Business

Why Forex Trading is the best business from home?

A home business is defined as a business where the main office is the home of the owner. Within that broad definition, there are many types of home businesses. I have been running a business from home for the last 20 years and the difference between the business I started 20 years ago and the business I do today is like comparing apples to oranges.

A bit of history… After a long and very successful career with the US government, it was time for a change and I decided to start my own business. I looked at many different types of businesses and settled on an established $250,000 coin-operated video game path. This is a lot of money today and it was even more in the year 2000.

I looked at all kinds of established businesses and the reason why I decided to get into this kind of business was its simplicity. With coin-operated video games, I didn’t have to worry about rent, employees, inventory, utilities, and many of the other expenses and, I might add, headaches associated with your typical business. He also had more flexibility because as long as the machines were running and maintenance-free, he didn’t have to be on site. My sales force (machines) generated income around the clock, and in some cases, at night as well. Other than the many hours of driving and the occasional machine failure, this business was perfect and allowed me to have a great lifestyle.

Sounds perfect, right? Well…I still had customer acquisition and retention to worry about. After a few years of driving 50,000 miles (80,000 km) a year, it got really tiring to be in my car. More importantly, I was still limited to a geographic location to conduct my business. All of my wife’s family lives in Europe and all of my family lives in the Caribbean. We live in the United States and we like to travel too. What money couldn’t buy was the freedom and flexibility to conduct my business from anywhere in the world.

This is where trading as a home based business came into the picture. I wanted to have a home-based business where “home” was defined by where I am with my computer and not by a specific place. I wanted to have a business where I didn’t have to check inventory or the latest products to keep up with the latest trends and/or the competition. Ultimately, I wanted to have a business where I dictated the amount of time I spent in the business.

An added bonus is that operating as a home-based business requires very little capital compared to virtually any other business model. All you need is a computer (which you already have), a trading account (it can be as low as $500, but I say $4000 is a more reasonable amount to scale your business faster), and a good trading platform or software. (cost range from $50 to $10,000). A higher cost does not guarantee a higher success rate. You can find many great trading Expert Advisors (EAs) for around $300 that will not only set the trades for you, but execute them as well. That’s it!

A word of caution with EAs is that not all EAs are created equal. Also, not because the software does everything for you, that means it’s just “plug and play”. There is some work involved and you need to “tweak” your settings to keep up with current market conditions. You should also be aware of the economic calendar to ensure that you are not trading when major economic news is released. Other than that, you are ready to start a new career and allow yourself all the freedoms that trading brings.

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