Forex trading (foreign currency exchange) is not an easy way to earn money, however with enough persistence, discipline and risk management this can turn into not only extra income but even into a main stream of your financial stability.
Currency trading doesn’t require long working hours; it offers high earning potentials and so-needed flexibility for mothers who need to take care of the kids.
There is a lot of free educational materials online, including this website which provides tutorials and useful articles for beginners. Below are things that you need to master:
Types of Analysis of the Market (Fundamental and Technical)
Types of Charts and Chart Patterns
Support and Resistance Levels
Indicators (Candlesticks, Fibonacci, Moving Averages, Bollinger Bands, MACD, Parabolic SAR, Stochastic, Relative Strength Index)
Oscillators and Momentum Indicators
Elliot Wave Theory
Developing Trading Plan
Keeping Trading Journal
Setting Stop Losses
Leverage and Margin Calls
Once you have a full grasp of the basics, it is time to put your knowledge into practice. Open free demo accounts (all forex brokers offer this service) and test your skills with virtual money. The practice phase may take a week or even several months. Once you are comfortable to move to the next step, you can open a real trading account with the broker of your choice and start trading the real market.
The beauty of trading online is that you can learn and trade from home and all you need is a computer and internet connection. This part-time career can later on turn into a full time job. This is one of the most rewarding, exciting and flexible jobs today. Be your own boss, be involved in lives of your children and earn extra cash!