Can You Trade Forex at Home ? -The coronavirus has had a huge impact on every area of our lives and society, but while this has mostly been negative, it has also created new and exciting opportunities in some instances.
For example, the recent forex trading boom is a direct result of the Covid-19 outbreak, as higher levels of unemployment and enforced lockdowns have encouraged people to seek out new money-making opportunities from home.
To this end, forex activity is thought to have increased by 300% in the three months between March and June 2020, while it continues to rise incrementally. But how easy is it to trade forex from home, and what are the key considerations to keep in mind?
Trading From Your Smartphone
Let’s start with the basics; as trading via a smartphone has become increasingly popular amid the rise in part-time and home-based traders.
At the same time, the smartphone penetration rate in the UK has recently peaked at around 72%, so it has never been easier to trade on the move or access the forex market as an aspiring trader.
However, there are some key specifications to keep in mind from this perspective, particularly as Android handsets are largely considered to be the best for providing an optimal trading experience.
This is partly due to the fact that these handsets tend to have larger screens, with a minimum display size of 5.5-inches required if you’re to adequately review data and analyse customised trading graphs in detail.
Using a Desktop From Home
Ultimately, while every home-based trader should utilise a smartphone to access real-time information and account management tools while on the move, it’s also imperative that this demographic of people operate a desktop device.
This affords investors access to a comprehensive desktop trading platform, through which they can make the most of a large screen and analyse ever the most detailed trading graphs effectively and in real-time.
When trading through desktop platforms that are connected to a high-speed broadband connection, you can also leverage the fast and extremely capacious nature of online trading.
More specifically, most contemporary online trading platforms allow you to execute a large volume of trades simultaneously, while the processing power of desktop devices will afford you even greater efficiency as an investor.
Creating a Dedicated Workspace
As you gain experience in the forex market and begin to increase profitability, you may look to scale your operation organically and turn it into a lucrative career or side venture.
This is a particularly alluring prospect for stay-at-home dads or moms who are looking to boost their income, in addition to those who have lost their jobs as a result of the coronavirus pandemic.
However, you’ll need to create a dedicated workspace in this instance, and one that’s built around your large-scale desktop device.
This may require an initial, upfront investment, of course, but this may translate into superior returns over time.
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