Life is naturally hard, but with the virus, it has become even harder by manifold. For starters, U.S. jobs have decreased. As records would show, the country lost 20.6 million jobs during the pandemic, with an unemployment rate of 14.7%. Only the Great Depression in the 1930s could compare to this rate. But given that over 600,000 Americans have perished, the current pandemic is worse.
Tracing back to the first days of the lockdowns, 74.7 million people lost their jobs. We may be opening up again, but the traces of sorrow brought by the virus is still fresh and lingering. Just this January, American adults divulged that they experienced hunger during the pandemic. Worse, over six million stated they were afraid of eviction from their homes due to their inability to pay rents. Earning truly has truly become harder now.
The good news is that there are ways you can generate income these days despite the pandemic. A good example here is trading foreign exchange online. A closer look should tell you that trading via online platforms could be the pandemic’s silver lining. That is a big claim, but here’s the lowdown on why it has such great potential.
With forex, traders are able to join activities in this market regardless of their location or time zones. This means that opportunities in this market are not hindered by office hours. Traders can have a five-day-a-week trading opportunity; they can even stretch it to 24 hours a day.
What does this all mean? The opportunity is wide open, and if you do it right, you can be your own boss.
You can make a lot of profit even when working from the comfort of your home. Imagine the quality time you can spend with your loved ones. If you’re good at it, you can even watch your children grow — something most jobs can’t give.
Even better, you can also generate income while traveling. All these highlight a great benefit when trading online via forex: flexibility. It’s no accident that many have become millionaires in the trade. A glorious example is Dan Legg, a 21-year-old student from the U.K. who was on a downward spiral after failing a major exam. Today, he’s one of the youngest forex trader millionaires in the world.
Of course, money matters. We should consider this when looking for sources of income. When we speak of rewards, we also look forward to higher returns. As we all know, returns surely have direct proportionality to risk. Therefore, earning good money also means being prepared for risks.
By this, we mean calculative risk. There’s no such thing as easy money. That holds true with forex. You need to gain adequate knowledge when engaging in online trading. Dan Legg, for one, started his forex journey by consuming every YouTube video about trading he could get his hands on.
A good rule of thumb to go by is that the sum of money you can’t afford to lose must not be traded. That surely means not gambling your needed money away.
Truth be told, this market may yield you higher returns compared with other similar markets. The parade of forex millionaires should tell you that. However, it’s no walk in the park. Right from Day 1, you need to arm yourself with knowledge.
A good way to get by is to tap an experienced forex broker. He should be able to give you timely help, not to mention guidance in getting the results you need.
A distinct advantage of trading forex online is that it is an international market. What’s more, you don’t have a central marketplace. Instead, trading can be done electronically. This means that each and every transaction can be processed via computer networks between one global trader to another instead of having a centralized exchange.
It’s so unlike stocks that have a central marketplace. Plus, knowing that this marketplace is open five days a week and 24 hours a day means reading can be done globally. A closer look will tell you that major centers of finance (Tokyo, Singapore, Sydney, London, Zurich, Paris, New York) cover almost entirely all time zones, allowing you greater income-generating potential.
Forex trading surely does give you access to the global market. You can trade even if you have another full-time job. You can also simultaneously trade to other available locations. If the trading closes in one time zone, you can still start in another time zone. The possibilities are endless.
The best part is you can start part-time. There’s no need to rush, either. When you get the feel of the market, you can increase your investments. Even better, there are forex trading simulators you can start with. Think of it as a dress rehearsal. You can trade even without spending a dollar. That should increase your chance of success in reaching your first million.