Why should you consider Forex trading as a professional career?
Have you ever dreamed of your own business where you will be your boss and choose your working hours when it suits you? That this business does not require a lot of financial investment and prior knowledge to start and perform it successfully?
You will be thrilled when we tell you that something like that exists and is called Forex trading. It is, without any doubt, among the most popular online businesses globally, which has enabled many people to make excellent profits.
Exchanging foreign currencies and making money that way is something that more and more people worldwide are very interested in. For those who have just heard of this term, let’s give a clear definition of Forex, to begin with.
Forex trading – definition and explanation
The common term “Forex” refers to an acronym made of two words: “Foreign” and “exchange”. Forex trading is known as the process of selling one particular currency to another for reasons such as trading, commerce, and tourism. Without exception, these currencies are traded in pairs such as EUR/USD, USD/GBP, USD/CAD, USD/JPY, etc.
Trading is done on the biggest, decentralized financial market globally, known as the Foreign exchange market. It is available to traders 24 hours during 5.5 working days, making it extraordinarily liquid and volatile. It has a daily turnover of $6.6 trillion.
Who can trade Forex – get the essential information
If you are wondering is forex trading halal and who is allowed to trade Forex on the Foreign exchange market, you shouldn’t worry because anyone in this world can trade foreign currencies. Forex trading is halal and safe to do since it’s not gambling. It is simply dealing with currency pairs for personal needs and purposes.
All you have to do, as a beginner trader, is to have a basic understanding of technology, good internet connection, minimum amount of capital such as $150, and willingness to dedicate yourself to:
- Informing about the geopolitical situation that affects currency price fluctuation
- Practising and learning trading daily
- Choose the legitimate and regulated Forex broker to open your account
These are the top three elements for any beginner trader interested in a long-term successful Forex trading career and making serious profits.
Why should you do Forex trading professionally?
As we have written above in this article, there are a lot of benefits of doing Forex trading as your full-time job. However, to become a successful professional trader, it takes time and goodwill to work on it by practising, learning from previous mistakes and more experienced traders, and of course, emotional stability not to quit Forex during the first couple of months.
The benefits of Forex trading are indeed numerous. First of all, you are your boss, which means that you are responsible for yourself, and there is no one above you hierarchically to whom you are obliged to give reports and ask for permits. You decide how and how much you work, and earnings, as well as potential losses, depend exclusively on you.
Another great thing about dealing with Forex trading is that you don’t need a lot of money to start your career. It is enough to invest only 150 dollars and exchange some currency that will eventually increase in price over time, and you will make a profit.
So, there is no need to raise loans or borrow. All you’re required is a small amount of money to embark on a Forex trading adventure.
The essential thing here is to remember that you have to be emotionally and mentally strong and ready for periods when you may not be earning as you intended and have to experience some losses.
However, don’t let it discourage you and be among the 85% of novice traders who give up because of some negative situation and the emotion that caused it in him.
Be intense, persistent, and always find a way to get out of the situation, and you will see that success will come! Good luck!