The forex market refers to buying and selling currencies with a particular forex broker. When I started doing this, I felt a little apprehensive at first; however, I was soon to find out how much fun it could be. It is so because this market is one of its kind in that it gets to buy and sell numerous currency pairs of numerous countries within a single market. There is something about the market that I have come to understand; key players like central banks, coherent financial institutions, and insurance firms are the forces that keep the foreign exchange revenue in motion. But even if they are big, small ones like me also have the opportunity to make money.
I recall the very first trade – it was a small one; nonetheless, it was fascinating to witness how it unfolded. I was fascinated that I did not have to be a large institution to be able to buy and sell currencies and make some profits. Yes, working as a foreign exchange trader indeed affords one a lifestyle that is hardly comparable to that of an ordinary employee. I like the fact that I do not have to look for a mic at work or wait till there is another chance like most of the customers do and would like.
If you are considering becoming a Trader, I can assure you that it is worth it. You will feel the thrill of forex trading and gain so much knowledge in the process. Therefore, are you excited to find out why being a Trader can be one very fulfilling experience?
Why You Should Become a Forex Trader
Forex trading is perhaps the easiest form of earning money but could not be further from the truth than this. This was an experience firsthand for me. However, making money in the forex market is not that easy, more so if you are a rookie. A good amount of time has to be devoted so as to comprehend the vast information that deals with forex trading. But here’s the thing – once you learn it, you can do something great.
The lifestyle of a trader’s life is certainly different than people who are not into trades. I have seen people complaining about their routine because they are stuck in a 9-5 office job, but that is not the case when it comes to trading. When to sell ‘time’ is solely your decision, nobody is your boss. But then again, being your boss means that the responsibility of making the right decisions is entirely on you.
So let’s put this question this way – what is the difference in the day-to-day life of a trader and a non-trader? Let’s find out together!
Financial Freedom
When you are financially independent, you have enough money that you do not have to worry about paying your bills or dealing with other day-to-day concerns. It is also encouraging to realize that it is possible to earn sufficient income from any location to afford the basic lifestyle. All you require is a laptop and an internet connection. That’s the way forward for me.
Although the goal is to become a trader, making a lot of money is not the only aim. It is true that the aspect of making money is key but there is more to it than just the money, there is such a thing as freedom. This is where you have financial freedom, and you get to choose how you want to spend your time. You can work whenever you feel like, wherever you feel like, and do whatever you feel like doing. That to me is what I cannot buy with money. I cannot put a price tag on that and even the riches in the world will not make it possible for me.
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You can Trade Until You Die
The joy in trading is that even the elderly and the juveniles are able to safely engage with it. It doesn’t matter how old you are—you can trade for as long as you want. Unlike many other jobs, traders don’t really have to "retire" unless they choose to. And since it does not work in the literal sense of the term, you are free to do this from your residence.
Thus, becoming a trader also means having an opportunity to earn money throughout your life. There is no other reason to sit and wait for a certain age level to be able to retire because one is aggravated by their advanced age. The only requirements will be a computer and the Internet, and you will be able to generate profit. That is a great advantage and something I myself like in trading.
Flexibility in Work
What sets Forex apart is the convenience and things that a trader can enjoy the most. First of all, a trader is free to choose the working hours he or she needs. You can go here or there, and do what you feel comfortable doing without being anxious about missing out at “work” because a relative is nearby, and you feel like going on that holiday. Now what is the best attribute of a trader is that obeying the rules or time limit from being entertained by somebody is not a necessity.
What’s even more great is that you do not have to spend your time on the computer all day. You can be commuting on the bus or train and trade through platforms integrated into MT4 or MT5. This implies that you can trade virtually anywhere even when on the move. That sense of liberty is a great looked-up quality in foreign exchange trading.
You’re Unique
A trader is said to be all about escape. Well, this is the vicious circle, many find themself in, working hard a whole lifetime just to earn someone else’s wealth. Who spends his life like that? That is what sets them apart as traders. We want to see the world as we wish, the way of liberty.
To be one, a trader requires a mindset that is in a way not of the other majority. One freethinker whom everybody shall refer to as a ‘lone wolf.’ One is not swayed by the opinions of those around him; he is too busy chasing after his objectives. There will be enough advocates advising you on the reasons not to engage in trading considering the associated level of risk. That is why only a select minority educated populace can thrive in it. Most people are in the majority, you on the other hand as a trader, are on the contrary.
