Why I choose Forex as my 2nd source of income while keeping my day job? Here are some of my personal insights.
Liquidity – why I choose forex
– Since forex market is the largest financial markets of the world. It is expected to have big volume of transaction every day (24hrs/5day) which result to higher liquidity. And the higher liquidity the higher the demand and more opportunity to buy, sell and trade.
Volatility – why I choose Forex
– Forex market are very volatile because of the real time events that affects the market in any given time. This possess a higher opportunity to earn profits from trading the currency. But, you must understand the “RISK” that it can give.
Accessible – why I choose Forex
– Forex market is very accessible since it does not have a physical establishment or a store. It is 100% online transaction which you can access this everywhere, anytime you want. All you need is a laptop or mobile phone, internet connection, a trading account and a trading platform where you will execute your buy and sell trades.
Trading platform is a free downloadable software that you can get in a broker and can be used on any form of device that has an internet connection such as laptop, mobile phone, desktop or even tablet.
The picture below is a typical view of the platform with a price chart, but it can be modified depending on your preference just like I’ve shown above.
Doesn’t Requires a Big Capital To Start – why I choose Forex
– In Forex trading, you don’t need to have hundreds of thousands to start as compared to a traditional business. You can start trading with only about $100 – $1,000. But definitely you should not expect to immediately get a huge profit. The strategy is to build your capital slowly.
With the used of “leverage” your $100 can have a value of $10,000.
Flexible – why I choose Forex
– Forex market operates 24hrs and 7days a week, and allows retail traders to particpate 24hrs/day 5days/week. You can set your trading business or your trading hours depending on your schedule. If you are an employee like me, I wake up as early as 4:30 – 5:00am which is the New York close every day, and doing about 15-30mins of checking, analyzing the price chart. If there is an opportunity to buy and sell, I just execute and leave it then just check my trade again after my work or the next day.
Basically I am using a daily price chart to analyze, execute my trade.
Below is a Daily Price Chart of EUR/USD, if example you execute a Buy trades on Nov.8, 2017 which falls on Wednesday, and you sell it Nov.15, 2017 which falls on the Wednesday also of the following week. It is about a 6 days or 6 daily close candle which means, that you can either check your trade on a daily basis, either on the morning before you go to work or late night after your work. And you don’t have to monitor your trades whole day, you can just set your time.
This is how flexible trading is, you can execute in the morning, then close your trade the next day or the following days depending on the market price action structure and depending on your target price profit.
Easy to Start
– Before you jump in to the live trading, every brokers offers you to open a “Demo Account” first. Basically a demo account is funded by a virtual amount that you can use to start trading. It is necessary to practice first and familiarize how you will navigate on the trading platform before you jump in a real live trading.
Demo account will help you develop a necessary trading skills that you need, your business strategies on how you can make profit.
And if you are already confident, just go to your chosen broker again and open live. Opening a live account is just like opening a bank account, your chosen broker would require you some identification validation.
When it comes to funding your account, most brokers offers a wide variety and method such as Credit/Debit VISA/Master Card, through online payment process such as Skrill, Neteller, Payco etc. You can fund also directly from your local bank but it requires a huge amount of transaction.
Same goes when you are withdrawing your profits, the method you used to deposit on your trading account must be the method also on withdrawing it.
Before you open a live trading account, it is best to check on your preferred broker this funding/withdrawing methods that best fit with your preference.
No Need to Quit Your Job Yet – why I choose forex
– Forex is the largest financial market in the world, which means there will be a lot of opportunities every day. As long as there is a currency that is exchanges every day the market will be there,
It offers flexibility on trading, you can trade before and after you work. You can check your trading account on your preferred schedule and trade with it while slowly building your income. Trade, run your trading business while still having your job. You can build a passive income and you are on the fastest way to achieve financial freedom if you do the trading business right.
– Opening your trading account will be on a broker which will be the gateway to the financial world market, forex is transacted online through a bank network.
And those brokers will only charge a small commission based from the spreads and it is normally a fixed amount.
Trade anywhere you want
– Forex market is accessible online, you can trade anywhere, you can check the price chart even if you are traveling outside your country.
You can trade while you are enjoying your coffee on your favorite coffee shop. You can trade on the beach as long as there is an internet connection.
No Employees / No Rentals / No Inventories – why I choose Forex
– As compared with the traditional business, forex trading does not require employees to run your business. You don’t have to rent a place to run it and especially no inventories to monitor and maintain.
You are ahead and aware what is happening in the world – why I choose Forex
– This is what I love about trading foreign currency, a better awareness with what is happening on the entire world. You’ll get to understand each foreign country’s economy.
You’ll get a chance to own each foreign currency, even if it is not physical. You will have a better understanding on what is happening on most of the powerful countries such as US, Europe, Australia, UK, China etc. You will such confidence that you are ahead with others.
When you learn “trading”, it is a professional skills that no one can get it from you and no profession can replace it. If this is taught in the school, I would prefer to take this rather than an Engineering Degree, because for me, it is a lifetime skills and profession.
Those Engineers, Nurses, Managers, IT specialist will not be in demand in the future, they can easily be replace.
And “trading” is a profession that does not require any age requirement. If you are an employee, as you aged, the more expensive you are for the company to be kept. Tendency is that you can be replace by a younger and cheaper one.
But if you know how to trade? Earning potential is limitless and it is not replaceable. Trading are not only for those rich people or for those genius about numbers and mathematics. Anyone who has a great desire to learn could acquire and gain a right skills. Develop and learn trading strategies just like those successful forex traders.
This will be only possible if you are committed to learn and establish your own trading business. Acquire the basic trading skills and do the hard work to continuously improve. Apply consistent discipline as you progress your way on your trading career.
Appreciate if you could leave also your comments why you choose forex as either your income source or your passion that builds your wealth.