Business Economics Investing

Adjustment of short-term income from forex

Recently, I had an interest in alternative investment ideas, such as Forex and Bitgold. Although it’s not in my pilothouse, and I warn you to be careful with your money, I think that such views of others are valuable, because you make your own choice.

I could never call myself as a social person. The course I was studying put me in a very challenging profession, and that was pretty scary for me.

Later in my life, there were tragic facts that turned my life around. I realized that life is fleeting and you need to catch every moment of it. I decided to make some changes in my life so that I could enjoy it better. So, I cut my busy schedule and, at the insistence of a few friends I had before, decided to start an active social life on weekends. Nevertheless, my day job didn’t give me money for spending on such things, that I always thought was the light madness. It was time to find a source of additional income to perform these actions.

I was acquainted with forex earlier, but I could not concentrate on it because of the needs of my day job. Nevertheless, I still maintained enough interest in this area over time to become sufficiently experienced in it. So, I decided to use an adjustable broker in the UK. I came across this broker and made a decision to give them a shot that starts for only $ 500. I chose my favorite MetaTrader 4 platform, due to the possibility to add my custom data to it, and, of course, my Android devices could be used.

Only the capital I could afford to lose could form my start-up account for my “Social Picnic Foundation”.

The goal was very simple. I chose two assets that depended on the US dollar, had large intraday movements and required less investment to obtain a reasonable profit. The USD/ZAR and gold corresponded to the profile. During periods of strengthening the US dollar, I would sell gold and bought USD/ZAR and canceled the auction when the dollar weakened. There were some simple rules:

  • To trade one of the assets at a time;

  • Do not commit more than 3% of my capital into trades;

  • Do not use unduly high leverage;

  • Trade off pivot points to get certain areas of support and resistance;

  • Trade on Wednesdays and Thursdays, withdraw profits twice a month.

My goal was to earn $ 100 every two weeks. It could pay for two trips per month. If I did less, I would reduce it to one departure in a month or three excursions in two months. If I did not make a profit, then no adventures for me.

I started my activity in June 2017, and over time I can say, that I definitely do not feel bad. I was able to achieve this goal in August, and I surpassed it, as at the time of writing this in July.

Significant Lessons

Forex trading is not for everyone. Some people operate only the everyday survival money, and the forex way of life can cause financial problems for them, because if they lost it, they will be left with nothing. In this situation, the Forex is definitely not for them.

Forex has different meaning for different people. Some of them want to be the King of the Market and become multimillionaires from forex trading. But I’m more modest. At this point, my asset allocation strategy is to allow me to generate money for my social walks. My aims may change in the future, although I can strive for larger financial goals in 2018.

My quite low profit margins mean that I can trade with very low pressure. Well, I do not aspire to make innovative profits. In case my goals are achieved, I will have my social adventures. If I do not, I’ll try again next month. In the end, I still have a day job.

I trade wisely. I use an adjustable broker, and I regularly visit the LinkedIn page to get expert analysis and an understanding of what to expect every week.

Do you need to create a small short-term income? It can be some sort of travel fund or your personal allowance for clothes. Start small forex trading and see where it will deliver you.