Why to Start Trading Forex
In 2012, I opened my account with a Forex broker. It is quite hard to remember the exact reason I decided to trade because several factors were involved. However, thinking about it today, there are a few major reason why you should start trading Forex In this article, I’d like to give you those reasons. The truth is, whether you are highly passioned by trading or not, you can start trading in your free time to generate an additional income.
1) The setup is simple
One of the aspect I love about trading is the fact that you barely need anything except a laptop and an internet connection. Not only can you trade anywhere, you can also start without spending huge amount of money on equipment. Compared to what is required in other money-generating activities, setting up a trading desk is much more simple.
2) You can generate additional income
In a world where a lot of people struggle to pay their bills every month, how would it be to generate a couple of extra bucks every single month?
Making money often is the #1 thing people think about when they ear about Forex trading. While it is true that Forex trading can be challenging at first, mastering a trading system and following your trading plan will pay very well overtime. There is nothing to fear if you take your precautions and trade responsibly with a demo account at the beginning.
Many people ask me (1) what is the annual return I get from trading and (2) how much money they can generate. I, myself, searched for those answers from other traders at several occasions. The answer to both question is: it varies. The interesting thing is that once you make money consistently, increasing the amount of money you trade usually increases the amount of money you gain. You can also use leverage to make the most out of the money you have right now.
Then, your return will depend on what you trade and when you trade it. If you are trading only in your free time, you will most likely get a lower return. A full-time trader can expect to get easily 8-10% per month. This is only an estimation.
3) It isn’t time consuming
Some people do not believe me when I tell them I look at Forex charts only a couple of times per day (at most 1 hour). That makes it very easy to trade part time and generate income while still working at your day job. You can place your trades or trade when you get back home from work. You set the prices at which you want your broker to close your trades and that’s it! If you want to know more about what time frame are bests for you, check out Which Time Frame Should I Trade?.
4) You may fall in love with trading
That’s my story. I found trading to appear interesting at first because I listened to a few movies such as Wall Street: Money Never Sleeps. Overtime, as I traded more and learned stuff, I began to like even more the trading process. As a side note, trading isn’t supposed to be like in movies. It isn’t super exciting. However, placing a trade and getting out of it with money in a matter of minutes is pretty cool. That why you may fall in love with it.
If you don’t fall in love with Forex trading, you can still trade profitably. Do you love your full-time job? Most people would be likely to say “Not that much…” and they are still happy because they earn a good pay check every week. If you love something, that awesome but the only thing you need to trade Forex is a tiny bit if interest in it.
In conclusion, I’ve shown you 4 reasons why to start trading Forex. If you have a small interest in trading, you have nothing to lose by opening a demo account and starting to trade. You may end up loving it and generating income from a simple, yet not time-consuming activity. To get more information about how you can start trading Forex in a few minutes, check out Getting Started in Forex Trading.
Please share this article with people you think may be interested in it. Why did you started to trade? Do you resonate with any of the reasons given above? Comment below and share with us what you like about trading.
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