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Should you trade Forex for a living or launch a startup?

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There are several online Forex brokers seeking to win your business https://fx-list.com 

At times, in life, you find yourself at a dead-end or a crossroads. Whatever road you take, it’s important to keep in mind that there’s no right or wrong way. These strange times are when you learn the most; everything becomes irrelevant because your mind has the power to transform reality. If you want to change your trajectory in life, you can start trading in the foreign exchange market or launch your own business. Perhaps you’re experiencing anxiety around this decision. The fear of picking the wrong option is too big. If this is the case, perhaps the following insight will help you approach and handle this life-altering choice. 

forex trading

Image source: Photo by Burak Kebapci from Pexels

Day trading for a living – Trading Forex and investing in stocks 

Forex trading refers to the process of exchanging one currency for the other to conduct foreign trade and business.  It’s possible to trade Forex every single day. But why would you? A dedicated Forex day trader can make between 5% and 15% profit a month owing to leverage. The point is that Forex trading can turn out to be profitable for skilled currency traders. Similar to other types of investments, Forex presents some risks, which translates into a loss. More often than not, people get carried away by their success and no longer take precautions. For any chance of succeeding in the foreign exchange market, it’s important to understand that the market tends to be unstable, which is a natural consequence of the floating exchange rate system.

At times, in life, you find yourself at a dead-end or a crossroads. Whatever road you take, it’s important to keep in mind that there’s no right or wrong way. These strange times are when you learn the most.Click To Tweet

Making a living out of day trading is perfectly viable, but don’t fool yourself into thinking that it requires less work or effort. A career as a Forex trader can offer flexibility, not to mention that it’s extremely captivating. But let’s not forget about the steep learning curve. Once you overcome the initial difficulty of learning, you’ll master the skill quite fast. Get a good understanding of the currency pairs, software (MT4, MT5), and the winning strategies. Most importantly, find a reliable service provider who offers full access to the foreign exchange market and supports multiple currency pairs. There are several online Forex brokers seeking to win your business, just to be clear.  There’s no simple fix for getting unstuck in a sea of choices. Trust your instinct and look up some online reviews.

If you want to become a Forex trader, make sure you have what it takes. You should have one year’s worth of living expenses. The trading capital you’ll need depends exclusively on your trading plan. More exactly, do your homework, test your idea, and make a cost impact simulation. This will give you a good idea of how much you’ll need to get started. No one can predict accurately or correctly what will happen. As a rule, it’s better to understate expectations than to inflate them. If you do, you risk getting disappointed. If trading from home is the key interest, establish what markets you’ll trade based on your capital and interests. You’re your own boss, so you can work exactly when you want. Focus on the quality of the work, not on quantity. 

Starting Your Own Business

Launching a startup – Start doing business now 

Startups play an important role in economic growth, as they generate employment and inject innovation. There are many reasons why you should launch your own business. Besides the fact that you get to call the shots, you’ll enjoy a sense of achievement, for which you’ll pay in sweat, working hard, and moving forward. Most importantly, you can do things better. Nobody is perfect, which means that there’s always room for mistakes. You have the chance to do things better. If you can relieve a pain point, that’s enough to get into business. Just know that launching a startup company isn’t easy. You have to make an effort to transform your idea into a business.  If this doesn’t scare you even the tiniest bit, it means you’re cut out for the job. 

It takes about two or three years for a startup to become profitable. This doesn’t apply to every business, which means that you’ll probably have to wait longer. The average net profit can be as low as 1.5% and as high as 7%. Speaking of which, by profit, it’s understood as the percentage of revenue after you deduct the overhead expenses, payroll costs, income streams, taxes, and debt. With a startup, you need to build a team of winners. That’s the most difficult part of the equation, according to the experts. Running a business is hard enough; it can become downright complicated if you’re not surrounded by the right people. Networking matters, but it’s more important to hire the right people. 

There’s more than one way of doing business, so don’t place too much pressure on yourself. If you’re seriously considering going down this path, seriously consider your financial runway. You can use your savings to fund your startup. Make sure that you can support yourself until the business becomes profitable. In this respect, it’s recommended to earn some money on the side. There are several online platforms such as Upwork, where you can find numerous gigs. Of course, there are other means to make money, such as crowdfunding. Keep in mind that the entrepreneurship journey is a hard one. 

So, how do you pick? 

Chances are that you’ve made it to this point and you’re undecided. You don’t know what to do. You’re aware that you should do bigger, better things with your life, but you’re obviously at a loss. What you need to understand is that there’s no one-size-fits-all solution. Do the math and decide what’s best for you. If you’d like to combine the two options, consider becoming a Forex broker or a market-maker. You’re not trading for yourself, but rather helping others out. It may turn out to be your passport to future success. That’s up to you to decide. Decision-making shouldn’t come lightly. Choosing well doesn’t necessarily mean choosing slowly. Brainstorm all the possible options and look for compromises or alternatives. Increasing awareness and mindfulness helps navigate the maze of decisions.  

 

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