Trading forex for a living: that’s the plan! When I got pregnant with my first child I wanted to do something from home. And had been trading forex from home as a hobby for a while but it is time to start trading for a living.
Trading forex from home
I was looking for something that would get me the ‘freedom’ to work anywhere. I would just need a computer and my phone. And could start working as long as I could find an internet connection.
Like many others I also dreamt of not spending my days in front of a computer screen but being able to share time with my child, husband and family.
My forex hobby trading had given me some insights on what trading would be like and it was the only ‘work’ that could tick all the boxes:
Working from home
Needing just a computer, phone and internet
More freedom and time for the important things in life
What is forex trading?
Forex trading is comparable to trading stocks except for the fact that you don’t trade ‘pieces’ of a company. In the case of forex trading you trade currencies and exchange one for the other in an online marketplace.
Forex stands for FOReign EXchange and it is the largest global market in the world. The daily volume is about 5.3 trillion and that makes the forex market move, a lot.
This type of trading doesn’t require you to read company statements or keep track of what’s going on with Elon Musk, for example.
Currencies also show price changes on news-events and interest rate statements. Those announcements are scheduled and you can decide to not trade at those times.
Forex prices are quoted in pairs, one currency expressed in the other currency’s value.
EURUSD for example is quoted as: 1,1335. For one EURO you need 1,1335$
This exchange rate is the most important thing for a currency trader and it can change up to several times per second.
The currency exchange rate reflects the health of an economy in comparison to another.
If the US economy is doing very well, the price of the dollar will rise compared to the Canadian dollar. The USDCAD pair is one of the major pairs for trading forex from home.
Short or Long
Trading forex gives you the opportunity to long (if you think the price will rise) or short (if the price will drop). The stock markets open and close everyday but the forex market only closes for the weekend, Christmas and new year’s. Any other day, it’s open, 24/7.
That gives me the opportunity to trade on moments that fit my schedule.
Making a living of forex trading from home
Let me start by ‘telling’ you that it is possible, to live of trading forex but don’t quit your job just yet.
In my next blog I’ll tell you more about what is takes to trade forex from home and what kind of capital you might need to make your dream of freedom a reality.
Did you read my blog on me missing my entry? This might prepare you mentally for become a forex trader 😉