If you’re currently married and you’ve just decided to take up forex trading or you’ve recently opened a trading account, you might have a hard time convincing your spouse that it is a lucrative investment. Many people have heard rumors that trading is a scam and doubt that it’s really possible to make money doing it, or they assume that only the rich can benefit from forex trading.
Your spouse has likely heard about these misconceptions before. Some people even believe that forex trading is similar to gambling even though trading is based more on facts and evidence over chance. When it comes to marriage, it’s important to agree on financials, so you’re likely feeling frustrated if you can’t get your spouse on the same page with your decision to become a trader.
We’ll start by mentioning that forex trading can be a very profitable investment that can help with pocket money, pay bills, help you through retirement, or even take the place of your full-time job. If you realize this, you’re probably eager to gain your spouse’s approval so that you can start investing in order to gain a return. The best way to reach an agreement is to listen to your spouse’s opinion and provide hard facts and explanations if they disagree with you. Here are some of the best responses to common objections to forex trading:
Argument #1: Trading is the same as gambling.
When you gamble, you purposefully risk money while relying on things like chance to hopefully make more money. You never know if you’re going to get lucky and win big or walk away with nothing. Forex trading is different because decisions are made based on different kinds of evidence. For example, some traders look at historical price data on charts, while others try to measure the intrinsic value of a stock versus the price it is trading at. There are several other ways that traders make informed decisions about what they are trading and where the price will go. This takes away the whole chance or luck concept that comes with gambling because you’re making evidence-driven decisions. It’s true that the market might move against you, but you are much more likely to see good results if you make informed trading decisions. Think of trading as an investment where you can take steps to improve your likelihood of seeing a large return by performing research.
Argument #2: You can’t make money by trading.
Some people think that forex is just a big scam that draws people in, gets them to invest money, and then sucks their account dry. Perhaps this comes from the fact that there are some shady brokers out there, or because the ability to trade from home with a small initial investment just seems to good to be true. The good news is that it is very possible to make money trading and it isn’t hard to avoid being scammed. You simply need to find a trustworthy broker that is regulated so that you’ll be protected from malpractice and your money will be refunded if the company goes out of business. After that, you need to find a good trading strategy that is profitable. If your spouse is still hesitant, try trading on a demo account using your trading strategy and then show them that the account was profitable.
Argument #3: Trading takes up too much time.
It’s true that some forex traders sit in front of their computer screen multiple hours each day, but many others only trade part-time or devote a very small amount of time each week to trading. It’s very easy to find a profitable strategy like swing trading that doesn’t ask you to constantly monitor the market. Also, with all of the convenience offered by the modern world, traders can use signal providers to receive information about trades they should enter directly via alerts on their phone, which eliminates the need to do all the research yourself. An even more convenient option would be to use a forex robot, which trades on your behalf and only needs to be monitored from time to time.
Argument #4: You Don’t Know What You’re Doing.
Everyone has to start somewhere. Fortunately, there are a ton of free resources available online that can help new traders learn everything they need to know, from beginner concepts like terminology to more advanced subject matter like reading charts and etc. If it makes your spouse feel better, you could prove that you know a lot about forex by taking some online quizzes and showing good results or by providing your demo account results from a period of time.
Argument #5: It costs too much money to get started.
Most beginners choose to get started with a smaller deposit, oftentimes $100 or less. Most of us can afford to spare this much, so trading might not cost as much as your spouse is thinking. Of course, you can’t expect to make huge profits right off the bat with a smaller deposit, but you can still make some much-needed money while trading off a micro account. Try to compromise over the amount of money you will invest and make a deal that you will never deposit money into your trading account that is needed for household necessities. Once you start bringing in profits, your spouse will likely feel more comfortable with you investing a larger amount of money into trading.