Coronavirus is on everyone’s lips. And the biggest worry, apart from the potential illness affecting us or our families, is how we are going to stay financially afloat.
Self-isolation and quarantine are devastating economies around the world. But it doesn’t mean that making money is impossible.
Traders and those who are interested in becoming traders, have the unique opportunity to make money now. Equipped with an internet connection, traders can continue as usual, while playing their role in preventing the spread of COVID-19 by staying in isolation.
For those who don’t know, Forex is a decentralised financial market that has become the money-making playground for all sorts of traders. Anyone who is looking to make some extra money, can do so remotely, while trading Forex.
The great thing about Forex trading is that anyone can become quite successful at it and once the pandemic passes, you can still enjoy the financial rewards of this style of trading.
If, while you are isolating you are looking to become a Forex trader, there are a few ways that you can go about it.
How to become a Forex Trader
To start with, you will need an internet connection. And a reliable one at that. Forex trading is not only done online but most of the tools you will need are also hosted online. There are offline tools but they are not the same as they don’t automatically update stats and news, and are therefore not exactly the best quality.
You will then need to set up a Trading account or get in contact with a Forex broker support team, that can assist you to open your account.
If you are going to spend your downtime learning everything you need to know to understand Forex, you should start by reading up as much as you can about the industry or by taking on an online course, of which there are many.
It doesn’t take long to grasp the basics, and while it is an ever-changing industry, the basic principles of Forex stay the same.
Learn everything you need to know about CFD Trading.
Getting Started
Once you opened your account, you can start building your knowledge. There are many Brokers out there offering Forex accounts, so it is important that you make sure you select the right one, that’s trusted in the industry, and also Licensed under the FSCA.
Accounts can be applied for online, and while you might have to wait for them to be approved, it shouldn’t take long for your account to be set up. You will have to provide certain information as well as confirm an email address before you can proceed.
The next step will be to create a demo account, which you can use for practice while you are learning the ins and outs of the industry.
No one can say that the field of Forex trading is not exciting. Prepare yourself for some profitable boredom. Read more about the best forex broker platforms for beginners.
Even though economic times are uncertain at the moment, and the future after this period is looking just as bleak, many South Africans are utilizing trading on the financial markets to create additional income. Now is without a doubt the time to start, especially if you are out of work for the next few weeks.
The fantastic thing about Forex trading is that the amount of capital input is low, and you will enjoy flexible trading hours, which you can continue to follow once the lockdown period has passed. Another benefit is that the risks associated to Forex trading are also considered to be quite low, as long as you make good decisions.
Quarantine shouldn’t necessarily be considered an unplanned, mini-holiday, instead you should make sure that you use your time wisely and learn as much as you can about the field of Forex trade and look into other types of investment opportunities while you are at it.
The information and knowledge that you will gain during this time will come in immensely helpful in the long run.
