The forex market is the largest market in the world with over $4 trillion exchanged every day. It is also one that constantly changes minute by minute, with currencies fluctuating all the time due to a range of different factors.
From political events to current news stories and speculation, huge rises and falls for different currencies present great opportunities to make a vast profit. These changes can occur extremely quickly though and be easy to miss if you’re not examining the market at the right time. There are a few ways to stay up to date and on top of your forex trading.
Having a full time job while trying to make money through forex can take up a lot of time. It can be hard to stay on top of current changes in the market if the only chances you get to look at it is in lunch hours and after work.
Make exchanges on your daily commute and in your lunch hour using a mobile forex trading app such as that offered by Oanda. Simplified for use on handheld devices they can be customised to suit your strategy and provide financial news updates, with notifications when required.
Employ a Broker
Even with a mobile app it is possible to still miss important fluctuations when you’re at work. Employing a forex broker to help handle your investments is a great way to miss as few opportunities as possible.
While they will never act without your go-ahead they will be watching the market closely and contact you as soon as something worthwhile appears. If you work in a position where you can answer your phone at work then this is extremely helpful as a short phone call can see you instantly make a profit.
Go Full Time
Some people are control freaks. If the idea of letting someone else handle your currency exchanges or have even the slightest bit of involvement worries you then maybe taking over everything yourself is best. Depending on how confident you are and your financial situation it may be worth becoming a full-time forex trader.
Very few start-up costs are involved as everything is done over the counter, so you could just set up with a phone and computer at home. It’s a big risk but will mean you never miss any opportunities and does provide a career you’ll enjoy and potentially earn a lot from.