the New Zealand market and closes with the U.S. market.
If you want to track this more precisely, you can check out my forex clock which should clear up any confusion. The great thing about a 24 hour market is that you can trade at anytime during your schedule. So if you have another job during the day, you can look to take some trades in the evening. Fitting forex around your schedule is possible because of it being 24 hours – just another reason why you should give forex a start today.
So there you have it – 5 reasons why you should start trading forex today. There really is no risk or harm in trying your hand at trading. It has never been as easy and simple to trade any market than it is today.
The potential opportunities and benefits outweigh the barriers to entry by a country mile. Give it a go today and I guarantee you won’t regret trying. Feel free to leave any questions or comments you have about forex here and I will be more than happy to answer them!