There are many of us out there right now, dreaming of quitting our current jobs and somehow becoming our very own bosses. You could be stuck behind a desk reading this right now, or commuting to work in a train full of people, or even working behind a bar, or out in the elements. Either way, during our work years, there are very few of us that are actually blessed with the opportunity to work in the field that we love the most.
Some of us are sick of the monotony of our work, most of us have debt, mortgages, there is not much we can do to risk losing our jobs, and venturing out into the open fields of unemployment. Yet many of us are unaware that we do hold the skills and ability to break free of our bonds, and set a better financial path for us and our families.
Online trading is an opportunity to be your own boss; one that is often overlooked by people who are not in the field of finance. There is nothing particularly difficult about learning to trade currency pairs. It only requires the person to be dedicated, well read on the subject and have a keen eye and strong instincts on how to negotiate the best and most profitable trades. That isn’t to say that trading is as easy as pie, there is a lot more to it than that. But at least it’s something to consider when trying to find a way to financially free yourself of your employers bonds.
The casual trader
There is no viable way that you can call it quits and jump directly into online trading. It simply doesn’t work that way. But you are truly interested in the subject, read up on it.
Read and absorb as much information on forex and binaries are you can. There is nothing better than an educated worker, and even if you plan to work for yourself, you need to become someone that YOU can rely on to succeed.
As you read on about what trading online entails, the tips and tricks to get you started; where do you start? The best thing is to search for online brokers, and evaluate each one based on their performance ratings. Read what current or past customers have to say about the broker, and make a short list of your top five favourites.
Before you even consider trading, you should test the waters by using a demo account, that should come free with each broker. During the demo, you will be able to see the platform that the broker has to offer, the features and settings, and ways that you can easily access the open market. You will get to “trade” currency pairs and prepare and test our you trading strategies and plans of action. All of this will be particularly useful in determining which broker you will feel comfortable to go with, and whether trading is actually for you or not.
Taking the next step to online trading
If you are satisfied that online trading is indeed for you, and you have settled on a good, reliable broker, you should be ready for the next step, a live account. Opening a live account is simple, as is depositing the funds that you will be using during your first steps out to trading currency pairs. What you should do next is take caution.
There will be losses, they will be mistakes; however, if you followed the steps above, and educated yourself more than briefly on the matter, then you should be in a good position to handle the trades correctly. Minimizing losses and profiting on wins sounds right, but finding the balance to achieve that will be tricky at first.
So when can you free yourself of your current work position, and become your own boss? Well that question has a lot of gravity to it. It depends on a lot of variables, and one of those being you and your learning curve.
Most brokers will let you begin trading with as little as 200 euros, but that won’t turn into the fabled millions that many claim to have made from such a modest start. If your initial deposit is under the 500 mark, then we will consider it as play money. It is the money in which you will use to lose, in practise of live trading. Now that doesn’t mean that you will lose it, it simple means, you have to be prepared to.
With that in mind, you do have the opportunity to grow and expand your trading career from part time to full, without having to quit your job just yet. Only when you get into a constant flow of high returns should you ever feel that online trading is viable enough to focus on exclusively.