MAKE MILLIONS FROM HOME AS A FOREX TRADER.: BY WINSTON MATTIS
Show me the money. Show me lots of money, thank you very much. Gerry McGuire shot into the limelight with that very line—show me the money. Earning loads of cash is what drives a lot of people today. So deep is the pressure to live the American dream of a comfortable, white picket fence lifestyle that many thousands opt to work two, sometimes three jobs in their quest to get ahead. One sad truth is that trading services for an income is not the best way to get rich. In fact, most employees will never get rich working for a living no matter how many jobs they hold at any one time. While high income occupations and professions such as lawyers, doctors, dentists, accountants, all spend tremendous amounts of time and energy learning their craft, the best they can hope for is a comfortable life.
Instinctively people know that banks make a lot of money without having a clue how banks do it. Sure, banks make a crap load of money from financial concepts such as leverage. However, banks, including central banks make a ton of cash from currency trading. Foreign exchange traders are critical cogs in a bank’s money making machinery. While the average person may be familiar with stock brokers, the realm of foreign exchange trading remains murky and mysterious for most. An awful lot of people are clueless about foreign exchange, let alone any vocation based on it. Better yet, the masses have no idea that they can supplement their employment income with trading in foreign exchange.
- Can the average person moonlight as a foreign exchange trader from the privacy and comfort of their own home?
- Back up for a minute and let’s have a brief rap chat about what the heck is foreign exchange, followed by defining foreign exchange trading. Currency and money are two different but related concepts. Every country has its own currency. The US dollar, Swiss Franc, Deutsch Mark, English Sterling, Canadian Dollar, just to name a few. With the exception of the American dollar and the Euro one country’s currency is not valid in another country. For example, Canadian dollars cannot be used to purchase itens in let’s say Japan. Similarly, a Canadian merchant is unlikely to accept Japanese Yen as payment for goods or service sold anywhere in Canada. Currency, then, is commonly referred to as legal tender of a particular country.
In the same way that there is a market for stocks and bonds, there is a market for currency. That’s right. People buy and sell currency just like they buy and sell stocks. A foreign exchange trader is a financial market professional who buys and sells currency using a currency trading platform. Though foreign exchange trading is risky business, there is an enormous amount of money to be made in this arena. Scores of disciplined people stay at home and trade in currency for themselves. Self made millionaires are rampant among those who trade currency. It is so easy to start trading for yourself.
Though you may not have thought about it, anyone with a little training can become a full-time trader, working from home. With some discipline and aversion to greed it is not hard, though risky, to transform one’s financial circumstances literally from rags to riches. If you have some disposable income, like numbers, graphs, and have a propensity to buy and sell, then currency trading may be for you. Check it out. See if you are interested. There is a lot of information and resources on the internet that can help you get started. Folks, here is the deal. These days corporate North America is loyal to very few. At a blink of an eye you could go from being a star corporate executive to scrounging for money, counting pennies and a step away from homelessness. You do not believe, then ask yourself what will happen to the reported 17000 Target employees who shortly will be out of work. Whether the need to reinvent arises as a result of corporate downsizing or a personal awakening, think about non-traditional ways of making money by being self-employed. Investigate the money making prospects of forex trading. It may be the perfect stay at home job for you.
- So, what does a forex trader do?
- A forex trader buys and sells currency. The value of one currency as compared to a second currency fluctuates up and down. The forex trader watches these fluctuations. The trader relies on a technological platform nto execute the purchase and or sale of the currencies traded.
- What are the skills needed?
- Traders need high levels of concentration. They need to be able to sit and observe a screen for lengthy periods. A trader needs to be able to understand and interpret graphs in order to predict the direction of the market.
- How do you get started as a forex trader?
- It is fairly easy to start trading for oneself. All one needs to do is to open a trading account with one or more foreign exchange brokerage house or an electronic platform. A deposit must then be made into the trading account after establishing the foreign exchange account with the broker of choice has been established. Institutional traders are frequently required to complete a foreign exchange trading course offered by the Canadian Securities Institute. All traders need a computer and access to the internet to execute trades.
- What are the hours of work?
- The hours of work varies based on three primary factors. First, the hours of work depends on the currencies traded. A trader of USD-Yen works into the wee hours of the morning because of the time difference between Japan and the United States. So, the first factor that determines work hours is the time difference between the countries of the currencies being traded. The second determinant is whether the trader is an institutional employee or trading for her or himself. The third factor that determines hours of work is desired return on investment. There are self directed investors who work for as long as it may take them to earn lets say $1000 for the night.
- What is the work environment like? What is the return?
- Trading can take place anywhere, given the state of current mobile technology. Institutional traders typically work in an office environment with other traders.