Being a stay-at-home mum can be incredibly fulfilling, but sometimes it’s nice to have an extra challenge to help maintain sanity, and if said challenge can deliver a little money on the side, even better.
The solution? Forex trading. Known for its challenging nature the Forex markets are not only thrilling to trade, but also offer some stimulating brain exercise to keep you on top form even when your days are filled with childish chatter and make-believe games. What’s more, trading is flexible enough to fit around family life, meaning that you never have to prioritise one over the other.
But getting started isn’t always easy. So, to help you out, here are a few pointers for those who want to give currency trading a try”¦
1. Choose the Right Currency Combination
You never realise how extensive the currency markets are until you give forex trading a go, so one of the first things to do is to narrow it down to a couple of starter combinations. With dozens to choose from, you can easily tailor these to your personality and preferred risk level, and if you pick wisely, success shouldn’t be a problem. The best way to find out about them is to do your research, and Google and Amazon are two great places to start. Read until you feel informed enough to make an intelligent choice, and then get ready to look for appropriate brokers.
2. Choose the Perfect Broker
Once you know that you definitely want to give trading a try, you’ll need to choose the right currency broker, and this is one of the most important decisions you’ll ever make in your forex career. The first thing to do is to make a shortlist of companies that offer your chosen combinations, and any who don’t tick this box can be discounted immediately.
Next, look at the level of support that your shortlisted options offer. Brokers fall into three categories: execution-only, advisory, and discretionary, and the type that you choose will impact everything from how much you spend to how much time you’ll have to devote to your trading. As a general rule:
- execution-only brokers are best for those on a low budget with some experience behind them;
- advisory brokers are ideal for those looking to learn their trade by giving it a go and gaining experience;
- discretionary brokers are best for those who are short on either time or experience.
However, most important of all is to choose a broker that you feel comfortable dealing with, so look for a company like OANDA, which is reputable, reliable, and has a proven track record of success.
3. Choose a Suitable Platform
Last but not least, you need to complete step three: selecting a suitable trading platform. The best way to determine this is by finding something that is software compatible, and then giving it a go by taking full advantage of your preferred broker’s demoing facilities. If you have any doubts whatsoever, it’s okay to voice these, and to ask your chosen professionals whether they have any recommendations with regards to options that might complement you to a greater degree.