“I Trade Forex for a Living…”

Filed under: Learn Forex Trading |

 

If you are lucky enough to get to the point where you can quit your day job and give forex trading a real go, you will no doubt happen upon an unexpected problem – how to explain to your family, friends, and ex-colleagues exactly what it is that you are doing.

 

You will often run into people that you haven’t seen for a while and they will ask you what you do for a living these days. You will no doubt first explain that you have become self-employed; but you will then feel compelled to explain more just in case they think it is a clever way of saying that you lost your job. So you will say, “I trade the forex markets.” Now, the general reaction when I say this to people is for them to pretend that they know what it is for a few seconds, before sheepishly asking – “Err, what is that exactly?” You will then expand and explain that ‘forex’ is short for ‘foreign exchange’, and that you trade one currency for another and try to make a profit.

 

If your friend or family member is happy to leave it at that, then you have got off easy. However, if they are genuinely interested and want to know more, then that is where the problems really begin.

 

“I wait for an 8-day EMA to cross a 21-day EMA and then trade in the direction of the trend.”

 

Blank stares.

 

“I use candle-stick charts to judge which way the price will move.”

 

More blank stares…

 

“It’s like trading stocks but you can buy and sell.”

 

Utter confusion.

 

“It’s a bit complicated. It would take me hours to explain what I do…”

 

A slightly insulted facial expression…

 

“I buy foreign currencies and wait for the exchange rate to improve before selling it.”

 

Unfortunately, this is just about the best that you can do. Don’t say that I didn’t warn you!

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