Mar 17, 2017
My parents bought their home 30 years ago and they're finally ready to move out. And so they had it evaluated. Turns out their 5 bedroom house with garden and swimming pool is going for the same price as quality 3 bedroom apartments in the same area.
Why? Simple. 30 years of little to no maintenance. Now, just to fix every scratch on every door, floor, wall, etc. will cost tens of thousands.
It’s not their fault. When they bought the home, they could afford it. But with the rising cost of living, school fees, and every new family member, spending money on maintenance was a too much of a luxury. Everything worked, technically.
Most of us assume we’ll never let our homes fall apart, but the truth is, life’s really expensive, and most of the time we have just enough to get us through the month while saving for retirement.
But there are ways you can supplement your income without compromising your quality of life. Forex trading is increasingly becoming the popular option among all sorts of people. With excellent software such as MetaTrader 4 (MT4) available for free, along with all the tools you need for technical analysis - including the best pivot point indicator on MT4 - it’s a great way to make some extra cash.
The single best thing about Forex trading is that you can get started wherever you are, right now. All the software you need is online for free. All the data you need is at your fingertips.
There are, however, a few things you should take into account first:
●Do you have trading capital? Is there enough money set aside for trading, that you don’t need to use to feed your family? If not, you'll just end up making rash decisions and find yourself in a very sticky spot.
●How much do you know about Forex? You don’t need to be an expert. You don’t even need to know anything about it right now. But you do need to learn. There are plenty of free online courses, which will teach you all you need to know and more.
●Do you have the time? You can trade Forex part time. You shouldn't quit your day job. But you do need to dedicate some hours to it. Whether that’s cut from your leisure time, or you can optimise your schedule, find the time before you commit.
●How risk averse are you? Here you need to find that delicate balance. If you have no risk aversion, you might well end up losing your money on a whim. If you're totally risk averse, you won’t get anywhere. Do you think you have a good balance?
Build up capital
To start, try building up that trade capital. Trading Forex can be very rewarding if you go about it the right way. It will help ensure that you don’t let your home go to ruins while you spend everything you earn on just the basic necessities.