Money is underrated until you encounter poverty. The comfort, independence and confidence knowing one is financially self-reliant cannot be bought or faked. As the world’s economy has become fast-paced, competitive and highly volatile, especially in the financial space, the pockets of people are subject to its moods.
Heads of families are constantly racing to make ends meet to fend for their families; growing adults are also looking to move out of the nest and make something meaningful out of their lives. Essentially, the endgame is to make money and live as comfortably as one can.
Multiplicity in Making Money Cuts Duplicity?
Scurrying to various places of work and beating the rush hour traffic, making it just in time for work has become even more gruel. The burnouts from unsatisfying, demanding and yet underpaid jobs have led and leading people out of the traditional fray of making money. The desperate need and journey to live beyond one’s means honestly has led many to attain the millionaire status that their fathers couldn’t achieve in decades of working a ‘stable’ job.
In the wake of that, various means of making money have surfaced and coupling that with a nine to five job and eventually dropping the latter when the sources of other income become sustainable seems to be lifting enough spirits. Internally, people desire to do more with their time, explore and discover new things other than being cooped up in the office space for the most part of 24hours.
More than that, they relish the ideas of determining their own waking and working hours and making more money than they conventionally would. Hence, the advent of multiple streams of income.
In today’s fast-paced digital world, young people seek new avenues to earn income and gain financial independence. Among the options available, forex trading stands out as a lucrative opportunity for the younger generation. With its accessibility, potential for high returns, and the ability to learn and grow, Forex trading as a means of developing multiple sources of income as an individual has become an attractive choice for young individuals looking to embark on their first earning venture.
Forex, an Opportunity for Young Blood
There’s no denying that forex trading is growing in popularity among the youth on the African continent. The millionaire status reflection from young folks who have made it by dedicating time and resources behind a computer or phone and assessing the market, trends, and other relevant tools has ignited a flame of interest spreading to other nations, gender and creed.
When one asks a young adult about living conditions, they are quick to say that the older generation had it relatively easier in life. Citing various reasons such as limited pressure and the need to cave to varying temptations and economic meltdowns, the older generations also contend otherwise.
That notwithstanding, the ease with which to attain financial independence is bringing back some color to the face of the youth, although they have to put in the hard work, learning and resources to make something meaningful.
The impact of forex trading casually as a part-time means of making money has become a serious venture for some who recognized early its impact in turning their lives around and giving them what a regular job cannot. So, yes, forex trading is making millionaires out of people and ensuring they live as comfortably as they can. It is safe to say that it is not meant for the greedy or a get rich quick scheme because may have been disappointed with the myths they heard about trading.
Nigeria is the continent’s second-largest Forex trader, and its young people are interested in learning about Forex to make money online.
According to BrokerViews, Nigeria will likely have over 300,000 traders and it currently ranks second behind South Africa for forex traders. According to 314 local Forex traders, they buy and sell about 314 million dollars per day.
Petting Perks of Forex
Forex is an attractive market for many young people because it allows them to transform their knowledge and skills into dollars. These opportunities are not only trendy but also vital in the current economic climate, where traditional employment options have become scarcer. The forex market is appealing to many young people because it allows them to determine the pace of their day.
Investopedia reckons that Forex trading as part of its good sides can have very low costs, that is brokerage and commissions. With this, there are no commissions in a real sense as most forex brokers make profits from the spreads between forex currencies. In this case, one does not have to worry about including separate brokerage charges, eliminating overhead costs. Compare that to equity or other securities trading where the brokerage structure varies widely and a trader must take such fees into account.
Another good side is that forex markets run all day, enabling trades at one’s convenience, which is very advantageous to short-term traders who tend to take positions over short durations and few traders make trades during complete off-hours.
Forex trading as well offers youngsters the chance to generate significant profits in a vast and liquid market. With trillions of dollars traded daily, there are ample opportunities to profit from price fluctuations. It provides a flexible and accessible path to financial growth, with low barriers to entry and the ability to start with minimum capital.
The freedom and mobility offered by forex trading, which can be done from anywhere with an internet connection, align well with the flexibility and independence that many youngsters value.
Also, what better way to use a smartphone than to make money, right? Traders no longer need bulky computers or physical terminals to engage in financial markets. Thanks to smartphones, forex trading has become more accessible and convenient. For novice traders, some forex trading apps offer user-friendly interfaces that make navigating the markets easy.
A trading app allows users to monitor trends, analyze charts, execute trades, manage portfolios, and receive real-time updates. Providing convenience and democratizing finance, mobile trading enables youngsters to take advantage of opportunities on the go.
Tread Cautiously Before Making A Move
Nothing comes without some measure of risk and so, it is with forex trading. Despite the glam associated with the returns of its success, there are some bleak moments rarely spoken of.
Often perceived as an easy moneymaking career, forex trading is actually quite difficult, though highly engaging. The foreign exchange market is the largest and most liquid market in the world, but trading currencies is very different from trading stocks or commodities.
Due to its high liquidity, 24/7 schedule, and easy accessibility, forex trading has emerged as a popular career, especially for people with a financial background. Being your own boss with the comforts of making money using your laptop/mobile is enough motivation for both young graduates and experienced professionals to consider forex trading as a career path.
As it stands, the main downside with the trade has to do with the lack of Transparency. Due to the deregulated nature of the forex market dominated by brokers, one actually trades against professionals. Being broker-driven means that the forex market may not be fully transparent. A trader may not have any control over how his trade order gets fulfilled, may not get the best price, or may get limited views on trading quotes as provided only by his selected broker. A simple solution is to deal only with regulated brokers who fall within the purview of broker regulators. The market may not be under the control of the regulators, but the activities of brokers are.
Additionally, there is also the complex Price Determination Process simply because forex rates are influenced by multiple factors, primarily global politics or economics that can be difficult to analyze information and draw reliable conclusions to trade on.
Investopedia reckons that most forex trading happens on technical indicators, which is the primary reason for the high volatility in forex markets. Getting the technicals wrong will result in a loss.
“Forex trading is available on high leverage, meaning one can get profit/loss exposure multiple times of the trading capital. Forex markets allow leverage of 50:1, so one needs to have only $1 to take a forex position worth $50. While a trader can benefit from leverage, a loss is magnified. Forex trading can easily turn into a loss-making nightmare unless one has a robust knowledge of leverage, an efficient capital allocation scheme, and strong control over emotions (e.g., the willingness to cut losses short).”
Life is all about learning and re-learning, right? Well, so it is with forex trading as well. In the stock market, a trader can seek professional assistance from portfolio managers, trade advisors, and relationship managers. Forex traders are completely on their own with little or no assistance. Disciplined and continuous self-directed learning is a must throughout the trading career. Most beginners quit during the initial phase, primarily because of losses suffered due to limited forex trading knowledge and improper trading.
Hitherto, it would have been a brow raiser if a teen was wielding much wealth. However, it’s a total surprise for one at a young age not to make money. Age becomes irrelevant if you follow guidelines, show patience, and exhibit discipline when trading. The younger you start trading/trading education, the better you get because you have more exposure and ample opportunity to explore, lose, learn, improve, and keep trading for years!