Many people are turning to other methods to make income outside of what considered normal jobs. The recession/depression has made many people re-evaluate how they will deal with the future. There are a number of things to consider when looking at new ways to generate income. Google home-based jobs and you will get a number of ideas that will produce income and some for very little money.
One thing that many people have turned to is the Forex market. Forex is the name given to the Foreign exchange market where currencies are exchanged between individuals, institutions, countries, and hedge funds every day. The 2007 report showed that the amount of money exchanged each day is near $4 trillion. The spot market which is the part of the market where individuals trade turns over about $1.4 trillion each day.
With some good training, you can learn to sit in front of your computer at any time of the day or night from Sunday night 6pm EST to Friday at 4pm EST and make money by deciding if you want to buy or sell a currency. You can also start with a minor investment of as little as $100.
This business has no customers to deal with. No one to tell you they don’t like your product or how you installed something incorrectly. No phone calls in the middle of dinner or the middle of the night. There is no product to sell. No inventory to keep and move. No maintenance and no building or employees.
Not only that, no one can tell you, you can’t do it because you don’t have experience or the right degree. There are no commissions to pay as brokers charge traders on the spread when they enter a trade. You are in full control of your trade. There is no one to call to place a trade and no one to call to exit. And you can go on vacation anytime you want with no problems to take care of “back at the office.”
It sounds like it’s almost too good to be true. Let me assure you it is not any easier than going out and starting a landscape business or buying and reselling homes. But for less money and a little discipline just about anyone can understand the principles that make money and the rewards are potentially greater.
How much money will it take?
That will depend on your ability to learn, but also on how much money you have when you start and your patience. Regardless of how much money you have you can grow it faster here and with less headache then you would in a conventional business.
Skill takes time to develop. If you start with the right books and trading method you will be ahead of the game. With a little work and several hundred dollars anyone can educate themselves. Don’t go in for the thousand dollar educational schemes. You will think you are getting somewhere but you will soon learn that you are not.
The amount of money you start with is only critical from the standpoint of how much you can invest and then make back in the beginning. Someone who starts with $1,000 will make less per trade than someone with $1,000,000. Both however, can learn to make good solid returns whether they are trading for income or long-term investment.
Patience is important. It takes time to learn anything new. You need to have the patience to study and practice until you understand the market.
There are many ways to free yourself from working for someone or to make some extra money. Forex is one of those methods and with a great deal of potential. One of the best places to start is to learn how to use the RSI indicator. This indicator will teach you where momentum is in the market which is the most important thing a trader can learn. I have written a eBook on the topic which covers how to trade RSI as a standalone system. It’s a good place to start.