Trading is not for everyone.
Just like not everyone is cut out to be a lawyer, a doctor or a professional basketball player. But if you are thinking about becoming a Forex trader, here are 18 reasons why I believe that being a Forex trader is one of the best jobs in the world.
If you have been trading for awhile, it can get discouraging if things have not been going exactly as planned. Hopefully these reasons will serve as a reminder as to why you are working toward your goal.
1. Your Background Doesn't Matter
It doesn't matter what you were doing before you learn to trade Forex. All that matters is your ability to consistently extract money from the markets.
Looking for the best jobs without a degree? Trading is one place where rewards are still based on merit, not politics, or pieces of paper.
2. Choose Where You Live and Work
You can't exactly work anywhere, but you can do it in places where there is a reliable internet connection. See amazing places and be exposed to different cultures.
It certainly beats a cubicle.
If you don't think that this is possible, listen to these interviews with a professional trader. You might look at the world a little differently, after hearing about some of his experiences.
3. Lower Startup Cost Than Almost Any Other Trading Market
Other markets such as the futures market require at least $25,000 to be properly capitalized. In Forex, you can get started safely with as little as $100 and by trading nano lots.
Nano lots allow you to take very small amounts of risk (1% or less), even with such a small account size.
4. Trading is a Journey of Self Discovery
Many people think that trading is only about money and greed. Sure, there is definitely some of that.
But in my opinion, it is one of the greatest journeys to self discovery that the average person can participate in. Money can bring out the worst in people and learning how to tame these demons can help you to become a better trader and a better person.
That certainly qualifies for the cool jobs category.
5. Answer to Nobody But Yourself
Doesn't it suck to have to take orders all day? Learn to trade well and that all goes away. Trading for yourself requires more responsibility, but the rewards are also greater.
6. Find Like Minded People
Do you wish that you knew people who think like you and are interested in trading too? I have found that traders share many of same interests that I have, outside of trading.
Traders can be a little hard to find, but they are some of the coolest people I have ever met.
7. Create a Living That Suits Your Personality
If you prefer to trade on a longer time frame, there are profitable trading strategies for that.
Do you prefer day trading?
There are certainly successful day traders also. You can tailor your trading strategy to your strengths and interests. How many jobs allow you to do that?
8. Express Your Creativity
Contrary to what many people believe, trading can be a very creative endeavor. Figuring out profitable trading strategies requires a great deal of ingenuity.
If you like solving puzzles, trading can provide an outlet for you to use your mind to its full potential. You probably can't say that about what you are doing for a living right now.
9. Learn While You Keep Your Day Job
Since you have more flexibility in when you trade, you don't have to give up your day job. In fact, you probably shouldn't give it up until you can prove yourself as a trader.
This will allow you to pay your bills and focus on learning to trade well. There is no surefire recipe for failure than learning to trade when your back is up against the wall.
10. Low Overhead
One thing that I hated about investing in real estate was all of the paperwork that was involved. Other businesses have invoices and clients to deal with.
There is almost no paperwork and no clients (unless you choose to manage money) in trading. At the end of the year, you can just get a simple profit and loss printout from your broker.
11. Be as Isolated as You Want to be
Maybe you don't like dealing with people. Great, trading is one of the few businesses that you don't have to deal with others to make money.
It can be just you and the charts, if you want it to be that way.
…or you can host meetups and hang out with other traders. The beauty of this job is that you have a choice.
12. Learn More About Others
Trading is also a tremendously interesting study in crowd psychology. This is actually one of the reasons that I first got into trading.
Learn why people act irrationally and how you can do the opposite. I think it fascinating to learn about this stuff.
13. Low Technology Requirements (Really Low)
You don't need the latest and fastest computer to trade Forex. You can get a $300 used computer on eBay, free trading software from your broker and a demo account with play money, and you can learn to trade.
Other markets are catching up to Forex in terms of the free tools that are available, but not all of them are there yet.
14. Create Free Time to Indulge Your True Passions
Trading doesn't necessarily have to be your greatest passion in life. You may love to do other things that you may not be able to make a living from.
Learning to trade well can give you the free time and income you need to do indulge in these other things. Take up bowfishing or cross-country skiing.
It's totally up to you…
15. Do Something Mysterious
When I talk to people about currency trading, I usually start to see their eyes glass over, before I can count to five. It's not that they are dumb, most people just don't know anything about it.
This is a good thing…
It squashes the “what do you do for work?” question that us Americans like to ask. In most cases, I could really care less what people do for work.
I'm more interested in what they are really into and what they think is cool (which could be work, but usually not). I hope that they have a similar interest in me too.
If not, then we probably don't have anything to talk about anyway.
16. Make an Impact on the Lives of Others
Trading allows you the time to give back to causes you believe in. Regardless if you give your money or your time, trading can help you make a difference in the world.
17. Make Your Personal Relationships the Best They Have Ever Been
More time flexibility gives you the opportunity to spend time with people who are important to you. Life is pretty boring if you cannot share it with others.
Use your time to strengthen those relationships.
18. Cross Items Off Your Heroic List
You can actually do this right now, you don't have to be a successful trader to start doing what you have always wanted to do. But the trading lifestyle sure makes it a lot easier.
Create a Heroic List and write down everything you want to do before you die.
See my Heroic List here.
So those are the reasons why I believe that being a Forex trader is the greatest job ever. It is the reason that I keep on learning, testing and improving my trading results.
I will get there one day and if this list resonated with you, I hope that you will join me on the journey too.
You can search the “best careers” lists until you are blue in the face, but are those things that you really want to do for the rest of your life? Maybe…maybe not.
Do you disagree with any of the reasons listed above? Share your reasons in the comments below…