Is it possible to be a forex broker as a web job?
More and more people are turning to alternative careers online. This can be a part time job to supplement their income by working from home, or it can be a full time career. Is it possible to make a living as a forex broker? People are asking this question more and more as the volatile but lucrative trading option grows in prominence.
Depending on where you live, access to forex bonuses can be very different. There are many bonuses that are forex bonuses for the UK only, for example. Other countries such as Canada have restricted many forex brokers from practicing in the country at all due to the high risk and volatility that has had many experts condemning the practice as pure gambling.
Can you make it as a forex broker? For most people, the answer will depend on how much time and effort you are willing to spend understanding, studying, and mastering forex trading. If you have a financial background and want to start forex trading as a paying hobby or part time career, you will have much more success than someone who has no expertise in the field.
What are the advantages to being a forex broker? Choosing your own hours, being your own boss, and being able to work from home are all many advantages to the field. As well, there is a very high earning potential for those who can succeed.
It all sounds incredible. You could be making hundreds of thousands of dollars from the comfort of your own home. But the risk is very high. Because many forex brokers are unregulated, you need to be very careful to choose a forex broker that is sanctioned by your governing body for currency and investments.
As well, you need to know that there are professional forex traders who already have an edge on you. They have put in thousands of hours of research and practice, and they are the ones that are trading against you when you place a trade. Much like sports betting and DFS, it is a very small minority of traders who are making the bulk of profits.
If you want work for an actual forex firm, forex brokers like Oanda have their job postings online. This can be a much better way to enter the field than staking money on forex trading.
At Webjobz.co.uk, we would recommend being very careful with forex trading. Before trying to earn a living trading on forex currencies, ensure that you understand the practice completely, have used demo accounts to get a feel for different sites, have fully researched welcome bonuses, and have set limits and a budget for your trading. It does not matter if you are the best trader in the world. If you trade with money that you cannot afford to lose, you will run such a high degree of ruin that you are essentially gambling.
The way to become a forex investor as a career with a low level of risk is as follows.
1. Have a stable career
2. Research Forex strategies and fundamental concepts
3. Use a demo account
4. Become a part time forex broker with a large bankroll and invest small amounts at a time
5. When you start earning more per hour over a large sample size than your current job, only at this time can you consider becoming a forex trader as a job.
The fact is, even if you do make a good hourly wage as a forex broker, it is a highly individual job with no support system. There are no benefits, no severance pay, and with a stroke of bad luck you could be left bankrupt. Unless you have a keen, driven personality and are willing to put in thousands of hours of study and practice, it may be better to simply view forex trading as a hobby.