Given the current state of the global economy and the fears of a second spike in coronavirus infections (which have sent share values plunging worldwide of late), now may seem like the worst time to start a business venture.
However, it’s fair to surmise that not every business or market has been created equal, as while some have been particularly badly hit by Covid-19, others have fared relatively well and actually recorded spikes in demand.
In this post, we’ll ask whether launching a forex business represents a good idea in the current climate and how profitable this could be over time.
The Benefits of Forex Trading
We’ve certainly seen ecommerce and digital ventures perform well during the first two quarters of 2020, with US brand Target recording a huge 275% increase in profit during April alone.
In this respect, forex trading certainly fits the bill, as this can now be conducted exclusively online or on the move using a virtual trading platform. This provides instant access to a global marketplace, regardless of your physical location or the time of the day that it is.
This also offers an opportunity to target the most profitable trading times and sessions (such as Asia), which are usually defined by periods of increased volume and volatility. Any periods where geographic markets crossover may be particularly lucrative, especially when the aforementioned Asian session ends and the European entity begins.
Not only is the forex market inherently accessible online and profitable in the digital age, but it can also be conducted alongside an existing full-time job. This enables you to introduce a new income stream and boost your earning potential considerably, without overly compromising your work-life balance.
Of course, this also allows you to transition seamlessly into your new career and scale your forex venture organically, which is ideal in the current economic climate.
How to Launch Your Forex Business
Another key benefit of launching a forex business is that currency trading is essentially a discipline that can be self-taught, whether you read the wealth of educational material online or attend virtual seminars that build a solid knowledge base.
While this can build a foundation of theoretical knowledge from which to operate, modern-day trading platforms also feature demo account. These simulate a real-time trading environment, in which users can test and hone their carefully cultivated strategies without risking their hard-earned cash.
These accounts can be used over the course of several months, while they undoubtedly enable you to bridge the gap between theory and practical trading experience.
By weaponizing information, leveraging demo accounts and understanding the full range of technical indicators and analytical tools in their entirety, you can build your forex business from the ground up and afford it the best possible chance of long-term success.
As for whether now is the ideal time to start a forex trading business, this depends largely on your outlook and existing appetite for risk as a trader.
After all, while periods of geopolitical and economic instability create a more volatile and potentially profitable marketplace, you can only capitalise on this fully if you have a healthy appetite for risk and a keen understanding of specific currency pairings.
About Carson Derrow
