Take a ride on a New York subway and you will quickly be able to pick out the stock brokers. These are the Brooks Brothers suits, and probably a briefcase, cell phone in the ear barking orders. Now pick out the Forex traders. That's not nearly as easy to do since they look just like everyone else on the subway.
Sure that Brooks Brothers suit may also be dabbling in currency trade, if he's smart, but so may the guy in sweats sitting next to him. That’s because unlike other markets, Forex has no prejudices.
Trading in the other markets is constrained by time and money. If you don't have the right amount of either, there is no getting in. Forex on the other hand allows for trading around the clock and with very little investment capital. This makes it ideal for anyone who is looking to add to their income.
Who Can Trade Forex?
Admit it, you were always fascinated by the idea of top investors who were making tons of money just by having some. The idea that your own money could be put to work to earn you more has always been fancied, and the reason why banks offer interest earning savings accounts. With the easy availability of Forex, you can expand on that premise and increase your wealth quicker.
Take a teacher for example. You already know they are underpaid, plus they have all these long breaks with nothing to do but read books and watch re-runs. Learning how to trade in the Forex market is ideal for this profession. Not only do they have the spare time before and in between classes to check on their trades they also have months of free time to learn how to get really good at it.
A teacher could find a broker that allows for just a few hundred dollars to get started in trading. With leverage, their investment, and of course return, will be increased allowing them to profit more than what they had in the account would have allowed. So think about it at your next meeting at your son's school. His teacher could be in on Forex trading too.
What about those professions whose hours as not as steady as a teacher's are?
That actually makes it even easier. If you work nights, or even graveyard shifts, you are available during prime Forex trading time during the New York exchange hours.
Tonight when you are ordering your sirloin steak, think about why your waiter looks so content. Could it be that he made a great trade this morning while ironing his apron for the night shift? Jobs in the service industry allow the perfect opportunities to learn Forex trading. Especially when working those swing shifts. Like teachers, the annual salary may not be much, but if they can get together a few hundred dollars they can be set up with a starter account.
My Favorite Forex Trader
One of the most successful self-starter Forex traders I know has the most difficult day (and night) job on the planet. I met this stay at home mom at a seminar and was instantly amazed at her knowledge of the market and how quickly she was able to get a handle on making money in it. For stay at home moms (or dads) Forex is a great money making diversion from your day.
When telling her story, this mother of 2 explained how she took a small savings she had set aside and grew it exponentially over the course of a year. She likened it to raising her kids, where patience is a virtue and scheduling a must. To fit it into her schedule, she molded her trading times around theirs, never compromising on her first priority or time for herself.
Yes, she admitted, she did give up some T.V. time and online time to study her charts and make plans, but she felt that this was a worthwhile sacrifice to make. By getting into the habit of only buying into a pair when she felt rested and undistracted, the majority of her decisions were the right ones. Her passion for the market and the way she managed to fit it into her busy life is something I will always remember and admire.
Don't be scared off by the words market and trading. Forex trading is not what you expect. Trading platforms are designed to help you, there is a boat load of information online on how to be successful, and there are real live people in your every day life that can help you get started. You just need to start talking about pips and pairs and the most unlikely person is going to respond to you.