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Establishing Forex trading as a Career Path

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This article is published in collaboration with Scutify, where you can find real-time markets and stock commentary from Robert Marcin, Cody Willard and others. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

One may wonder, what are the benefits of making Forex trading a career path, as opposed to, either buying an existing business or setting up a new start business? Well, there are quite a few positives and here are just a few:

• Zero overheads; using the technology to trade our markets costs zero. Billions have been spent developing trading platforms such as MetaTrader 4 and you can access it free of charge.

• Accessing an infrastructure (STP/ECN trading environment) that has also taken billions of dollars and tens of thousands of man hours to develop. It was originally designed for institutional level traders and it's now available to us mortals, even if we're operating micro, or mini accounts.

• Low barriers to entry; we don't require investment in stock, we don't need to invest in the refurbishment of a building, or to invest in equipment to start our business. We only require a quiet space to learn and practice our craft.

• Part time leading to full time. Unlike many new start businesses we don't have to immediately commit to full time immersion into our new venture. We can trade part time and we'll know instinctively when we have reached enough confidence in our trading plan and overall ability, to become a full time trader.

The risk of business startup-up failure is high

Apparently approximately 80% of USA tech businesses fail and over 50% of all startups fail. This 50% failure rate doesn't take into consideration the fact that the vast majority of startups only see profitability, after three years. Whilst waiting for your new business to become profitable, there are also many issues out of your control which you have to contend with, one of the most critical issues is timing.

You might just be entering a 'Goldilocks' period with your business after three years of effort, when suddenly a black swan outlier hits the global economy and we enter into a deep recession.

The potential loss and life changing effect is limited. Business failure rates as illustrated are high, and not only is the average cost of starting a business high, but the time cost can be terminal to career choices.

Whereas with trading we can put aside a small amount of capital to determine if we like the industry, and decide if we can develop the necessary skills to become successful. If we use up that small amount of capital, in a window of perhaps a year or two, trading part time through an established trading strategy, whilst still maintaining our first career, we'll be limiting any damage if we decide trading just didn't work out. For example, if we fund our first account, and it doesn't work out for whatever reason, we are free to give it up and concentrate on our main career. By doing so, the damage to ourselves will have been minimized.


This article was written by Harris Adams for on .

This article published in collaboration with Scutify, the best app for traders and investors. Download the Scutify iOS App, the Scutify Android App or visit Scutify.com.

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