We trade money to make money. How awesome is that? 🙂
Unless the world goes back to the barter system we as Forex traders stand to profit for many years to come.
I can think of no other business such as Forex trading – You can make more in a day than an entire month, and yes even with money and risk management. If you’re starting out there are no staff to hire, no inventory to buy, no building leases, no advertising costs, you are given instant credit (leverage) and you are LIQUID.
Let’s compare starting out in trading Forex to opening a pizza franchise. I chose a pizza franchise because a friend of mine opened one not long ago and has told me all about it.
here is a table for easy comparison:
|Pizza Franchise||Forex Trading|
|Start-up cost||$50k + $250k Debt||~$10k to replace an income + training ($1k)|
|Market||Limited to surrounding area and competitive||Massive. $3 trillion/day, 24 hrs a day 5 days a week|
|Staffing||Unreliable, constant turnover. Owner often delivers pizza when drivers don't show||None. Just you|
|Inventory or Lease||High Cost||None|
|Future Prospects||Cyclical, affected by the economy. Increased competition lowers sales prices.||Growing. Governments print more $, inflation makes a need for more $. When I started Forex it was $1.5 tril/day - now double!|
|Time to profitability||~roughly 1 year or more||6-24 months depending on training. Trade demo until you are profitable!|
|Liquidity||Almost none||Completely liquid|
|Community||Cutthroat. Competitive.||Open, supportive, helpful.|
I stopped at 10, but I could definitely go on…and on…and on – Forex is great for so many reasons. Feel free to leave a comment below on why you think it is the best business.
Forex Trading: More Effort = More Profit
Forex trading is the one business where your success depends largely on the effort you put in. That is not necessarily the case with most other businesses. Need to pay for a trip? Trade a few extra hours a day.
Once you are a trader it is hard to stop thinking about Forex trading! – Even when you’re on vacation you’ll want to sneak away and make a few bucks while everyone else is by the pool or skiing or…. you get the picture.
So if you’re on the fence about trading in the Forex market, get off and get into it! It will change your life!
This is a guest post by AndyW the founder of AndyW LTD Forex Signals and an enthusiastic supporter of 50 Pips a Day Forex Strategy. If You Want to Become a Successful Forex Trader, You Must Join AndyW Club Today.