The statement that 40 hours a week doing something is nowadays simply modern slavery is pretty valid. No, it is the enslavement of career progression, and employing one's worth towards the accomplishments of someone else’s agenda. But then if you become a full-time trader, you will have a chance of coming out of that pattern. It is fair to say that making money by trading is rather difficult, but at least it provides real freedom which is very hard to find for many people in their lives.
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Enough Family Time
For those with kids, one is able to be with the children and see them grow up when becoming a trader. This is a great gift especially when they are young and discovering the world every day. Employment whose schedules require long hours such as eight or ten hours a day makes one miss a lot of the growing years of the child. Such experiences and milestones such as the first steps are very important, but you cannot be there for every stage.
There is nothing more valuable than having a good amount of time with your family. Being a trader from home allows you to do just that. You can be present at such occasions with the children and it goes a long way in creating better familial relations. The world today is so fast-paced that such relationships have become quite scarce which infers the need for such relationships in this time.
You are Your Boss
As a trader, you run your own business. You decide what to do and how to do it, in life and in the market as well. There are such days when you simply wake up and do not feel like doing anything at all, and it is alright. No one makes you the work, and you don’t have to report to any boss. The golden rule is — there are no rules.
This kind of freedom, however, is not for everyone. Most people remain in the conventional pressure core and do what their occupation or society demands from them. But if you want to take trading as a full-time profession, then you have to make the effort and create a trading routine and more importantly, be able to follow it. This will allow you to use your time more effectively. But this also means that you will have to be a self-motivated individual. If you are not, then you may be struggling to appreciate the perks of trading.
You Know the World Better
As a trader, you begin to appreciate the discrepancy between economies across different countries. It is quite astonishing how little information most individuals have about exchange rates and the power of different nations’ economies. However, as a trader, you do get the opportunity to look at the patterns of how the market volatility shifts, and what that tells you about a particular country’s economic health. This knowledge of the economies will even make it easier for you to speak about the economies of places like the USA, Canada, or the UK without feelings of inadequacy.
When you concentrate on the movement of various currency exchange rates, you also better grasp how everything in the world works. It’s like putting on a pair of glasses that makes everything clearer. For instance, if you go to some other country, it is quite likely that you will already know the exchange rate for converting the currency of that country to your own which most people would have no idea about. But being a trader provides you with the benefit of knowing the economics of the world.
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No Entry Restriction
It is a common misconception that one has to have a university degree to be a successful trader. What you actually need is rather determination, persistence, discipline, and most of all, patience. There are few professions where a person can have such opportunities as trading. Any person who is willing to learn can start going up from the bottom. Many of the successful traders do not even have a university degree. Therefore, even a college dropout can become a successful trader if he wishes it badly enough.
If one can’t take the traditional system anymore, then trading is a profession that allows anyone to take a different course direction. It’s the best escape plan from the modern-day over-structured system that people live in today and actually is able to attain true liberation.
Giving Back
Turning into a successful forex trader gives you an opportunity to help the world. Not only can you provide monetary assistance to your relatives and friends, but you can also teach them what you have mastered. In this manner, they can also learn how to attain financial independence, just like you. You gain a lot of satisfaction in seeing them grow.
Your generated anxiety is alleviated in a certain way when you know that a student of yours, whom you trained, is now earning money. You feel like you have done some good in this world and made a difference in someone’s life. You are thankful for such a reason, aren’t you?
A Healthy Lifestyle
As a trader, you should zone on the forex market for there is clarity of who you require, and this is possible when you have better mental health. That is the reason why traders have to do prayers or meditations so that they can refresh their mental health. Thus, it will enhance you to be a good person as well. Accumulating good mental health needs constant integration with good psychical health. That is why, as a person, you will be better as well.
Conclusion
The percentage of retail investors participating in the forex market is minute. Even all of the retail investors cannot off peso to move the market so to speak. The aim of this type of currency trading is how to trade popular currency pairs by other, more influential players on the market.
It can make some other point that the forex market is a leverage existing market and so, there is the chance of getting all your invested amount lost. For that reason it is prudent to have good training and practice before one invests his or her real money in the forex market.
Should you trade Forex on your own at all?
Before you start trading Forex, you'll want to read this.
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