FOREX: WHY I SWITCHED FROM BEING A SCALPER TO A SWING TRADER
Anyone can trade on the Forex markets. You don’t need to work for an investment bank or have extensive knowledge of how the markets operate.
Modern technology has opened up foreign exchange trading for amateurs, so if you are a cash-strapped student looking to make an extra income to help pay off your student loans, you might want to give Forex trading a go.
The Student Debt Issue
American students owe a staggering $1.3 trillion in student loans.
The average US student graduates from college $37k in debt. Being stuck with this level of debt makes it very hard to buy a home or enjoy any quality of life. Indeed, for many students, loan repayments make up the bulk of their monthly outgoings.
With tuition fees in the region of $33k per year at private colleges in the US, it is difficult to graduate without any debt, but you can minimize your debt by earning extra money while you are at college.
Pay Down Your Debt
Forex trading is one way to make extra money while you are at college, so let’s take a look at why buying and selling foreign currency for profit can work well for students.
Studying at college is not easy.
You have to attend lectures, write assignments, study for exams, and make sure your grades stay on track.
Working part-time is not always conducive to studying, as most jobs take you out of the house for extended periods. Making money from home is a much better option.
Making Money from Your Dorm
You don’t need to leave your dorm to trade on the Forex markets, which is why it is popular with students. If you have a good understanding of the ‘bigger picture’, that is the economic drivers affecting the currency markets worldwide, you are in a good position to have a go at Forex trading.
Pay Down Your Debt
Currency trading is also a useful hobby if you are studying a math-related degree, as evidence of successful Forex trading will help your resume stand out from the crowd.
The currency trading markets are open 24-hours a day.
No matter where you are in the world, you can trade.
The internet makes it easy for amateurs to become Forex traders, with a number of trading platforms available for beginners. The internet is also full of useful resources, so if you want to learn more about how Forex trading works, sign up for an online course or start reading how-to articles published on websites such as Investopedia.com.
Once you have a handle on how Forex works, it’s time to open a trading account.
The beauty of trading online is that you can check your account anytime, anywhere. As long as you have an internet enabled device and a working internet connection, you are good to go.
Since most students have a laptop and access to college Wi-Fi, you are free to place some trades whenever you have spare ten minutes.
Automated Forex Trading
There are a number of automation software solutions for hands-free Forex trading, so you don’t have to be online to trade. All you have to do is program the system using pre-set parameters, and then go off and study.
The system will scan the market and trade when a profitable opportunity arises. It will even manage multiple accounts simultaneously.
Automation software gives you the freedom to hit the books, attend lectures, and still earn money.
However, some software systems are better than others are, so practice due diligence before you invest.
Forex trading is not for everyone, but if you have an analytical brain and a desire to make extra cash, open a demo account and see how you fare.