Like many other careers in the financial world, forex trading was also seen as a profession that was meant for men and as a result this Read More
field was dominated by men for years. However, the wave of feminism opened a lot of new employment opportunities for women. Since trading is more or less similar to a self-employed profession, many female traders are entering the forex world and challenging the norms. In this blog, I will be talking about how women are redefining success in forex trading and how it can be an ideal career path for any woman aspiring to become financially independent.
Empowerment Through Education
If we talk about the factors that led to the rise in the number of women in the world of trading, the first one to mention is the empowerment that happened through education. Women were no longer confined to their houses and they were constantly learning about the latest developments in the world. Being educated allowed women to realise their true potential and calibre.
Moreover, they had easier access to knowledge after the advancements in technology and the availability of the Internet. Financial education was not a relevant topic in the earlier days but now more and more people are aware of the significance of financial literacy as it is the foundation for building a secure future.
If you are level-headed and logical, the market will reward you. Firstly, you have to devise a well-defined strategy that aligns with your trading goals. Once you set the rules, you can proceed with your action plan. When you plan your trades, you should use trading tools like profit calculators to estimate the potential profit and make necessary adjustments based on the expected result.
The Saga of Success – Risk and Resilience
Trading is different from a conventional career path as you don’t get rewarded with a regular salary like how you earn while doing traditional jobs. Becoming a trader does not mean that you will start earning right away and you are also exposed to the risk of losses when the market moves in the opposite direction of what you had anticipated. Your trading capital is at risk like how it is in a self-owned business.
You need to embrace the risk and become resilient towards the initial setbacks and failures that you may experience. Patience is very much required to realise your goals as a novice trader. Women are considered to be very disciplined in various aspects of life and emotional intelligence can be your edge while trading in the volatile forex market.
Risk management is essential to seize trading opportunities. If you are reluctant to try trading just because you don’t have a big amount of capital to begin with, then you can still start small and grow your account over time. Not having sufficient funds should not stop you from chasing your dreams. The first step is learning and that gives you the power to pick the best options for yourself while playing it safe.
You can maximise your profits by learning to use leverage efficiently while maintaining the margin levels required for your trade size. You can calculate it easily with the help of a margin calculator. But remember to not risk too much as the losses have to be minimised to keep the account drawdown in limit. Women are less likely to engage in risk-taking and thus you are more likely to succeed in trading.
Redefining the Meaning of Success
Women are very different from men in many ways, especially in their thoughts and how they approach life. Men tend to measure success with the money they earn over time. However, women can think beyond the typical concepts of success and redefine them in a way that makes their journey more fulfilling and less stressful. Many female traders have a holistic approach towards trading.
They are grateful for the earning opportunity which they get without being confined to a strict routine and this allows them to attain work-life balance. Since the forex market is open 24/7, women can easily find a time that works with their schedule. Whether you are a working woman or a homemaker, you can freely indulge in trading and since women excel at time management and multitasking, it will be easier.
If you have a passion for trading, you can get started after preparation and learning. Even those who are not sure about their trading skill get an opportunity to earn some passive income by joining copy trading platforms or by investing in forex-managed accounts. You can use these methods to get some market exposure with minimal risk as you get experienced professionals to trade on your behalf.
You can continue learning while earning from forex without playing an active role in the trading process. This passive income you earn in the form of profits can be used as your trading capital once you are ready to trade yourself.
In a nutshell, successful female traders are surely breaking the gender stereotypes that are stopping women from stepping into the forex market. Adaptability is essential to thrive as a trader and women are blessed with this trait as well, which makes them consistently profitable in the long run.