Have you been playing around with the idea of becoming a fully fledged forex trader? Are you on the edge of whether it would be worth the risk to leave your boring old lifestyle in the pursuit of something new?
This blog post is about life as a trader. This includes why you should become trader, what trading is and how to get started. The following paragraphs will discuss each of these topics in greater detail.
Don’t listen to the guru’s, listen to the guys who have real experience and who are here to show you the real way to true financial independence.
The trader’s lifestyle is one that has been glorified by movies and TV shows for years, but what is it really like? Is it as glamorous as it seems or is it a grind that few make it out of alive? The answer to this question depends on who you ask.
There are six types of forex traders namely; the swing trader, the day trader, event driven traders, scalpers, position and algorithmic traders.
The type of trader you want to end up being depends on what you’re looking for in the long-term. If you want to be a trader who makes money everyday, then passive trading is probably best for you. However, if your goal isn’t to make millions and instead enjoy problem solving and financial risk taking on a daily basis, active trading may be more up your alley.
Active trading generally requires a high level of expertise and market analysis for the trader to determine the best times to buy and sell. Active investing can be done by yourself or you can outsource it to companies who professionally manage active trader funds.
A passive trader invests in buying and holding onto assets for the long run. This could be stocks, forex, or other types of investments. Many times a passive trader will have a buy and hold strategy that is based on fundamental analysis or technical analysis.
Whichever type of trader you aspire to be, remember these key points: research before investing, stay disciplined with your trading plan, and always use stop losses!