Is Forex Trading Suitable for Students?
If you’ve been researching the benefits of becoming a forex trader, you might be wondering if this is a suitable way for students to make money. While forex trading is never recommended as a means of quitting your day job immediately, it can definitely be an exciting way to supplement your income and grow your savings strategically. Eventually, if you get really good at it, you could even turn it into a lucrative career. With that said, here are some of the pros and cons of forex trading as a student to help you decide if it’s something you’d like to try:
Advantages
You’re going to be studying lots of academic material on a regular basis anyway, so you’ll already be in an analytical state of mind. You might as well put some of that brainpower towards analysing the forex market and making trades that will help you pay your way through university.
- Make Money at Any Time – The currency exchange markets are available 24/7, so you can squeeze trading into your schedule at any time of the day or night. This makes forex trading a feasible source of income for students who would otherwise have a hard time juggling a job that requires them to show up on a set schedule, which may be conflicting with their educational obligations.
- Make Money from Your Dorm – Of course, forex trading can be done from your computer or mobile device, so it’s a convenient alternative to leaving campus for work.
- Using Automated Forex Software – There are many trading tools you can use to engage in automated trading on platforms via brokers like Easymarkets even while you sleep. All you do is set up the parameters/schedule and the software does the rest.
In addition to the three advantages above, becoming a successful forex trader could certainly help you pay off your student loans faster.
Disadvantages
While the above pros are great, it’s important to remember the following two cons as well:
- Requires Focus and Training – If you’re already feeling overwhelmed with school work, you might want to hold off on becoming a forex trader because it will require some in-depth study and ongoing analysis work.
- There are No Guarantees – In forex trading, you can only make a lot of money if you’re a knowledgeable and proficient trader. Only you can ensure that outcome – it won’t be handed to you.
If you think you have what it takes to dedicate time to your education and forex trading on the side, it can certainly be a worthwhile financial hobby to get into.
Requirements for Trading
Now that you’ve considered the pros and cons listed above, it’s time to journey into the world of forex trading. To get started, you’ll need to open an account with an online forex broker platform and make a minimum deposit, which will usually be a few hundred dollars. However, if you really want to get the wheels spinning, you should have $1,000-$2,000 on standby to ensure you’ll have enough to learn the ropes without being inhibited by a restrictive budget.
Category: Finance