If you’re like me, the success of your business is your main priority. That’s what you’ve committed yourself to, and you won’t rest until you’ve achieved your dreams. The prospect of doing “a little something on the side” is anathema to you, especially when spoken by “concerned” friends and family. It can be a sign that they don’t believe in you.
But that does not mean you can’t supplement your income while chasing your dream. With every new technological innovation, there are more and more ways to make money. This is no more true than with Forex.
Forex trading has become increasingly popular due to its sheer accessibility. You can trade wherever you are, 24/5. More importantly, many successful Forex traders never quit their day jobs or give up on their dreams. There’s no need.
With user-friendly platforms like MetaTrader 4 (MT4), along with a range of tools to help you make your decisions – including the best RSI indicator on MT4, you can make money with a minimal time commitment.
If you choose to trade Forex, you might want to get sucked into the world of high leverage and constant volatility. Trading Forex is a lot of fun and very exciting.
However, the fun won’t last if you do too much too soon. Furthermore, in order that it does not take over your life, you need to limit your activity to specific hours. Ultimately, this is a bonus, and should not detract from your primary goal.
Don’t risk it all
Don’t start trading Forex with money you need either to eat or to keep your business running. There’s just too much at stake if you do so. And when push comes to shove, you’ll make bad decisions if things take a downward turn.
Rather, set aside a “trading capital” – money you can do without – and only trade with that. Trading Forex is a high-risk endeavour as it is. Putting your bread and butter on the table is only going to increase the chance of losing your money.
Get acquainted with it
Spend the first few weeks getting acquainted with Forex trading. You can do this by creating a demo account, in which you trade in real time, without using real money.
This gives you the opportunity to learn how to use the MetaTrader 4 platform, to use indicators such as the RSI (Relative Strength Index), and to make considered decisions which make you money.
Ultimately, there’s only so many hours in a day. If you’ve got other hobbies, and your business is taking up most of your time, you may need to sacrifice something. Don’t just try and fit it in and hope for the best.
Everyone wants to do it all, but unfortunately not everyone can. However, if you trade responsibly and smartly, trading can become one of the most enjoyable parts of your day.
For me, trading Forex is incredibly rewarding, but it’s not for everyone. You have to decide your priorities and make the best choice for you.