Kaesyrn:
Why Becoming An Independent Forex Trader Is Appealing?

Becoming financially independent is what most traders, and most people strive for, hence the reason so many try their hand at trading.
This is a business which requires no formal qualifications (assuming you’re entering at retail level), can provide one an income, a pension and for some, millionaire status.

Nevertheless, trading the forex market is not all sunshine and roses. There are downsides to this business which is also something we’ll look to explore.
But first, let’s look at why becoming an independent forex trader is appealing?

Kaesyrn:
Flexibility

1. “Working/trading from home is dreamy to say the least”
No more rush hour morning commutes to the office or construction site! By and of itself, this is an immensely attractive aspect! With this being said though, some traders find it difficult to trade from home and need human interaction. One can overcome this by considering joining a trading arcade.

2.”Being your own boss”
How many of us truly have great workplaces? A place where you feel respected and valued. An arrogant manager, or a company that makes you feel as though you’re nothing more than a robot with a heartbeat kills motivation, and rarely allows one to reach their full potential! Being your own boss is therefore a huge plus to becoming a forex trader.

Kaesyrn:
The idea of earning money while essentially not selling anything, having no boss, no clients to be worried about and no schedule, is extremely appealing. Living by your own rules and not on someone else’s schedule is, in our humble opinion, the epitome of TRUE independence.

Kaesyrn:
Family time


This is the ‘biggy’. How many times have you heard friends, relatives or colleagues say they wish they could spend more time with their family/children. Our guess is a lot! Let’s be honest, society today is stressful. Rushing is the norm! Rush to get the kids to school, rush to get their dinner ready – life is just one big RUSH!

Becoming an independent forex trader is effectively a lifestyle. You set the rules/time by which you trade. Spending the best part of the weekday stuck in a prison-like office or at a dusty construction site surrounded by people you have little to no emotional connection with obviously limits your time you spend with family. This is especially true for people with children. Being there for them, especially when they’re growing up, is something a lot of parents wish they could do.

Kaesyrn:
Age


Trading requires no psychical effort. There’s no lifting, no pushing (unless you consider ‘clicking a mouse button’ physical) and certainly no pulling. As long as you’re well-balanced, have your vision and are able to move your arms/fingers, trading is something that can be done until the day you depart this mortal curl. What other job can honestly offer that, not many!

Kaesyrn:
The downsides

A. Often perceived as an easy way to riches, forex trading is actually one of the most challenging tasks one can undertake in life. Learning to trade forex is not something you’ll achieve over a weekend, a month or even a year, despite what some insane gurus claim.

It takes time, dedication and a truckload of will power to become proficient. A lot of traders are not prepared for this and therefore throw in the towel, hence the high failure rate. Think about it logically for a moment.

How long does it take for the average doctor or lawyer to train, five years, ten?

Why should trading be any different?

Kaesyrn:
B. Dependent on your style of trading it may require one to be at the screen for several hours each day.

However, one still has the benefit of setting WHAT time one trades and is therefore needed be in front of the screens.

Kaesyrn:
C. The majority of people struggle not with the technical side of trading, it is usually the psychological component.

Knowing thyself is crucial. The ability to take risks and stick to the rules you’ve set is easy in hindsight but incredibly difficult when hard-earned funds are bouncing up and down in front of you!

Kaesyrn:
D. There is so much information out there, it’s difficult to know where to begin. This is where having a trusted mentor helps. To start, however, check out beginners guide to babypips.com/learn/forex

Hero2t:
Financial independence and forex shouldn't be in the same sentence.

Kaesyrn:


Why do you say so sir, kindly vent in details…

Hero2t:


The simple fact that you can get stopped out of a trade and lose everything including your initial investments.

Even with the best risk management and discipline in place, it is hard to make dependable income from forex.

It is like futures in cryptocurrency. You can get liquidated and receive nothing for your troubles.

The only ones really making money in forex are the brokers.

Kaesyrn:


Well I believe your conclusion is opinionated and on the contrary myself as a case study with the best risk management and discipline you will actually excel in this field of business…

What’ matters isn’t big wins but consistent small wins…

Follow how I experiment and try to grow a small $20 through day by day trades, currently scaled up to $40 in a week…

https://www.nairaland.com/6934060/keep-achieving-everyday-forex-journal/1

Hero2t:


Sure. I will give your moniker a mention a couple of years from now so we can analyse how much the $20 has grown to.


In my opinion, a business where one can lose everything even if the market price may return to it's original state is not sustainable.

Joelobioha:
I'm currently learning forex with babypips..any advice for me

Hero2t:


Yup. Go and learn stock trading or crypto.

Joelobioha:
why stocks and crypto is it that they are much easier...ur advice is much appreciated..

Hero2t:


They are not much easier. You can try all 3 and decide which one works best.

Crypto thread: https://www.nairaland.com/6318352/crypto-currency-investors-thread

Stocks thread:
Check the investment section. There should be one there.

Joelobioha:
is it possible I learn the 3 simultaneously..

Kaesyrn:


Yes as long as you're committed

Joelobioha:
I'm currently learning forex with babypips..any advice for me

VeeVeeMyLuv:


1. Learn Forex
2. Learn your technicals
3. Learn & understand economic news release (if possible read & research maco & micro economics), read accounting also.
4. Learn, determine and follow direction of market!
5. Learn how, when to time your entry! Be bold to take risks. Fortune favour the brave.
6. Understand market structure, determine if it is in range or trend.
7. Discipline to remember & follow rules.
8. Patience to wait for period of volatility instead of gambling (trying your luck in range )
9. Learn how to exit.
10. Read, read, read!!!

Kaesyrn:
"Trading is a waiting game. You sit, you wait, and you make a lot of money all at once.

Profits come in bunches.

The trick is not to lose too much in between while going sideways between your home runs"

- Anderson (TC28)


Watching trading videos, Helps develop sound Trading Psychology having to listen to several traders around the world and their shared experience.

Quite "boring", but very healthy.


https://www.youtube.com/watch?v=peft40rt2GU

Kaesyrn:
You should be able to comment here

Cc.
@DannyFX2638