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Home-Based Forex Trading: Pros & Cons

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Becoming a forex trader that works from home sounds like a dream job when you hear some successful traders talk about the benefits, while others struggle with adjusting to trading from home. This might leave you wondering if this is the best job in the world or just a waste of time. Is home-based trading for you? Take a look at our pros and cons to find out!

PROS

  1. Working from home! No need to commute, no boss to answer to, you get the luxury of working from home in your pajamas all day if that’s what you’d prefer. 
  2. Saved money: Since you don’t have to use gas to go to work, you’re likely to save upwards of $30-$50 a week (if you usually had a commute to work) that can then be deposited into your trading account. You’ll also be more likely to simply eat lunch at home instead of going through a drive-through every day.
  3. Flexibility: If your kids are sick and need a ride home from school or something comes up, you don’t have to ask for time off. If you want to sleep in, there’s nobody to answer to but yourself. This is one of the main benefits of forex trading, which can be done from virtually anywhere as long as you have a working phone and internet connection. 
  4. Making money: Although you could lose money, you also have the benefit of possible surprises when you make much more profits than you expected to. You might even decide to get away for the weekend to celebrate this surprise bonus.  

CONS

  1. Distractions are everywhere! A tv playing in the background, your children running through the house, your dog barking outside, and it doesn’t help if your spouse is trying to have a conversation while you’re trying to concentrate. Then again, you don’t have to worry about this as much if you live alone, but you still might be tempted to play on Facebook or take part in other distractions during work time. 
  2. Finding an office space: Do you want to work at the kitchen table, or is it covered in food from your kid’s lunch? Laptop in danger of having juice spilled on it if you sit it down on your living room coffee table for even just a second? Maybe you’re lucky enough to have an office or to live alone, but those that don’t may struggle to find a good spot to work. 
  3. Too much flexibility: Since you don’t have a set work schedule and no boss to explain yourself to, it might be harder to say no if your friend wants you to come out for lunch or if you just have the urge to get out of the house. Sure, you can trade from your phone, but the increased freedom might leave you trading less often than you should because of these distractions.
  4. Working in an environment that is trading friendly: Do you get fast internet connection where you live? In some rural communities, this isn’t always an option. You might even find that your internet connection barely works when others are connected, so you’ll have to battle your spouse watching Netflix or kick your kids off their tablets if this is an issue. 
  5. Profits aren’t guaranteed: With a regular job, you know you’ll be bringing home a paycheck at the end of the week. Trading is more subjective, and you never know if you’ll come out up or down.

Conclusion 

Trading from home comes with a lot of pros, after all, it really allows you to be your own boss, gives you the option to be lazy when you want to be, and doesn’t confine you to a strict schedule or force you to ask to be off work if you want to attend an event or take a sudden vacation. On the downside, some traders have issues keeping themselves disciplined once all this freedom sinks in, and this can have a negative impact on your profits. You also never know if you’ll come out with more or less money at the end of the week, some weeks you may be down, while at other times you could find yourself celebrating record profits. If you think you can keep yourself disciplined enough and you have some money to fall back on in case of bad luck, home-based trading might just be for you.

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