The unprecedented effects of the coronavirus (COVID-19) pandemic have been felt by almost everyone around the world.
The virus has impacted healthcare workers facing the deadly disease on the frontlines, to tens of thousands patients, to the millions of workers suddenly rendered jobless across numerous industries due to the lockdown regulations.
Almost everyone has been required to shelter-in-place in order to flatten the curve, with many either working from home at reduced salaries or being left with no work at all for the foreseeable future. In this new and untraveled environment, the job landscape seems more unknown than ever.
However, there is a silver lining on the coronavirus cloud, as the changing face of the economy gives rise to new opportunities and new ways to make a living that many had formerly not explored. Enter, the Forex Market.
Forex trading is a massive market, and the great thing is that this market will remain open for as long as there are currencies to trade.
Since it is highly unlikely the world will revert to the bartering system anytime soon, the Forex market provides a constant income stream which can be mastered from the comfort of your own home.
The Forex market consists of various types of traders, from absolute beginners to advanced and professional traders. This, coupled with the sheer vastness of the currency trading world, means that there is a place for almost everyone.
Forex trading is easy to learn
While the quagmire of Forex trading jargon, paired with the numerous types of available trades, might make it seem like an impossibly complex concept to grasp, it is actually easily learnable for most people who take the time to do the necessary research.
And in the world today, time has become a decreasingly rare commodity which can be utilised to grow your Forex knowledge fairly quickly.
The internet has a wealth of information and training resources geared towards newbie traders, so that all you need are a few hours a day and a stable internet connection.
Most online Forex brokers also offer fantastic educational resources, including webinars, training courses, glossaries and even one-one-one tutorship from experienced traders.
Apart from these comprehensive training materials, many brokers also offer useful analytic tools to help you determine your best strategy, as well as training on how to use these tools, making your trades more successful, executable and ultimately more profitable.
It’s also very important to take the time to research potential online brokers, which are firms that provide traders with access to a platform that allows them to buy and sell foreign currencies.
There are a myriad of options to choose from, and it’s important to find the best fit for you and your trading needs.
Luckily, the internet is also well-stocked with numerous unbiased reviews which make it easier to find a broker which is regulated, and provides the best offering.
Forex trading can be done from home
Apart from essential workers (to whom we don our hats) most of us are housebound during the various stages of lockdown, either working remotely at reduced hours, or suddenly not working at all.
In fact, many analysts predict that even post-COVID-19 much of the workforce, particularly in the corporate sector, will continue to work from home in the expected new reality with which this pandemic might leave us.
Since Forex trading happens online, through a selected broker, all you need is a stable internet connection.
Decent brokers provide excellent trading platforms which can be downloaded to desktop or as a mobile app, making for seamless trades which you can execute while the kids finish up their latest home-schooled assignment.
Fluctuating currencies mean better trades
The forex currency market offers the day trader the ability to speculate on movements in foreign exchange markets and particular economies or regions. Furthermore, with no central market, forex offers trading opportunities around the clock.
With the coronavirus sending the currency markets into a state of flux, there is almost no better time to start Forex trading than during this crisis.
Forex is literally the global market for trading currencies, and the more volatile the market is, the more opportunities there are to acquire and get rid of your assets at a profit.
In fact, traders always search for volatile markets and volatile instruments, which is why volatility is one of the main benefits of the Forex market.
These COVID-19 times are largely defined by volatility, as various countries and regions respond to changes in the markets, and countries once fulfilling certain roles in the global industry are now suddenly being replaced by others.
This same volatility that may have presented you with uncertainty in your future income prospects also presents you with an opportunity to capitalise on currency trades, so that with the execution of smart day trades you can begin to make fantastic profits in no time.
Forex trading is easily accessible
The Forex market is more accessible than any other online trading market. Trading Forex online can be started with as little as $100. This a relatively low trading capital requirement when compared with many other financial markets.
You can also easily sign up for a trading account from your PC, and the verification process from most online brokers usually doesn’t take more than a day.
Most retail Forex brokers operate online, and all you have to do to start trading with Forex is to register, submit your documents, and perform a deposit on your Forex trading account.
All in all, the ease of access to the Forex market means that once you’ve completed the necessary training and research (from the comfort of your couch), you can start trading on one of the biggest financial markets in the world, with relatively low capital for potentially high profits.
In fact, in this uncertain period in history, it would seem that one of the greatest certainties is that there is no better time to start trading Forex than during lockdown.[Image – Photo by M. B. M. on Unsplash]