eToro – Forex Trading Forum

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Looking for a home based business I came across forex and I first saw it as a way of making a bit of money here and there. What happened was that I lost a bit of money (only about 100 dollars) in one go. This was after spending a week playing around on a demo account. I gave forex up – disillusioned. However, something drew me back and I have spent time learning about forex whilst practising what I learn on the demo account. I feel forex trading could be a very neat, profitable, containable home business.

I may have more knowledge – but I lack experience. The best thing I learned was that caution, self-discipline and good risk management are vital. It is now evident (given my experiences and learning curve) that forex trading is one of the easiest businesses for an individual to start. It only needs a computer, fast internet connection and a small investment of cash.

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Forex trading can sound risky and complicated at first, but is quite simple (if you don't get greedy!) and if you invest the time needed to learn the basics.

What else makes forex trading a great home business ? The obvious thing is that currency prices fluctuate on a minute-by-minute basis; It is these price changes that forex traders buy and sell – the vast volume of supply and demand for currencies gives traders a never ending market of a trillion dollars a day.

The fluctuating currency rates cater to different styles of trading. Some traders like to get in and out of a trade very quickly and make many small trades in this way. Others prefer to open less trades but long-term trades covering hours, days or sometimes weeks. The volume and liquidity of the currency markets make this business recession-proof – which is a moot point just now.

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There is a glaring advantage in trading currency over stocks, for example, and that is that the currency markets are open 24 hours a day for 5 and a half days each week. This means that you can work hours to suit you.

If you have prepared yourself properly to become a forex trader you will know that you should have a ell-practised trading plan. This is what you will have developed in the weeks and months that you have spent trading safely on your practice account. Test your trading plan before you switch from the practice to the real account.

Forex is not easy but it doesn’t have to be hard. With good preparation, hard work and discipline you can enjoy a nice supplemental income. This is your own business. One that does not require investment in stock, sales and publicity material, cold selling, client contact, storage space, rigidly fixed hours or lots of financial investment.

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Another great thing about making forex your home business is that it can travel with you – even on holiday (although that is a bit sad !) . This is on top of the advantages mentioned in earlier posts – small initial investment, no marketing, no selling, no promotion, no stock, no storage …..

It’s not even necessary to sit in front of the computer. You can open your trades, deploy your risk management using Stop Loss and Take Profit. Or you can set your buying or selling prices – and walk away into your life. Your open trades are protected and the trades that you want to go long or short will do so when your prices are met by the trend and will close safely due to your risk management.

Until you are earning a decent income as a forex trader you can trade and keep your regular job. And with eToro, let's face it, trading is fun as well as potentially profitable !