My experience.
When I left my job In 2021, I was immediately trying to figure out my next move, how to work from home as a stay-at-home mother. To my surprise after doing some research, there were plenty of ways to earn an income while home, especially for stay-at-home mothers. There still is. From my observation working from home is like a trend right now, considering the most recent pandemic which resulted in many people losing their jobs, and many people getting creative by finding ways to generate an income.
The options for stay-at-home mothers are many, thank God. However, where I am based, It just so happened to be a challenge for most income routes I wish to pursue.
Nevertheless, one of my income streams is forex trading. I had been trading forex for some time before I left my job. I only got serious when I left my job, (please do not do this). In my opinion, anyone can trade forex, but to become a consistently profitable forex trader, not everyone can do that.
I have been trading forex for like two and a half years now. July 2023 would make it three years. Do I consider myself a consistently profitable trader? No. Late down in 2022 is when I started realizing my level of consistency, I am now winning most of my trades taken, however, when I lose, I am losing a big amount and so this is something I am actively working to improve.
Would I recommend trading to others?
Take this post as a recommendation post. I trade daily, (unless I do not get a setup, or I have to take care of business outside the home.). Despite not yet being at the level I wish to be with my trading, I am able to make monthly, sometimes weekly withdrawals. In other words, my reward is being able to pay myself monthly, (not someone else paying me). Considering my lifestyle, I am an entirely stay-at-home mother, and I prefer to be able to take care of my needs. Trading is what works for me. I have got the time to dedicate myself to this skill and I love it.
10 Things to consider before starting your trading career.
- DO NOT start if you plan to quit.
- There is no time span to become a consistently profitable trader. Do not compare yourself to others.
- Start with a real account, do not demo trade. (With some brokers you can start with as low as 5 USD).
- Only invest money you are willing to lose. There is no guarantee you will make a profit, especially if you are new. Trading is risky.
- As you become an experienced trader. Create a trading plan and always follow it.
- I learned from Babypips first, then YouTube, (Swaggy C, Sharline FX, Doyle Exchange,). The free information they all provided wasn’t enough for me so I went ahead and purchased a course from one of the above listed. I suggest you do the exact same. Give yourself room to see if trading is something you can do for the long term. It is also a good idea to join a community of like-minded individuals.
- It is not advised to solely rely on trading as your only source of income. As you grow in your trading career, you’ll want to continue funding your account until you are happy with the size. It will make your journey less stressful in my opinion.
- Take advantage of prop firms, but only when you know how to trade, (in my opinion). I personally did the My Forex Funds challenge. (This prop firm is no longer in existence, the last time I checked). I also prefer to put money in my real account and trade instead of using a prop firm. Do what works for you.
- Trading is a journey. It is not a get-rich-quick, YOU HAVE TO LEARN TO BE DISCIPLINE. For about a year and a half, I was day trading and I kept giving my profits back to the market. Once I started scalping, I experienced major growth and I became more consistent as a scalper. To this day scalping is what I do, as much as I prefer day trading, I only aim for 10 to 20 pips daily.
- Every day would not be a profitable day. If you are new you are going to lose trades repeatedly until you find a strategy or setup that works for you. Once you continue working on your setups by taking them repeatedly and remaining disciplined, you will begin to see growth.
Broker.
Ok, so I’ve used a few brokers before, however, my current brokers are HFM Markets and Hankotrade. I love these brokers and I’ve got no issues with them thus far.
Some other options are FOREX.com, IC Markets, and Tradersway. I’ve used these in the past as well. My longest-used broker is HFM Markets. I’ve recently gotten a Hanko account once I realized how fast their withdrawals came.
Spend money to make money.
In terms of funding your account. Some brokers take only Bitcoin and other cryptocurrencies. Whereas, others take both cryptocurrencies and debit/credit cards. It all depends on which broker you choose, and where you reside. As I’ve mentioned, you can start with as low as 5 USD. How much you choose to start with depends on your risk tolerance. if you ask me, I recommend starting with a 300 USD account using a 0.01 lot size.
There you have it, how to work from home, as a stay-at-home mother.
