Chances are, you know a few people who have become obsessed with trading Forex. You'll hear them talking about the currency market as if it’s an interesting topic of conversation! They're probably raving about how much money they're making outside of business hours.
So, what is it about Forex trading that makes it so popular?
Ease of access
First and foremost, FX trading in Canada is popular because of its ease of access. In this day and age, something may as well not exist if it has no online presence. On the other hand, if something is available in its entirety online, it’s going to draw a lot of fans.
Forex trading is so popular because you need nothing more than a computer and internet connection to get involved. Whereas in the past, trading was for those who worked in finance and knew the ins-and-outs of getting started, now anyone can trade.
It’s this ease of access that makes Forex trading popular with the layman. If you so wish, you could start trading right this minute (unless you're reading this on the weekend).
Which brings me to my next point.
It’s (nearly) always open
Unlike the stock market, the Forex market is open 24 hours a day during the week. This is because it is by its very nature international. It is always business hours somewhere, and therefore currency is always being traded.
Forex trading would not be nearly as popular if you could not do it after hours. After all, we’ve all got day jobs that we have to prioritize. When we come home from work, the Forex market is waiting for us to step in and start trading.
There’s a strategy for everyone
Forex trading is not one-size-fits-all. In fact, there are so many strategies available, you might be trading differently to every other person you know. Some are, of course, more successful than others. And some are way easier to use and perfect for the beginner.
But if you know the meaning of hedging in Forex, you're already on your way to finding a great strategy that will, over time, make you money.
Speaking of which…
You can make lots of extra income
The final and most important reason Forex trading is popular is that you can make a lot of money. More specifically, you can make a lot of extra money. If you're starting out trading, you should not quit your day job. You don’t need to.
And so, when you start making profits, you're supplementing your income in a big way. You'll have money to spend on those luxuries you usually surpass. You're able to buy your significant other those gifts they've always wanted.
There’s nothing more attractive than a little extra money in the bank.
If Forex trading suddenly sounds like a great idea, there are plenty of resources online to help you get started. Just make sure to be responsible and don’t trade with money you can’t afford to lose.