Why Forex Trading Is The Best Online Business for Students - Report Door

Posted: 26 Nov 2020 04:04 PM PST

Are you a student looking for ways to earn some money to survive on? Are you already thinking of ways to repay your student loans? Starting a side business, preferably one that earns you passive income is the way to go. If you are looking for an online business that gives you flexibility and does not interfere with your studies, forex trading is worth trying. Some of its benefits include helping you attain financial independence at a young age, It is also one of the best ways of learning how to manage a business independently. For some, forex trading may also turn into another business opportunity, opening more doors for networking and building a professional network that will come in handy after graduation. Here are some reasons why forex trading is the best online business for students.

Anyone trade!

Contrary to common belief, you do not have to be rich or old to start making it big in forex trading. All you need is a small startup capital and a stable internet connection and you are good to go. The first step would be to choose a trading platform that is easy to use and which has the best customer support and training guides. Keeping abreast with the happenings in the finance sector is also important in helping you understand how the market is affected globally as this will affect your trading. With a trading plan that works, you can easily make a killing without a lot of effort on your part. Once you learn the ropes, you can rest easy and start earning a good passive income.

Flexibility

As a student, your studies come as her first priority. Owning a business that consumes your time is not what you want. With online trading, you are guaranteed time flexibility because you can dictate your own trading time. The other good news is that the global forex market is open 24/7 giving you the opportunity to trade any time of the day or night. You could easily attend classes, work soon assignments, and still make money at your own convenience.

High liquidity

Unlike other conventional businesses, the forex market offers one of the highest liquidity rates around. This means that on a forex trading platform, there are many sellers and buyers. The good news is that exchanges happen in a matter of seconds and at high volumes, giving your higher chances of buying or selling currency and making real-time profits fast. High liquidity also means that there is less risk involved. Because the forex market is global and very large in size, there are also reduced risks of price manipulation. For a student willing to invest their hard-earned cash, the forex market is, therefore, a good starting place.

Attain financial independence early

For a student looking to make it big in business and attain financial freedom, trading is one of the best alternatives out there. If you need a strategy for when you finish your studies, you could consider starting forex trading early. Some traders have made it big and become millionaires in just a matter of days. Some have been consistent for many years and have even quit formal employment to work for themselves or start other businesses. Investing in the profits you earn with each successful trade is one of the smartest decisions you will ever make.

No qualifications needed

When starting some businesses, knowledge, and experience would be key assets. However, for forex trading, you do not need any qualifications or expertise in a specific field to start. Whether you are experienced or not, you can still build your knowledge over time through trading. Being open-minded and willing to learn is all you need to gain experience as a trader.

What next?

Being a student can be hectic and balancing between school and owning a business can be challenging. If you are thinking of starting an online business, looking for something flexible is the key. Considering that you do not have much time to devote to a full-time business, forex trading offers one of the most flexible business experiences around. You only need enough money to invest, an internet connection, a suitable trading platform, and the zeal to learn to make it big in the market.

US dollar set for weekly losses, currency traders buy Euro, British Pound - Nairametrics

Posted: 26 Nov 2020 10:45 PM PST

The U.S dollar is set for weekly losses against a basket of major global currencies amid a relatively calm trading session prevailing at the currency market

At the time of writing, the U.S. dollar index was stable around the 91.88 price band; still, it's critical to note it's not far from its three-month low of 91.84 it hit overnight.
Currency traders are moving in droves to riskier currencies amid the significant improving risk urge seen around global investors, which has helped triggered the prices of global equities, energy commodities to go up.
The U.S currency market was closed on Thursday as it observed the Thanksgiving holiday.

READ: Traders go short on U.S dollar over higher claims of U.S unemployment benefits

What this means: The greenback has been under increased pressure, taking into consideration global investors, increased their buying pressure on riskier currencies on the bias that a string of COVID-19 vaccines news reports and hopes for a more stable period at the world's largest economy, had no pressing need to keep their investments in the safe-haven currency.

Quick fact: The U.S. Dollar Index tracks the greenback against a basket of major global currencies such as the Japanese yen, British pound sterling, Swedish Krona, Euro, etc. Individuals hoping to meet foreign exchange payment obligations via dollar transactions to countries like Europe, and Japan, would need to pay more dollars in fulfilling such payment obligations.

READ: U.S dollar set to register its fourth consecutive monthly decline, longest losing streak since 2017

Stephen Innes, Chief Global Market Strategist at Axi in an explanatory note to Nairametrics, spoke on the market conditions the U.S dollar arch-rival (Euro) is facing right now, taking into account that the prevailing odds are still weighing against the Euro despite its recent demand from traders;

"Just like mice and men, the best-laid plans of forex traders often go awry. Just as the street was making a good argument to "sell the buck" into year-end, the ECB minutes said, please pull in the bullish Euro reigns.

READ: European Central Bank plans Crypto Euro

"Dovish headlines from the ECB account of the October meeting, together with a dovish speech from ECB chief economist, seem to be weighing on the euro.

"There is now an interesting dynamic between Lane and ECB board member Schnabel, who, earlier this week, gave a decidedly hawkish speech (emphasizing side effects of non-conventional measures and the need to stretch out the 'medium-term')."

Bottom-line: Currency traders' recent moves in the money market will continue to put the U.S dollar under pressure in the short term amid prolonged risk-on bias currently in play, triggered by COVID-19 vaccine hopes.

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