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Posted on Jan 22, 2019 at 02:59 PM
When Frances heard about Forex, he was excited and interested in the opportunities the Forex market presents but he was unsure of the whole thing! Will I make money? Will I lose all? Can I do this full time? Can I quit my day job to go fully into Forex trading? Are these your questions too? Come along as we demystify the seeming big deal about Forex trading and show you the way to becoming your own boss when you choose to.
Until recently, the name Forex inspired fear and mistrust for many people not familiar with the financial industry.
Not so long ago, the financial opportunities that came with trading currency pairs were only available to big businesses and fat cats in suits working in glass tower offices.
Now, thanks to advances in personal computing and internet connections, the global market is readily available to anyone with a credit card or eWallet.
There are people all over the world who made a choice to pursue trading as a full-time activity.
The life of a full-time trader from home can be lonely, as is often the case for work-from-home activities such as freelancing or blogging. It’s not for everyone.
If you’re thinking about pursuing trading as a daily activity, read this first. Of course, this does not represent every stay-home trader.
This is just one of many versions.
New traders who have a knack for reading the markets often set a goal to make trading a full-time career.
The concept of building a big bank account, quitting the job, and being your own boss is an attractive one, but this is the dream, and very few people have the character or patience to make it happen.
Those select few who made it to the top now enjoy financial freedom, freedom to spend their time doing whatever they want to do, but they are the minority. It’s not impossible, but it takes skill, hard work, patience, determination, time, and some say luck.
As with almost everything in life, there’s no guarantee.
Like most of us, a stay-at-home trader’s day might start with a cup of coffee and a laptop at the kitchen table.
They start by checking the news feeds to see what might be affecting the markets. Checking the economic calendar is a must. News releases can greatly affect the market prices and often run counter to technical analysis.
Too many traders reading the trends get caught out with price reversals or spikes that commonly follow an important economic announcement.
If the news boards are clear, it’s time to open up the MT4 trading platform and start glancing over the charts and taking notes.
When everyone else is getting ready for their morning commute, a trader is already working. A traders commute might be from the kitchen to the sofa or garden area (if weather permits), but they are already on the job.
Research is key, due diligence paramount, and patience is often the thing that keeps it all together. There’s no hurry.
A trader might spend the whole day viewing charts without making a single trade. Savvy traders choose their battles wisely. If something catches the trader’s eye in the morning, they’ll place an order or two. The day is starting well, time for a break.
*Note* Trading is not like gambling. With roulette, soccer games or at the casino, you place a bet then get a win or loss instantly. Forex is nothing like this.
Profits (or losses) accumulate over time. You must decide which direction to go, but you must also decide when to get out. The direction is selected by the trend analysis or the expectations of the news release, the duration of the Order (aka Contract) is down to how much you are aiming to gain (or risk).
Your money is working for you now, even when you are not there.
Take a shower, do the dishes, go jogging. Your trades will be waiting for you when you get back. Of course, you can stay home and keep a close watch too!
Some traders decide to claim that small storage room in the house, put in a desk and a handful of monitors and call it “the trading office”. They wear shirts and slacks and work fixed hours, and swear they are more productive.
Some go the opposite way.
They dress casually and take their laptop into the world. They sit in coffee shops, restaurants, even bars, connect to the WiFi, and make trades at their leisure.
Some simply trade on their mobile phone using their mobile data network with the mobile MT4 trading terminal and trade in the great outdoors. The options are practically unlimited.
We're just getting started with the series! Keep your fingers crossed as we would be going into the nitty-gritty of becoming a full time trader in the next article.
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