Thursday, October 7, 2010

How to Use Forex As a Home Based Business

When most people think about Forex they think of it either as a financial investment vehicle or a hobby. However, when you switch your mindset to that of a home based business you will be amazed when you start to make real profits because you are actively taking it seriously.

I believe Forex is the ultimate home based business. You can trade 24 hours a day so it doesn't matter where you are in the world. There's no employees, no stock to hold, no commuting to work. It's just you, your trading software and a computer. Once you are proficient the rewards can be massive. If you live in the United Kingdom you have the added bonus of not having to pay any tax. Some traders have even moved to the UK so they can take advantage of this. Most countries will however give you a tax break of some sort.

Unlike stocks and shares the Forex is not subject to long term manipulation or insider trading. The shady tactics of 'insider trading' have supposedly been outlawed. However, there is legal insider trading and out of hours trading which you as an individual are unable to take part in. Also, can you really believe that a director of a company who knows something big is about to happen doesn't tell his friends and family? And of course those people tell their friends and family and so on..... Of course this has the effect of moving the share price and you have no way of predicting or analyzing this. Which is why it was outlawed... sort of.

With Forex there is no such manipulation and if any does occur it is very short lived and most things that will affect Forex prices are predictable such as economic news announcements. Even governments can only affect the prices for the very short term. So Forex is great if you want an even playing field for the individual trader and the big institutions. Forex trading online is now very easy and modern technology makes it possible for anyone to trade from the comfort of their home computer. In fact you can set up a trading account and Forex charting software very quickly. All you really need to do then is to get education and training on how to trade safely and properly.

You will find everything very exciting and you will be tempted to over trade. You will require discipline and you will need to stick rigidly to your trading rules. Also when you do have losing trades (which you will) you must see these as a business expense not a loss. As long as your winning trades outweigh your losing trades you will have a viable and exciting home based business.

One final word of warning... There is a lot of information out there on the Internet and it's very easy to suffer from information overload. Studying it all yourself and being bombarded by thousands of different Forex trading systems will confuse you and you could take years trying to discover what really works. You must keep things simple and don't get drawn into thinking that trading to make money is somehow very complicated, it is not. The safest and best way to learn how to trade is to find a genuine trading mentor that uses Forex as a home based business themselves. A mentor that not only teaches you the methods that work but will also allow you to copy them and earn while you learn.

To learn more about highly profitable Forex Trading strategies that really work and discover who Eric's Forex mentor is go to

Eric Cole is a highly successful Forex Trader in his own right. He is also one of the top offline and online 'Six Figure Income Earners' in the Internet Marketing arena. Eric also works closely with entrepreneurs from around the world and is an 'in demand' consultant to new and established MLM, home based business and direct marketing companies.

Eric devotes most of his time and effort into helping average people to acquire wealth through Forex Trading, Online Marketing and Property Portfolio building. This enables people to enjoy wealth, success and time freedom in their lives. You may contact Eric directly by email..

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