Invest your money in the right place and let your hard-earned money grow exponentially.
But first of all, what is an investment? To invest is to allocate your money or savings by purchasing assets such as properties, shares and currencies that has good probability of increasing in value and thus generating future benefits. The benefits that investors will be received in the future is called a return. The higher the investment risk, the higher the return could be and if a low risk investment is made, the return will be relatively low as well. It is that simple but people tend to complicate this process and blame it all on the bad market prospect.
Investing is different from saving. Saving is the act of putting money into a safe place, avoiding risks that have to be beared in an investment with a constant interest in return. But due to the extreme low interest and long period required, people tend to search for alternative ways to increase the return on their savings.
There are various types of investments on the market that cater for different investment goals and Forex trading can be one of the good investments in the long run. It is the world’s largest market with around 3.2 trillion US dollar in daily volume and operate 24 hours a day, 5 days per week. It works very much like the stock or commodities market by trading the global currencies. Forex traders earn through the fluctuation of the foreign currencies when they buy or sell in the market. Historically, the Forex market was only opened to financial institutions and big companies but with the advent of online trading, this market has been opened up for everyone.
There is no ‘perfect’ timing in Forex trading. The sooner you start to work on your trading skill, the sooner you will master it. Timing the market might be good for traders who are conservative and new but excuses like ‘the market prospect is bad’ is not a valid reason why traders should wait in trading. People tend to set up road block for themselves before they even begin to trade, these preconceptions then became the reason of them missing out on the potential to multiply their money in the long term.
As the saying goes, a thousand miles begins with a simple step, the perfect time for forex trading is definitely NOW. It is undeniably true that the market is volatile yet it trended upward in the long run. The earlier you start your trading adventure, the earlier you let your money to compound. As time passes by, the growth can be exponential.
There are numerous benefits for different age group of traders in Forex trading. Start trading at younger age is good but it does not necessarily means start trading after retirement is a bad thing too. As long as traders have sufficient capital to fund their account, studied Forex and is in the right state of mind, everything is possible.
Young Age (20 – 30 year old)
Smaller chances of owning a car, a house, kids or mortgage mean fewer responsibilities. Traders at this age can afford a higher risk because they are less stressed and less concerned about financial loss. The highly volatile market can be a good stage for them to perform and get familiar with the financial market.
Being young, energetic and scrappy can help traders to cope with the trading pressure better. Failure is inevitable, but with enough energy and recovery time, young traders have the chance to stand up and try again and again. The time to learn something new and master a skill can also be significantly shorter for young traders, as they have less self-assumed knowledge that stops them.
Middle Aged (31 – 50 year old)
Own a stable job, probably have kids, mortgage or car mean more responsibilities but also have more savings after years of working. Start trading at this age means traders already have a certain amount of capital to start with, they do not have to hustle for their trading capital like young traders do.
The time flexibility in Forex trading allows traders at this age who own a full time job to trade after work. Traders get to find a time that fits perfectly for them to trade, earning side income without affecting their full time job and sacrificing their family time.
After working for years at executive level or as an entrepreneurs, middle aged traders could have cultivated patience along the way. Younger traders might get impatient much more quicker because they want to get rich sooner but middle aged traders usually have more patience when it comes to waiting for good trades. They have the ability to master their emotions and tend to have a more balanced view on gains and losses instead of being impetuous to bad luck and wasted more money in the hope of making up for the loss. If traders fail to control their emotions, this drawback will make them weak and vulnerable in the high pressured trading environment and imperil their capital.
Retired (50 +)
Lesser responsibilities, more savings. Reaching this age means traders are experienced and stable. They have more life experiences and can better control their emotions to prevent themselves from getting entrapped by their own emotions. They tend to have a calmer approach on trading and understand that trading and investment take time.
As they are aged, traders are more interested in world events and tend to read more news than the youngsters. They have more experience in the financial field and would like to pay more attention on the market as they have experienced big financial catastrophe such as the 2008 financial crisis and learnt their lesson.
Traders profit from the change of global macroeconomic. There are no ‘bad timing’ in Forex market, traders can choose to buy long or short depending on the country’s financial condition. If a trader can only handle lower risk, he can choose to trade a more financially stable currency pair, pay close attention to the country’s economic development and start slow. There is no ‘best age’ or ‘best time’ to trade, it is ‘who they are’ that matters the most in traders.
With sufficient knowledge, age can be just a number in Forex trading. It is never too late for traders from any age group to start trading. The most important elements that make a good Forex trader are discipline, the passion to learn and the right temperament. Once traders have the combination of these elements, the possibility of them making a profit in the Forex market would definitely bolster. Start trading now with TriumphFX to get the best return on the market! https://www.tfxi.com/applications/create