Is Forex Trading a Good Career?
The question is: Is forex trading a good career?
The short answer is yes.
Forex is the most active marketplace in the world. It trades more than $5 trillion in daily volume. That’s why forex trading is one of the most appealing careers. It offer traders the opportunity to make life-changing gains.
Forex traders can be employed by financial institutions or act by themselves.
If you didn’t know, you don’t need to work for a bank to build a successful forex career.
Is Forex Trading a Good Career? How to become a forex trader…
The sole goal of a forex trader is to make profit from the market.
There’s a million ways to make a million bucks.
But most people don’t bother learning how to trade forex before they start. That’s why most forex traders fail.
You have to learn how to trade forex properly from the outset.
Forex trading isn’t easy…
You can’t just open an account and expect to make profit.
In reality, it’s one of the toughest careers to get started in because of the steep learning curve.
That said, imagine if you want to become a doctor. Becoming a forex trader is similar to that. You can’t become a doctor overnight. It takes at least five to 10 years to gain the right knowledge and earn good money. The good news is, the road to riches is quicker and cheaper (i.e. cost of education) for a forex trader.
How long does it take to earn good money trading forex?
In my opinion, roughly three years on average. The first year is spent mostly learning how the forex market works and how to trade it. The second year is spent experimenting with strategies and learning how to become consistently profitable. When you hit the third year, you should have a pretty good idea of what works and doesn’t. That’s when you can increase your position sizing and enjoy lucrative profits.
Therefore, upon my reasoning, most people won’t make decent money until the third year. But it really depends how hungry you are to learn and how quickly you ‘get’ forex trading.
Some forex traders adapt quicker than others.
Forex trading isn’t rocket science.
But it’s not easy, either.
You need to put in the time to learn how to become a successful forex trader. The best news is, we can help speed up the learning process with our free 24-lesson forex course. But before diving into our free course, let’s talk about the pros and cons of becoming a forex trader…
Is Forex Trading a Good Career? Pros of being a forex trader
To answer is forex trading a good career, we list some positives below:
The forex market is one of the most accessible markets for traders. You can set up an account in one to three days and start trading forex.
The trading platforms are easy to access from almost anywhere in the world.
You just need an internet connection (the stronger the better).
As you’re able to trade online, you can also access real-time information such as price charts, news, and tools. The live data feeds make forex trading easy and an equal playing field for everyone.
With the forex market, as we said above, you can trade from anywhere in the world. The market is open 24 hours a day, five days a week. But how does this relate to the question, is forex trading a good career?
You can work any time and from anywhere in the world.
In fact, that’s the most appealing aspect about being a forex trader. You can be your own boss, set your own working hours, and work from anywhere.
Remember, as long as you have a stable internet connection, you are good to start trading forex!
Compared to other markets, the good news is that you only need a small amount of capital to start trading forex. If you’re trading futures, for example, you will need at least $25,000. That’s because the contracts are standardised and you need to have a lot of capital in margin. (These terms are explained in our free forex course, which you can start later). The point is, with the forex market, you can start with $100 or less.
But it’s best to give yourself as much flexibility as possible.
Forex trading also has low fees and you don’t have to pay commissions, if you don’t want to. Forex brokers make revenue from the spread. But before selecting a forex broker, make sure they are regulated and provide excellent account options.
Forex is the largest market in the world.
It makes sense.
There’s a lot of liquidity needed for trading currencies…
Given the higher liquidity, price manipulation is extremely low, meaning you can have more confidence when taking trades. More liquidity also means that you can buy and sell easier and quicker.
Here’s the thing…
Potential for high returns
Remember the question: Is forex trading a good career?
We know the answer is yes.
There isn’t a fixed income each week or month in the forex markets. The high liquidity market increases your chances of making massive profits. That’s one of the main attractions to trading forex.
So if you want to be a forex trader, the profit potential is unlimited.
But you have to learn before you can earn!
Remember, if you want to become a forex trader, you only need an education and a reliable internet. Therefore, if you don’t like sitting at a screen all day, you can set up automated trading systems and robots to trade for you. These systems instruct the platform to only trade under certain market conditions.
People think creating automated trading systems and robots is difficult.
It’s actually really easy these days.
Find out more by clicking here.
Is Forex Trading a Good Career? Cons of being a forex trader
A forex trading career is exciting, but it’s also a roller coaster ride. To answer is forex trading a good career, we list some negatives to balance out this post:
Forex is extremely volatile and high risk.
Unprecedented news events can result in big losses.
But that’s the business of forex trading.
You need to learn to become comfortable with losing. You can’t always expect to win as a forex trader…and anyone who says you can is lying!
So it’s essential to develop a proper trading strategy to mitigate risks.
The forex market is dominated by banks, hedge funds, and other financial institutions that trade in high volumes.
These players have better information and high-end technology.
They also move the market…
If you want to make a profit, you must stay nimble and on top of the latest developments and trends. The good news is, these days, everyone has access to the same information. Even though some financial institutions get access quicker.
Your ‘Start With Forex’ Takeaway: Is forex trading a good career?
To answer to is forex trading a good career is yes.
Forex trading is appealing because of its flexibility and ability to make life-changing profits. With the proper trading strategy, the rewards can be extremely lucrative. We talked about this more in our blog post, ‘What is the average forex trader income?’
But, as you’re aware, there’s a sharp learning curve to become a successful forex trader. Most forex traders don’t bother learning how to trade forex and encounter massive losses. That’s why most forex traders fail at trading.
If you consider the risks involved and avoid simple mistakes, you will understand that forex trading is a good career. By learning, testing, and improving your forex trading strategy, you can become a successful forex trader and earn more money than most people!
It also helps signing up a forex signal or a forex system provider. That way you can learn how to make the best trades as well.
If you want to learn how to trade forex like a professional, start by reading our FREE forex course. Remember, there’s a million ways to make a million bucks in the forex markets. So if you want a head start in forex trading, alongside our free course, check out our approved products page for forex trading signals and systems to help kick start your trading.
To your trading success,
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