You might have doubts about becoming a forex trader, after all, thoughts of losing money, not having the time, and other dilemmas can make trading seem daunting to those that haven’t tried it before. You also might be thinking that the whole thing seems too good to be true after viewing flashy videos that show the luxurious side of trading. Still, there are a lot of reasons why you should open a trading account as well! Some might be more obvious than others, while you might not have considered some of the following benefits:
Working from Home: Having the option to work from home is one of the biggest benefits of becoming a full-time trader. You no longer have to set an alarm, get dressed, commute to work, deal with scheduled lunchtimes and breaks, and so on.
Work from Anywhere: Forex traders also have the ability to work from anywhere through their phone or laptop with an internet connection. You could log into your trading account while at lunch, doing errands, or even while you’re on vacation. This virtually eliminates the need to plan trips and outings around your work schedule.
You can start with a Small Investment: There’s no need to invest hundreds or thousands of dollars into your trading account if you don’t want to. Instead, you could start with a deposit of around $10 – $100.
No Need to Pay Taxes: Your forex earnings won’t be taxed like those earned on a regular paycheck, which means more of your money winds up in your pocket.
You Get to be Your Own Boss: A lot of people dream about quitting their job, especially if their boss is a nightmare. If you become a forex trader, you no longer have to take orders from anyone. If you sleep in, decide to take a day off, want a long lunch – there isn’t anyone to answer to but yourself.
Flexible Work Hours: Different trading styles support different amounts of time spent glued to the computer screen, so you could always choose a style that doesn’t require constant attention if you’d prefer to have more time off. Even if you trade often, you can get a late start or stop early on some days when you need to. Another option is to purchase a forex robot that will automatically trade for you.
You’ll Make More Money: This one isn’t guaranteed; however, it is likely that you’ll make money if you have a good trading strategy and you know what you’re doing. There’s no need for us to explain why having more money in your pocket is a plus!
Low Transaction Costs: You do have to pay some fees to your broker, however, fees for forex trading are relatively low.
Leverage: Forex trading offers traders the ability to use leverage, which is essentially borrowed capital from your broker that increases your buying power.
It Doesn’t Take Much to Start: Some may assume that it’s difficult to get into trading. On the contrary, it doesn’t take much. All you need is a device with an internet connection, like a laptop or smartphone, a deposit of around $10 or so, and a trading account, which can be opened easily as long as you are at least 18 years old. With such easy barriers for entry, everyone could try out forex trading if they wanted to.