Being a currency trader is not for the faint of heart. The foreign exchange market is a fast-paced reality that works 24 hours a day, 5 and a half days a week. For some traders, fortunes are made and lost very rapidly. Yet for somebody with the right know-how and enough motivation and drive, currency trading can be rewarding both personally and financially.
How many people earn a living as currency traders? It’s hard to say for sure, but we know the number is smaller than the number of stock traders. Most currency traders are in reality international banks and other huge corporations; private citizens represent only about 2 percent of the entire currency trading market.
However, they are out there, and the amount is growing. As the Internet and other technical advancements make it more accessible, the currency market gets more achievable and more average citizens become traders. To begin with, most of these “day traders” keep their regular jobs and do currency trading as a side project. It’s notoriously difficult to make a living as a currency trader at the start, and most new investors find they must allow to learn forex trading before they’re really ready to do it full-time.
Once a new trader gets the hang of it, buying and selling currencies with some level of self-confidence and making a profit, he may find that he can quit his day job and center on trading full-time. There is sure enough activity to fill a forex trader’s day, with news that could affect currency rates coming in nearly constantly. A smart trader watches this information continually, nearly obsessively, forever on the watch for a sign that the time is right to buy or sell.
With home computers and high-speed Internet service accessible nearly everywhere, being a trader from home has become manageable. Some traders eventually become brokers, but the excitement — and the possible profit — lies in working for yourself. With a stock market, a bad day could mean disaster. But with the currency trading market, a bad day for one nation’s economic system hardly matters, since there are still a dozen more strong, viable currencies to be traded. In that way, some see being a currency trader somewhat more stable than being a stock broker. Either way, there is invariably risk when money and speculation are involved, but with dedication and resourcefulness, you can make a handsome living as a currency trader.
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Are there any good forex books by authors that actually make money on trading?