Online Forex trading is a unique way of making a living. There is no boss. No strict hours. No sales quotas to fill. No Friday reports and no Monday presentations.
Sounds good, say you?
Well, do not get hasty. Neither is there fixed pay. Or shared responsibility. Or work experience credible anywhere else outside the world of trading. There is a lot to consider should you be willing to commit.
Being a Forex trader is a one-man show.
You are the self-motivated self starter. Someone with a dream and confidence. You will never give up.
You are the investor. You bring in the cash. Whatever comes out - profit or loss is yours for the taking.
You are the Board of Directors. Making decisions is your everyday job with all the associated stress.
You are the research, development and analytics departments in one. You keep track of world of economics, because otherwise you are dead in the water. You are constantly on the lookout for ways to improve your business.
You are the legal department. It is your responsibility to make sure your business functions within the law and under its protection.
You are the accountants. Full stop.
Finally, you are the CEO. You are the discipline that holds it all together. Overseeing that all above-mentioned bodies fulfil their dedicated tasks defines your success.
Being a Forex trader does not require being all of these things at once. Being a consistently profitable Forex trader, however, does.
If that sounds like a load of work, that's because it is.
So, what are the perks of online Forex trading?
You are in control. You decide where you want to live, when you want to work and just how much. The word 'unemployment' no longer sends shivers down your spine. And when she asks what you do for a living, you can fire back with that punchline from 9 ½ weeks: I buy and sell money.
Recessions no longer pose threat to you. Why? Because during a crisis, prices of financial assets move steadily in one direction. It is called a trend. Whilst the general public has preference for trends staying positive, Forex traders don't care which way the market is going - they can make money either way.
Take 2008. Your real estate is depreciating. Your national currency is losing value. All the while, crude oil is steadily growing in price. This last fact most probably escapes your attention, as you are divorced, jobless and squatting in suburban Detroit.
If, however, you are an online trader, you simply recognise these three trends and act upon them: short your currency (that is called hedging, by the way), hold your real estate and go long on the oil price.
Remember: financial speculation is a basic capitalistic freedom.
In a highly capitalised environment, Forex trading may be one of the few effective defences available to common folk against economic tsunamis, earthquakes and eruptions. Assuming, of course, you know what you are doing.
