Sick of your 9 to 5 job? Don’t like being yelled at from your boss because you didn’t meet a deadline on a minimum wage? One of the advantages of forex trading is that you don’t have to deal with any of these issues. Forex trading is considered the ultimate job. Some traders refer to it as the ‘holy grail’ of lifestyles. In this article I am going to talk about the advantages of Forex trading that you can benefit from if you learn to become a good Forex trader.
Trade anytime you like
We discussed in the last chapter how the Foreign exchange market is open 24 hours a day for the 5 day trading week and closed on the weekends. The advantage of Forex trading here is clear, it gives traders the freedom and flexibility to choose their working hours.
If you have a full time job you can trade part-time outside of your work hours, or maybe if you study then you can work trading around your study timetable. The bottom line is the Forex market never sleeps; and will always be there to trade when it’s convenient for you.
You are your own boss
Nobody wants to take orders or, do dirty work for a bad wage. No one wants to be up early in the morning or spend most of their life working for somebody else’s success. A nice advantage of forex trading is you don’t have to report to anybody, meet any deadlines or deal with any of the negatives that come with having a typical 9 to 5 job.
Being your own boss is a great thought but it does come with its own challenges. You are responsible for everything you do and are accountable for any of your own mistakes. Trading needs to be treated like a business, so unless you have a firm grip on your emotions and have a solid trading plan in place, consider keeping your day job and trade part time until you’re properly set up for full time trading.
The cost of everyday living is becoming overwhelming, and people are looking for ways to supplement their income. My favourite advantage of forex trading is it’s a great way to earn an extra income on the side. Don’t expect to be trading master overnight though. Forex is often viewed as a ‘get rich quick’ fix, while trading can make you wealthy, getting rich overnight is far from the truth. It’s important you have the right expectations from Forex trading.
Learning to become a professional trader is a process and the necessary steps must be taken to build your skills up as a competent trader. Not very many people are capable of taking on the proper responsibility that come with the trading profession. The advantages of Forex trading do help a person fit Forex trading into their life. We use end of day strategies, which allow a person to maintain there day job, but still trade at the level of a full time trader.
Taking on the role of a Forex trader is no different to opening up a new business. Forex trading is a business and should not be treated any differently. When you open up a new business there can be quite a few overheads to consider. Store fit out’s, lease payments, stock, wages, advertising, insurance… the list goes on!
All these overheads eat into your profits. Thankfully Forex has very minimal overheads. You really only need a basic computer and an internet connection to get started. Any profits you make are yours to keep, provided you don’t give all your profits back to the market.
Trade anywhere you want
One of the advantages of Forex trading is that it can be done from anywhere in the world at any time, as long as you have an internet connection available you’re good to go. Improvements to the internet and advances in technology have really changed the trading game. Most modern laptops are now affordable, and smart phones support trading apps which put the market right at your fingertips from virtually anywhere in the world.
Think about it, you could make money while travelling the world from your laptop, or make successful trades on your smartphone while at the same time you’re having lunch down at your favourite café. The best part all this is your lunch break can go for as long as you like. Forex trading can give you full control, you don’t have to answer to anybody but yourself. Now that’s freedom! But it’s not easy. There are plenty of Forex horror stories out there that tell the tales of those traders who didn’t make it.
The ability to make money when the economy is bad
The economy is suffering, unemployment is high, and businesses are closing down. Companies are sending their production lines offshore to save labour costs so jobs become exponentially increasingly hard to find.
It’s these types of bad economic conditions that cause charts to drop 3x faster than they climbed. These type of chaotic market crashes that cause some investors and companies to lose a lot of money.
But guess what! The advantages of Forex trading kick in again. As a Forex trader this is a great opportunity to make money. Not many newbies actually realize this, but you can make money when a currency, or stock loses value by going “short”, also known as “selling short”.
Bad economics conditions generate fast moving bear markets. The aggressive downward movement on the charts give traders a great opportunity to make large returns. The skilled Forex trader can do alright for themselves while everyone else is struggling to get by in the workforce.
Price movements are easy to anticipate
The advantages of Forex trading are obviously extensive. Due to the large popularity and high liquidity of the Foreign Exchange market, price movements are easy to forecast. Using price action patterns, like the pin bar reversal, that constantly repeat themselves on the charts over and over again. By using recurring patterns to signal us into trades, we can predict and capitalize on the price moves these signal generate.
Enjoy the Advantages of Forex Trading
In our Price Action Trading course we teach traders how to identify these patterns, while working off plain price charts. Using no fancy tools, indicators, or ‘magic systems’. We use these price action signals to enter high probability trades every day, and we will show you how to also use them with proper positive geared risk reward money management to minimize your risk.
Now we’ve covered the advantages of Forex trading, you’re probably really excited and keen to jump straight in and start your trading journey. But hang on. In the next chapter we will be talking about the different types of Forex markets which are available to trade, and which one will be the best for you.