The most demoralizing moment when you join the property market is realising you don’t earn enough. Well, not enough to buy the home you want. Every house that you immediately like is somehow 20% above what you can afford. “Fixer-uppers” with no real potential are only tempting because of their prices.
If you're like me, you've started wondering how you can make the extra money you need.
Sounds like you? Forex trading might be just the hobby you've always wanted. I say hobby, not because it’s not a “job”, but because you can do it part time and enjoy it.
With Forex and CFD trading becoming ever more accessible, it’s becoming a popular way of making extra money. Some eventually quit their day jobs. Others use it to supplement their incomes.
Software such as MetaTrader 4 (MT4) is making it all the more easy with tools for technical analysis. The pivot point indicator on MT4 is one of the easiest, most popular examples, but there are many others.
Here are some reasons Forex trading can give your income the boost you need for that beautiful 3 bedroom.
You can trade after hours
One of the most crucial factors in deciding to trade is that you don’t have to compromise what you already do. You need your current job, and you can’t take time off from it.
The Forex market is open 24 hours a day, 5 days a week. This allows you to come home from work, have dinner, and spend some time trading instead of in front of the TV.
Does that sound awful to you? “Working” during your leisure time? Well, Forex is not exactly work. I mean, it makes you money, but it does not have to be the tiring grind you expect in the office.
Forex and CFD trading can be thrilling. You will use your creative and analytical thinking to come up with all the right trades. And you'll feel really good about it.
You don’t need a lot of money to start
To start trading, you're not going to need millions. You can start with just a little bit of extra money you've put aside.
But there’s the caveat: it must be extra. Don’t even think of using money you need for rent or food. That will just ramp up the pressure, and cause you to make terrible decisions.
There are free courses everywhere
All good brokers now have online academies, that they provide at no cost to you. These include courses with text and video, staff who will give you feedback, and resources to keep you learning even when you've gotten the hang of it.
The corollary of this is that you have to put in the work. You have to take the time to learn how to trade, if you're actually going to make those dollars.
Good things come…
Ultimately, you’ll have supplemented your income enough to buy the house you actually want instead of the house you can just about afford. It will take time - there’s no get-rich-quick scheme that’s ever really worked - but if you're patient, you'll get there.