As Britain fast approaches an uncertain future, with Brexit set to occur on the 20th March 2019, many changes are about to happen – some positive, some negative. One positive note going into Brexit is the excellent news that UK employment figures are remaining at an all-time high.
Are you one of the employed? Happy with what you do, or just remaining there as the security of having a job is more appealing than changing it? A large number of UK citizens over the past few years have moved into freelance work, especially working mums, with a 79% increase over the past decade.
Working Mums & Forex
Mums have notoriously been underpaid workers until the onset of technology opened the door to many more opportunities. So what is attractive to the 1.6 billion freelancers in the UK, of which 69% are women?
- Flexibility
- Low start-up costs
- Taking control of their lives, careers & finances
These are just some of the reasons. There is a multitude of choices, yet increasingly Forex Trading is becoming more and more popular among women. The previously male-dominated field of Foreign Exchange, or the currency market, is proving an attractive challenge for today’s working mums and they are making their mark on the industry. It has even been suggested that women will outperform men in the long run.
Why Women Have The Potential To Be Good Forex Traders
Women tend to be more risk-averse than men and as such bring a different psychological approach to trading. Trading carries its share of exciting highs and unsettling lows. Good traders have emotional control, not allowing themselves to react to a situation spontaneously and this patience and control is a trait often found in women, especially working mums.
Isn’t Forex Trading For Those With Degrees?
Of course, being well educated is a bonus in any profession but do not let it exclude you from the opportunities available in Forex. There is an essential preparation time before anyone begins to trade and women know the value of preparation and planning.
Mums are experienced and resourceful with emergencies; they understand the value of making plans and evaluating situations. These are skills essential for a good trader. The internet has provided access to a vast range of knowledge and expertise. Not only are there a variety of trading platforms to select from, but there are also professional female traders who will happily share in their experiences.
You can follow these via social media. People like Kathy Lien, describe as a ‘fundamental guru’ who offers daily market updates via Twitter, @kathylienfx. A quick search will bring up many names of women forex traders who have changed their lives, like 60-year old Yukiko Ikebe from Japan, and many more who are happy to share their knowledge and experience.
First Steps In Changing Your Life – A Trading Plan
As women, making plans is integral to our lives, especially after we become mums. The need to juggle so many events in a day dictates the need for plans, either a conventional one or one just highlighted in your head. Working mums love their flexible plans, and they have to be flexible, we are talking children here! When you consider making a move into Forex Trading, those skills become extremely useful.
A trading plan is not a strategy for your trades, that will come later. A trading strategy is specific to the trade, when to enter and when to exit, and is formulated on a number of different forms of analysis. A trading plan, on the other hand, is how you get to trade, what you need to consider, and what you need to do. Everyone is different in their needs and application to work, but creating your trading plan is a positive step in the right direction for changing your life.
Outline Of A Trading Plan
- Research, research, research!
- Explore your own motivations for becoming a trader
- What time commitment can you give?
- What financial commitment can you give?
- Risk management strategies and personal guidelines
- Your attitude to risk
As you begin to explore the information on Forex trading you can add to your trading plan. Discover how to choose a regulated, licensed broker and trading platform. Learn about the currencies, learn about how analysis provides trading strategies. All of this knowledge can be acquired online, mostly for free.
Final Thoughts
For most women, their lives change when they have children, often in unexpected ways. Don’t hold back on your dreams; taking back control is an option in freelance work. Forex trading is not a get rich quick scheme but a solid way of creating a financial income with freedom and flexibility. After all, this market is open 24 hours a day, five days a week. It is not something that can be done without preparation, planning and research, but these are things every working mum knows! Don’t we?
