Journey To Financial Freedom
To be free financially is what we all desire.
The journey to financial freedom is important in one’s life. Many people aspire to be financially free. However, the interpretation of financial liberty differs from one individual to another. Some people want to live in a state where they don’t have to worry about money. Some would love to have total control over their future. Moreover, it takes financial planning for one to be free financially.
Financial freedom is a mental, emotional and educational process — Robert Kiyosaki
Basically, good decision-making, maintaining a saving culture, personal habits, money management, paying off one’s debt and some other factors all form the pathway to being free financially.
Forex trading is one of the extra-income-making businesses that some people engage in to achieve financial freedom. Trading in currencies has been made easy for investors in the last decade as currency pairs can now be traded on mobile devices.
Investing in stocks, term deposits, Treasury Bills and Bonds are also avenues through which business individuals make their money work for them.
Self-Employment opportunities such as Forex Trading gives hope and confidence to experienced and profitable traders.
Employed traders do nine-to-five jobs and at the same time, trade by the side (side hustle) to have an extra source of living.
Click here to learn more on Forex Market and the Participants.
Get A Job While Trading Forex:
I sometimes pity traders that do not have funds to trade but will rather borrow money to trade Forex.
This is risky.
My candid advice to you if you do not have fund to trade with is to get a job.
You can trade Forex with the amount you can afford to lose from you job wage/salary.
Getting a job in order to trade Forex starts with you.
Make up your mind, set goals, be disciplined.
Do not lose focus on the reason why you are doing the job.
Set aside some of the pay at the end of the day (save some of the wage/pay/salary).
Have it at the back of your mind that the reason you are getting the job is for you to be self-employed at the end of the day.
Forex traders are advised to trade with what they can afford to lose.
Financial savings culture is one habit that can result to the building of resources when it is time to diversify into Forex investment.
In fact, funds from savings can yield profit when you manage your trading portfolio properly.
However, you can add profits from your Forex investment to your savings.
Trading funds from Savings gives traders some level of comfort other than borrowed funds (credit/loan).
A loss trading account (non-performing trading account) creates panic/anxiety for the trader when the source of fund is loan.
Click here to learn more on Forex and VIX Recommended Brokers.
Profit Withdrawal is part of trading:
Withdrawal of profits from your trading account is an interesting part of trading.
It gives confidence, joy and zeal to continue in the business.
However, failure to withdraw profit can lead to increase in greed level.
Most often, traders that fail to withdraw profits made tend to increase trading lot size, and this leads to over-trading which leads to account loss.
If you trade Forex, make sure you withdraw your profits as at when due.
Who doesn’t like to smile to the Bank? No one.
It is common knowledge that ninety percent of traders donate their money to Brokers either due to lack of knowledge, greed or lack of patience.
Profit is profit. Withdraw it!
Losing Forex Trades Is Part of Trading:
Show me a trader that does not like to lose and I will show you a trader that is not ready to make profit.
As a trader, you must factor in the aspect of trade loss.
This is where the use of Stop Loss comes in.
Risking a small amount of your trading account balance (one percent per trade) is very import for your trading career.
Failure to determine your Stop Loss point at the beginning of your trade is a one of the fundamental trading mistakes.
You will agree with me that it is important for your to manage your risk when it comes to trading Forex in order not to have a blown trading account.
Think Out Of The Box:
Trading Forex on its own is not the only way you can make money and be financially free.
Selling courses, writing scripts, Indicators, Robots (Expert Advisors) are other means.
Giving paid mentorship, teaching people how to trade online (paid), analyzing for websites for a fee amongst others also avenues that you can explore.
Creating a blog/website, setting up social media groups, channels are also profitable Forex ventures.
Referral opportunities with Brokers for commissions, setting up signal groups (paid) and other opportunities are available for you to exploit.
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