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Forex Trading: It is a viable career for new entrepreneurs?

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Forex Trading: It is a viable career for new entrepreneurs?

We live in precarious economic times in the UK, as while inflation and the cost of living continues to soar real wage growth remains stagnant. With savings accounts also restricted by a low base interest rate, households are finding it increasingly difficult to both boost and optimise their disposable income levels in the modern age.

Then we have the job market in the UK, which despite boasting record-low levels of unemployment is failing to create high-earning opportunities for skilled professionals. This is why the current generation of graduates are shifting their attention to entrepreneurship (and the potentially lucrative financial markets) to make their living.

Forex trading is particularly popular, with the potential benefits and pitfalls of learning this recently discussed in a One Show feature. But is this a viable career for aspiring entrepreneurs in the digital age, and can it create a generation that can successfully drive the future economy?

Understanding forex trading and its true potential

At first glance, it is easy to understand the appeal of forex trading in 2017. An estimated $5.1 trillion is traded on the market every single day, for example, while the liquid nature of the marketplace allows for frequent transactions without impacting on the underlying value of your chosen asset. As currency can be traded as a derivative, investors are also spared the burden of ownership, enabling them to hedge against the performance of specific pairings and potentially profit even in a depreciating market.

Forex market trading is also suitable for a variety of alternative investment philosophies and strategies, whether you are looking for short-term gains or sustainable returns over time. Day trading allows you to open and close multiple positions during each, 24-hour period, for example, as you look to leverage macroeconomic trends and data releases to profit from price movements. You can also adopt a longer-term approach to capitalise on sustained and identifiable trends, which minimises your exposure to the market and may suit those who are more risk-averse.

Either way, the potential of the forex market is clear to aspiring entrepreneurs, while the accessiblility of the sector is also extremely appealing to those in search of margin-based profits.

Building knowledge and applying this: Undertaking the modern forex trading journey

Not only this, but technological advancement has removed many of the traditional barriers to entry that once surrounded this entity, making it an increasingly viable and structured proposition for anyone who want to forge a career (or supplement an existing income) through currency trading.

At the heart of this is a host of independent learning resources, which stand alongside intuitive and increasingly automated trading platforms that minimise investor risk and allow for real-time transactions. In terms of the former, resources such as Sharp Trader offer a host of video tutorials that are focused solely on forex trading, enabling novices to build the theoretical knowledge and sense of determinism that is key to any successful investment career (and particularly one in such a fast-paced and volatile space).

The great things about online trading platforms and brokerage firms is that they feature demo accounts, which enable you to apply your newly-acquired knowledge within a simulated but real-time market setting. You can typically access these accounts for up to six months, and they allow you to test and refine your strategies accurately without risking your hard-earned capital. Over time, you should be able to hone your trading strategy and determine a viable course of action, before beginning to trade for real and launching your career in earnest.

Our final thoughts

As with any financial market or service sector, trading forex carries a unique set of risks and potential pitfalls. These should not detract from a potentially lucrative career as a financial trader, however, nor the ways in which the market has become increasingly accessible, structured and well-regulated in the digital age.

Make no mistake; forex trading represents a viable opportunity for aspiring entrepreneurs in the modern age. This may become even more important in the wake of the UK’s separation from the EU, as the potential economic decline may require to become financially independent and capable of producing their own career opportunities.

I am the founder of Startup Today. I am the main writer and have put in many hours of work into creating this blog. If you want to find out more about me then lets get in contact.

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