How to become a successful woman in forex trading
by Jenny Lee
For women of our generation, we were told that we can do anything. Women entrepreneurs have broken through the toughest glass ceilings, are represented more fairly in media and whether it’s spreadsheets or selfies, we have an array of options available to us that were not available to the generation before us.
As a successful woman in forex trading, my journey has not been easy and I have encountered several challenges along the way but it has taught me several lessons that I would like to share with you.
There is still one world that is proving tough for women to break into; the world of forex trading. With the arrival of online trading platforms, numbers are climbing and a report by Modern Trader in early 2018 found out that 1 out of 7 online traders is female, a promising discovery, given the figure rose from 1 in 10 in 2017.
I have been a day trader in the forex market for several years.
Below are a few steps that you need to go through to achieve financial freedom by trading online. Read on to find out more.
1. Get Inspired by other Women Entrepreneurs
Whilst women in forex trading remain a minority when compared to men, several women are challenging the status quo.
This article celebrates world-famous female traders who throughout history defied male expectations and rose to the top.
Financial trading is mostly taking place online, you can find several success stories of women who managed to turn $1 million in profit such as this one or the story of a self-made millionaire by the age of 25.
Quite inspiring, right? It leads you to think if they made it, what is holding me back?
2. Learn as much as possible on forex from other women
There are several sites created by women that seek to empower other women to enter this male-dominated industry, providing several resources that are tailored towards us ladies.
Girls Gone Forex is a platform that is dedicated to educating, coaching and supporting women of all races, backgrounds, and demographics about the Forex industry. It also offers an academy tailored specifically for women who want to immerse themselves in everything forex and become a pro in no time.
High heeled traders was set up by a mother of three who is also a private trader. In her blog, she goes through the ups and downs of the market as well as offering tips which she picked up on after years in the industry.
It is also imperative to keep yourself updated with news in the forex world as this is key when it comes to determining your decisions when trading.
Reading as many books as you can about trading for beginners will also help you gain insight into basic terms, techniques and the dos and don’ts of the industry.
A Beginner’s Guide to Day Trading Online by Toni Turner is a good book to start your career in financial trading. Here is a comprehensive list of books for both beginners and day traders to help you get started.
3. Create a strategy that works for you
Whether you’re a career woman trying to make forex trading a side hustle or like me, you’re a full-time mum looking to get into day trading, you need to create a trading strategy that works for you.
Some factors you need to decide on are:
- Starting capital
- Maximum and minimum spend per trade
- Assets you will trade
- Frequency of trades
- Entry and exit points
It is important to continuously improve your trading strategy once you become more confident in your trading skills.
4. Choose your broker
There is a multitude of brokers available to you, so how do you find the perfect broker that works for you?
Much like finding the perfect man, finding the perfect broker can be quite a feat.
You need a broker that understands that you are still starting out and so must offer low commissions to enable you to trade profitably, has a 24/7 customer service and offers a demo account with an unlimited amount of funds to test your trading skills.
I want to wish all the girl bosses out there the very best of luck on their own trading journeys.
OspreyFx would like to thank Jenny for her time and effort writing this blog and looks forward to hearing more about her experiences in trading over the coming months.
Jenny Lee is a Singaporean day trader and a proud mum to two kids. She has been using OspreyFX since it opened its doors and recommends it as her no.1 broker.
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