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Work From Home: Online Trading

Posted by BluFX on 22-Jun-2020 11:23:57

Work From Home Online Trading

Working from home online trading can be tricky for many reasons - what should your home office set up be? Are you the type of person who will profit from remote working? Do you have the right equipment? There’s a lot to consider, so in this blog we explore some work from home online trading advice - covering everything you need to know about remote trading, whether you’re trading individually or as a firm employee.

In this blog we answer the questions ‘can you make money trading from home?’ and ‘what do you need to start forex trading from home?’; and we cover simple work from home online trading tips, and advice on how to start forex trading from home. 

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Work From Home Online Trading Tips

Working from home online trading can be tough if you’re not sure where to start. Here are some first steps...

Can you make money trading from home?

Yes - you can make money trading from home. Many traders choose to work from home - whether this is trading remotely using a forex funded account, or working remotely as a company employee. Interested in trading for yourself? Read our blog on finding the best forex funded account for you here.

So the short answer is yes, you can make money trading from home, but the amount of money you make will vary depending on your experience, seniority level and profit split. It will also depend on whether you’re working as an employee or for yourself - for example, you may have to hit a certain profit target before you can withdraw if you’re trading with a firm, so this may impact the amount of money you make trading from home. If you’re working for a company, you can see more about Forex Trader Salaries here. 

How to start forex trading from home

How to start forex trading from home will differ depending on whether you’re employed at a trading firm, or are using a forex funded account as an individual - but working remotely is a possibility no matter which category you fall into. Here are our tips on how to start forex trading from home…

If you’re at a firm

If you’re working for a firm, here are the steps to follow…

  1. Firstly, ask your manager if remote working is a possibility - some firms have limited trading floor desk space, so remote working may actually be a benefit to both parties. However, there may be reasons that remote working isn’t an option: for example, needing to attend in-person meetings with colleagues, or training junior members of staff. So make sure you check with your manager to assess the situation, and how best to compromise.
  2. If you can work from home online trading, getting set up at home is the next step. You’ll need to replicate your working set up at home, so it’s a good idea to think about how best to do this: do you have space in a spare room, or in your bedroom or living room? It may be that your company can provide you with tech - like extra screens, cables, or a desktop computer - so it’s worth checking this before purchasing any yourself. 

If you’re trading individually

  1. Get learning! This is the first step to trading individually as you won’t have any training offered to you in-house, so you’ll need to know the tricks of your trade in order to be profitable. 
  2. You’ll either need to trade using your own capital or find a funded forex account. Unless you’re required to take an in-person assessment at a firm, or you become an in-office employee after passing the test, all trading is done remotely, which takes you to the next step: getting set up.
  3. As you’ll be working from home, you need to make sure that your space is as conducive as possible to efficient, distraction-free working. This means choosing a good desk, chair, and setting up several screens. 

What do you need to start forex trading?

Aside from brilliant trading strategies, a trading plan and dedication, there are three key things you need to start forex trading effectively: a good workspace, the correct equipment - and a routine.

Set up an established workspace

This isn’t always possible, but if you can, make sure your workspace is distraction-free, quiet, and separate to your bedroom. It might be creating a desk in the corner of the living room, or in a spare room of the house if you have one. Having a dedicated work space to go to every morning will help you get into the mindset of working. However, if this isn’t possible, try to create a makeshift space that’s easy to set up: on the kitchen table, for example.

Use the correct equipment

Make sure you have the same equipment you’d expect in an office scenario: this will help you get into the right mindset. This includes several screens to display all of your charts, desktop computers, a good chair with sufficient support and adequate desk space (if you can get it). 

Get into a routine and stay disciplined

Routine is extremely important when you’re working from home online trading. Try to wake at the same time every day, fitting in breakfast and a workout before you sit down at your desk to start your workday (with a coffee in hand!). Your trading plan can also help you to keep to your routine and trading strategies, and should help you to stay disciplined.

Read How to Focus During Quarantine ⟶

Tags: Trading Tips

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