Forex trading is a real business that you can work from home and from anywhere around the world. Its flexibility brings so much potential in the market. In today’s episode, Dr. Jason Gospodarek talks about how you can start Treating Forex Trading as a Business in order to start gaining your deserved profit.
Forex Market Trades Over $5T Every Day in Liquidity
Its market size and scope of liquidity dwarf any stock market, any economy in the world. The forex market is huge and runs 24 hours a day, five and a half days a week. In the US, that’s from Sunday evening to Friday afternoon.
Many people get rich and leave their full-time jobs to trade. Other people lose everything and go through bankruptcy. Trading is volatile, but you can take advantage of this volatility by learning from the experiences of others who’ve been there and done it already.
“Don’t waste your time making all the same mistakes.” – Dr. Jason Gospodarek
Creating a Business-Like Environment
If you want to treat trading as a business, you need to have a good environment to help you focus. There are many ways by which you can achieve this, but the majority of the people engaged in the market work from a home office. If you choose this method of going about your trading business, you can write off a home office deduction, like your electric bill or Internet bill.
As for getting a decent trading computer, you don’t need twenty monitors, just one or two will work. There’s no need to sit in front of the computer all day keeping your eyes peeled for every bit of news online. But you would want to be able to watch a few different charts, look at spreadsheets, and pay attention to things all at one time.
Taking Care of Yourself
“This is a business that’s run between your ears.” – Dr. Jason Gospodarek
You don’t have to be a marathon runner or a crossfit superstar. If you’re tired and stressed with a heart attack waiting to happen, however, your chances of becoming a consistent and profitable trader in the long term will go down the drain.
You can at least watch your diet. Eat fairly healthy, and if you can, exercise a few times a week by doing something that you actually enjoy. Get yourself physical because with trading, you’ll be sitting for long hours.
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