The 7 Reasons Why You Should Be A Forex Trader

by Trading 101     Jul 16, 2019

There are many jobs in the finance world and being a trader is arguably one of the most prolific ones. It’s a role that’s been endlessly romanticized and consistently vilified by Hollywood and other forms of entertainment – and by the mainstream media, of course. If you’re considering becoming a trader, consider this your forex trading 101 guide to how to answer the question why you’re a trader in the first place.

  • 1) No One Cares About Your Background

Unless you want to be trading for a massive hedge fund or some similar financial institution, no one really cares about your background. This includes your previous work and education – the only thing that matters in trading is the ability to make money in the markets.

Trading is a profession one can get into without having a degree, you could choose to save up some money and trade on your own and use that as merit to apply at day trading roles.

  • 2) You Can Be A Digital Nomad

Being a digital nomad has become the new American dream for many millennials and Generation Z kids. A digital nomad is someone who travels the world with their laptop and works from wherever they are – as long as they have a stable internet connection, they’re good to go.

Most digital nomads are freelancers, developers or have some other form of employment that’s output based. It’s a bit more challenging as a trader as you need to keep an eye on time differences to the time zones of the forex exchanges you’re trading in, but it can be done. Since markets are open all day around, trading becomes a matter of adaptability.

  • 3) Forex Has The Lowest Capital Requirement

Every exchange and type of market has different barriers to entry. Forex is by the far the easiest and cheapest one to get into. For instance, to trade in the futures markets, you shouldn’t even start unless you have a capital of over $20,000. Other markets recommend a starting capital somewhere between $1,000 and $5,000 to be able to properly invest.

Forex isn’t like that. In Forex you can start with as little as $100. Forex has what’s called nano lots and micro lots, which allow you to trade small amounts at low risk.

  • 4) You Will Develop As A Person

Trading, regardless of whether it’s forex or something else, will be a defining experience in your personal and professional development. It can be one of the most stressful jobs in the world, but it will teach emotional control, decision-making under time pressure and how to keep your cool in unexpected stressful situations.

Many people get into it for the dream of a lot of money. Many stay for the thrill and self-development.

  • 5) Be Your Own Boss

An independent forex trader doesn’t have a boss. Your market is the boss, so to speak. It’ll reward you for hard work and patience if you know what you’re doing, and punish you for making rash and poor decisions.

Outside of that, you have no boss. This can be intimidating or liberating, but most people love that aspect of the job.

  • 6) Make New Friends

The trading community, especially forex, is rather large and with the internet you can connect to hundreds of likeminded people. It’s a little less likely for you to go to a bar and run into a random forex trader, but some of the most interesting people you’ll meet in this line of work are the ones with the same job as you.

  • 7) Flexible Work Arrangements

When you’re starting out, you should keep your day job. Your day job will pay the bills and put food on the table – especially if you got mouths to feed.

Using your free time to research and to start you first trades is a good idea. That way if you mess up significantly, you won’t be out on the streets and will have more income. Once you’re comfortable, profitable and know what you’re doing, you can look into getting an either less time intensive job, or just go ahead and become a full-time trader.

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