There is no doubt about it; we live in a strange social climate at present. After all, while the global economy continues to be restricted by soaring levels of inflation and dwindling real wage growth, technological advancement has evolved to a point where science is fast becoming more omnipotent than nature.
This combination of economic stagnation and innovation has created an entire generation of so-called ‘accidental entrepreneurs’, who have the means and the motivation to work independently from home. This is reflected by the rise of the freelancer, with a growing number of citizens in developed economies (including an estimated 1.4 million Brits) choosing to work independently in the digital age.
How Forex Trading Has Also Emerged as a Home-based Earning Opportunity
Such a climate has not only increased the number of active freelancers, however, as it has also encouraged some to trade the financial markets from home. Subsequently, we have seen a rise in the number of independent financial traders, even in volatile markets such as the foreign exchange. So even though the reported daily trading volumes associated with the forex market fell recently, it is independent traders that account for a growing percentage of those who are active in this sector.
The question that remains, of course, is how technological advancement and innovation has made forex trading so accessible to individuals? The simple answer lies in the emergence of online trading platforms, which have eliminated many of the barriers to entry that once surrounded the foreign exchange and rendered it exclusive to large organisations. These platforms essentially perform the role of modern-day brokers, only they deliver access to in-depth analytical tools and enable users to execute real-time traders across a number of markets simultaneously.
How Can You Leverage This Opportunity to Work From Home?
While online trading platforms may have made the financial market (and the foreign exchange in particular) more accessible to traders, it is still important to understand how the technology should be used to leverage this opportunity. This process starts by utilising your chosen platform to learn about your chosen market, its typical trends and the macroeconomic factors that impact on it. Over time, this helps you to build a theoretical foundation of knowledge and determinism, which in turn creates informed decisions and rational, non-emotive trades.
When augmented by independent learning resources and tutorials, this creates an invaluable education that can deliver significant rewards.
From here, you can bridge the gap between theoretical and practical learning by opening a demo account, which is a key feature of most modern online trading platforms. These accounts, which can be used for up to six months, help you to apply the knowledge that you have gained in a simulated market setting. This creates a risk-free but extremely effective learning environment, and one which will enable you to hone your strategy and maximise your earnings over time.
This process should equip you to successfully tackle the forex market (and similar entities), ensuring that you are fully-prepared and capable of achieving a profit. It also offers an insight into why forex trading has become such a viable method of generating income from home, and the pivotal role that online trading platforms have played in this evolution.
Kara Perez is the original founder of From Frugal To Free. She is a money expert, speaker and founder of Bravely Go, a feminist financial education company. Her work has been featured on NPR, Business Insider, Forbes, and Elite Daily.