Women looking for a way to be able to stay at home and simultaneously contribute to the family income should consider foreign currency trading as one among many home-based business possibilities. This also applies to stay-at-home dads, financially struggling college students, minimum wage workers or anyone else who would like to supplement their income or even create a new full-time career.
Forex trading requires very little startup capital, the knowledge that can be acquired from excellent online sources for only a modest investment, a computer and an internet connection. It is one of the easiest businesses for an individual to get started in. Note and caution: in addition to the previously stated items, successful trading also requires intense self-discipline and risk management. It should not be considered a get-rich-quick project, but a source of steady part time (or full time) work with good income potential.
In 1978 the International Monetary Fund-mandated the free-floating of currencies. That means that a currency, like the U.S. Dollar, Swiss Franc, or Euro changes in value minute to minute based on the laws of supply and demand. That decision also opened the currency markets to more participants than before. The volume of currency traded each day has grown dramatically, and this is a good thing for forex traders who want to take small risks and get in and out of the market fairly fast. In 1977 the daily value of currency traded between banks was about the U.S. $5 billion. By 1987 this had grown to the U.S. $600 billion, and by the year 2000, it was up to the U.S. $ 1.5 trillion.
Eventually, corporations joined the banks in trading. This added to the volume and also added to the liquidity of the currency markets. Liquidity is important to keep from getting trapped in a losing position without being able to get out, or riding a nice profitable move and then seeing it disappear while you attempt to get out. The ideal market to trade is one that lets you in quickly and also lets you out quickly.
Now, even individuals can compete on relatively even footing with large central banks. The key is access to online information and online trading services. It may sound risky and complicated at first, but can actually be quite simple if you don’t get greedy and invest the time and money needed to learn the basics.
An advantage of currency trading over trading something like stocks is that currency markets are open almost 24 hours per day, so you can work whatever hours you choose, even the middle of the night. Also important is the fact that you don’t need much money to start. Many brokerage companies will allow you to open an online trading account for only $1000, and most of them will also let you practice for free with simulated trading accounts.
It is very important to learn the basics and also to have a well-practiced plan before you put real money into your new part-time business. Go to the library and read all the books you can find on trading and investing, then take time to surf the internet looking at forex trading courses (if you want to be a profitable trader, you need to invest a little money up front in education in order to avoid learning the ropes the hard way: by losing real money in the market) and selecting a good forex broker.
After you learn everything you can from a good online course and set up a trading account, be sure to trade “on paper” in real time without real money for a month or two to get all the bugs worked out of your strategy before you put real money on the line. Don’t let anyone tell you it is easy, but with hard work and discipline, you can enjoy a nice supplemental income by trading.
Steps to Start forex trading at home by moms.
1. Find a good Forex broker.
It is not difficult to find a good forex broker. Search on the internet and you will find many. You will have to open a trading account with the best forex broker.
Opening the account must be free. The broker should have a demo account facility. There should be a discussion forum and support desk. Training material should be available free of cost. I would recommend that if you have a friend or acquaintance involved with Forex trading, use his or her broker.
2. Get the basic training from the broker’s site.
3. There is no substitute for knowledge. Learn as much as you can. If you become an expert, you will find that money earning potentials are unlimited, and at the same time you can start your own consulting business. This step is not easy.
4. Demo Account.
Practice Forex trading with the demo account. As there is no money involved while trading with the demo account, you will not lose anything. The learning potentials are unlimited. However, bear in mind, you will not be very careful when trading using a demo account because you will not lose any money even in a bad trade. To accelerate the learning process and to acquire the expert knowledge, commit a small amount of your own money.
5. Mini-trading account
Your broker will tell you about the mini trading account and regular trading account. I recommend beginners to start with a mini account.
The advantage of Forex Internet home-based business:
Low Investment: You don’t need to invest lots of money to earn real profits out of this market. You start your Forex Internet home-based business by opening a Forex mini account for $25 through my recommendation is five hundred dollars.
Flexible Timings: Forex market is open 24 hours as a day. You can choose the best time to trade as per your availability. There is no specific trading time in the Forex market.
Lots of opportunities: Forex Internet home-based business provides you with lots of opportunities to earn good profits. You just need to learn the skills of the Forex market and know how to use the Forex tools to get the best results out of this market.
Disadvantages of Forex Internet home-based business:
The only disadvantage of the Forex Internet home-based business is that you are not getting any fixed amount of regular income out of this business. Your Income is completely dependent upon the time you have invested in this market and on your skill level of Forex market and trading tools.
Keep in mind there will be some losing trades. Don’t be discouraged. If you know how to trade, you will be a winner