This might seem like an easy question to answer, but with all things that involve humans and subjectivity, it’s complicated.
A lot of people out there want to believe – or want you to believe, rather – that forex trading is easy money. That’s not the case at all, as it turns out.
Usually, when you consider if something is easy or not, you’re comparing it to something else. And since people who trade forex generally do it to make money, the salient question for a lot of people is… is forex trading easier than my current job? (And this factors in whether you can make more money trading than at your current job.)
And well, that depends on what your current job is!
Removing the Subjectivity
Obviously, it’s a lot easier for Usain Bolt, for example, to do a 100-yard dash than, say, Donald Trump.
There are a lot of personal factors that go into what makes something easy. So, we need to delve into what could be objective measures of what forex trading is like, and then you can see how easy it would be for you.
Forex trading is one of the more popular retail trading platforms out there. There are a couple of reasons for that.
First, it’s a very large market with over $5 trillion dollars trading each day. But what’s relevant for us now is the second reason: more people find it easier to learn how to do than most other forms of financial trading.
It’s not Wall Street
When it comes to trading, one gets the image of guys with slick hair and matching suits in front of a bank of terminals handling sophisticated market operations. Or having insane parties, if you’ve watched The Wolf of Wall Street too many times.
While it’s true that you can find a lot of sophisticated things to do in Forex, generally you can do a lot of trading without getting involved in complex market analysis.
The thing is, unlike other forms of trading, Forex involves something we already deal with on a daily basis: money. We all have money, we all buy and sell things. We know what money is and how it works. This makes an introduction to forex trading – buying and selling money – much easier.
Forex trading doesn’t require a sophisticated knowledge of finance, or even economics. There is some math involved, and you probably should be familiar with spreadsheets. Some knowledge of economics is useful, but not mandatory. And you certainly don’t need a college degree.
The Comforts of Home
The other factor to make forex trading a lot more accessible and easy is the introduction of forex trading platforms like MT4.
These computer programs not only allow you to trade from virtually anywhere there is an internet connection (like, for example, your living room), but they simplify the process of trading enormously. You can trade with literally a click of a button.
Forex trading has several “levels”; where you can learn the basics and make money consistently with a simple strategy. In fact, you can just copy some other, more experienced forex trader. But you can always learn more and more and advance into increasingly more sophisticated trading methods, techniques and strategies.
There is a Great Community
Of course the more you know, the better trading decisions you will make. There is a wealth of knowledge on the internet and in online communities to help orient you and learn.
That’s one of the advantages of such a large market; you aren’t directly competing with fellow FX traders. There are a lot of resources available to help you get started and get more involved, as well as learn and grow from your peers as you go along.