Trade Forex and Sail Through University
Student life is a tricky old business. First of all you need to get yourself revved up for your studies, making sure you keep on top of the work and secure the grades you need. Then you have to balance this with, what is for many, a much more enjoyable social life and then, of course, you have to pay for it all.
The cost of studying at university, as we all know, can be astronomical, so you need to make every penny count and take every opportunity that comes your way to make a little extra. While working part time down at your local takeaway may, just about, keep the wolves from the door, there are alternatives. There are ways of making money from home, while sat around in you PJ’s and all you need to do so is a computer and the internet.
At first it may seem like an unrealistic prospect, but you can make money by trading online and one of the most popular “instruments” to trade is currency on the foreign exchange market (Forex).
Around $5.3 trillion changes hands on the Forex markets daily and so the opportunity to make profits is high. Not only that, the Forex markets are traded globally and so are open 24 hours a day. Great news for those who are busy during the daytime as you can trade during the evening without disruption to your routine.
So how do you go about trading Forex?
If you want to trade Forex, then getting set up is simple and you don’t need a shed load of cash to do it. The first thing to do is to register with an online trading platform like Hantec Markets, once you have made a modest deposit, you are set to trade, but don’t be too hasty, some independent study is required before you start.
Learn the Lingo
If you are unfamiliar with the world of trading, then looking at a trading platform for the first time can be a little confusing and so you need to get to grips with the language of trading before you can begin. There are many websites and books that can help and once you know a “short trade” from “going long” and a “greenback” from a “Loonie”, you’ll be in a much better position to open a “position”.
It may also be useful to start trading using a demo account and this way you become familiar with the platform and the jargon without any exposure to risk (without the risk of losing any real money).
The next thing to do is to learn about and assess the market forces that affect the price of currencies around the world. This is a case of reading, watching and listening to news and business/political commentaries. A classic example of how political events can affect the strength of a currency is Brexit. The announcement that the UK had voted to leave the European Union (EU) had catastrophic consequences for the Great British Pound (GBP) and those who had bet that the UK would vote to leave the EU stood to make a considerable amount of money.
Learning the language of trading is relatively easy, as is learning to use an online trading platform, but the key to trading Forex profitably lies in ongoing and detailed analysis of the financial and political global landscape and the changes it experiences every day. Learn to use global news effectively and not only will you sail through university, but you may find yourself on a yacht, sipping champagne and cruising the ocean waves.