Forex trading can be one of the most exciting, and financially rewarding professions that you can take on. We know trading can be tough and mentally challenging - but we know we wouldn't be doing this unless we loved the hustle. So we thought we'd take a moment to celebrate all the things we love about our profession. Here are some of the best things about being a forex trader...
5 Benefits of Being a Forex Trader
1. No restrictions on where you live or work
The only place you can't trade is in a bank vault. The Internet has made the world a global marketplace so that you can trade anywhere. You don't have to work at home or in an office.
Trading from anywhere means you can enjoy the freedom of working when and where you want - without dealing with traffic jams, office politics, or other distractions from your main goal of trading profitably. There are many advantages to working from anywhere, including reduced travel costs, more flexibility in your daily schedule, and increased privacy and safety. A win-win!
Since you can trade from anywhere - why not see the world at the same time? Take a look at the best places to travel and trade.
2. You are in charge of your financial freedom
Forex trading is not a get-rich-quick scheme, but it can be a great way to build wealth over time with the right approach. One of the best things about being a forex trader is that you are in charge of your financial freedom. You can choose when and how much money you want to invest and how much time you devote to learning about forex trading.
The fact that you have complete control over your own money makes the process much more rewarding than if someone else were controlling it for you. The only limitations are those imposed by your abilities and knowledge level, so anyone can become a successful trader if they put in the work necessary to learn everything there is to know about forex trading.
Interested to know what forex traders really make? Take a look at our investigation into forex trader salaries across the globe>>
3. There's no overhead
The best thing about being a forex trader is no overhead. You don't need a brick-and-mortar storefront or an office building to get started. You can open an account with any major forex broker and begin trading right away.
You can trade from home, on the go, or even in your pajamas! There are no overhead costs associated with running your own business, as you don't have to pay for rent or utilities, nor do you need employees. Trading forex allows you to be your boss, which means that you're free from any corporate bureaucracy or restrictions on what you can and cannot do.
Step up your WFH game. See our 9 working from home tips for traders>>
4. It's a low-cost investment
One of the most significant advantages of trading forex is its low-cost investment. The financial markets are full of stories about how people made millions by playing the stock market or investing in real estate. But these stories don't tell you how much money was lost by those who didn't make millions.
Trading foreign currencies is different. You can start with a small amount and still be successful because there are low minimums for opening an account. You can enter and exit trades with as little as one unit of currency (the smallest trade size available) or as much as hundreds or even thousands at once.
Struggling to step away from the computer? Here's a guide on how to manage anxiety, stay focused and get used to working from home - with meditation apps, tips and more>>
5. You're in charge of your career progression
The best thing about being a forex trader is that you get to be in charge of your career progression. There are no limits on how far you can go or how much you can earn. You can become a top trader and make millions, but if that doesn't interest you, there are plenty of other opportunities for those who do not want to trade.
Once you have made some money from trading, you can choose whether or not to continue with it full time or just as a hobby/side job (if your main occupation does not allow for this). It all depends on how serious you are about becoming an expert trader or just making some extra cash.
In most other jobs, it's hard to move up the ladder and earn more money unless the company decides to promote you or give you a raise. But as a forex trader, you have total control over your income and career progression.