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According to a recent report published by the Office for National Statistics (ONS), an estimated 15% of the UK’s total workforce is now self-employed. This reflects a prominent global trend, as individuals continue to eschew the traditional labour market and utilise technology to work effectively as freelancers. This requires a specific mind-set if you are to be successful, however, while you may also need to effectively boost your income while you market your service and build a viable brand.
The Forex Market: Boosting your Income as an Independent Contractor
In today’s economy, the forex market offers an ideal environment in which part-time traders can maximise their income. Consider the following steps to successfully achieving this: –
- Understand the Market and its Risk
While technology may have removed many of the barriers to entry that previously made the forex market inaccessible, this does not mean that operating profitably is guaranteed. It is crucial that you respect the complexity of the market before making a financial commitment, and understand its underlying nature and level of risk in great detail. Aside from a host of external economic factors, it is a series of underlying laws that trigger change in the forex market, and taking the time to learn these will help you to trade effectively and profit even during times of austerity.
- Trade Using a Demo Account to Gain Real-time Experience of the Market
The margin-based nature of the forex market offers both risk and reward, as while you can earn sums far in excess of your initial investment you can also lose a similar amount of capital. It is therefore important that you start slowly, while also taking advantage of technological innovation to experience a simulated marketplace through a demo account. Available through reputable online trading platforms such as Think Markets, you can trade through these accounts for up-to six months and execute your chosen investment strategies in an entirely risk-free environment.
- Diversify as you Gain Experience and Intuition
Over time, your experience of the forex market will enable you to develop an intuitive understanding of your product and currency trading as a whole. While this should make you more profitable as an individual trader, it may also provide a window of opportunity for you to diversify your portfolio and branch out into new markets. Diversification is a strategy followed by the majority of experienced and successful traders, primarily because it minimises risk and enables you to distribute your capital across a number of lucrative products and derivatives.
