While the lockdown measures continue to be eased across the globe, the safety of citizens remains paramount in the wake of the ongoing threat posed by Covid-19. The threat of local lockdowns also remains prevalent in the UK, with the city of Leicester one of the first that could face a temporary shutdown in the near-term. For those of you who face a further period of a lockdown or have yet to return to work, it makes sense that you should consider making the most of your time by learning new skills that can actively boost your future earning potential.
Learning how to trade currency is a particularly valuable skill in the current economic climate, but why exactly is this the case? We’ll explore this further in the article below:
1. Boost Your Earning Potential
One of the most advantageous aspects of forex trading is that it can generate a form of passive income, which can help to augment an existing salary earned through more traditional means.
This enables you to increase your annual earnings without placing too many demands on your time, creating a scenario where you don’t need to compromise on your work-life balance or the other roles that you may play in life.
The extra income generated by currency trading can also be significant, as the forex market boasts considerably high rates of leverage which enable you to open positions that are far larger than your initial deposit.
This is because forex trading is margin-based and more accessible than ever before online, meaning that you can earn significantly more than you’re able to deposit as an investor.
2. Work From Anywhere
The foreign exchange is a 24-hour marketplace, and run that extends across three geographical trading sessions in North America, Europe and Asia.
Thanks to the advent of online and mobile trading platforms, you can now access all of these sessions in real-time regardless of your geographical location. Tools such as the MetaTrader 4 are particularly useful in this regard, as they allow for mobile trading and afford you greater control of your portfolio while on the move.
Of course, this means that you can execute orders and manage your portfolio seamlessly from home during the ongoing lockdown, while also utilising intuitive tools such as stop losses to automatically close open positions before they reach a predetermined level of loss.
3. Set Your Own Schedule
If you’re combining forex trading with your existing day job, it’s also good to know that this method of earning enables you to set your own schedule and make the most of the time at your disposal.
This may also impact on the precise trading session and currency pairings that you target as an investor, not least because ideally you’ll want to execute orders and trades at times when you can monitor the market and capitalise on peak periods of the trading volume.
If you’re based in the UK and have to spend the bulk of the working day undertaking other tasks, for example, you may want to target the Asian market that runs between the unofficial hours of 23:00 and 08:00 GMT.
Not only is this market home to numerous major currencies and known to enjoy a one-hour crossover with the European session between the hours of 07:00 and 08:00, but this approach will also allow you to focus on your portfolio and make genuinely informed and focused decisions.
