For many of us our first year in Forex trading was both a fantastic experience and a financial nightmare. Trying to balance all of our commitments and stay afloat can be just a little tricky in the first year as we pay for training, read everything and ultimately dip our fingers into the Forex markets for the first time. For me in Australia I found my first year very difficult financially and almost ended up having to get a “real” job but thankfully I preserved and now can enjoy the fruits of all those long months spent broke. If you are thinking about a career in Forex trading then you need to make sure you have a grasp of the financial implications this will have – after all you’ll be spending a lot of time, money and energy in your first year learning and training rather than earning vast sums of money. With this in mind I thought it would be a good idea to offer a brief guide to financing your first year in Forex (skewed heavily towards my own experience) that should help you through the year(s) ahead.

Work

When I started getting into Forex I was out of work and quickly found myself stopping looking for work when I found Forex. However, in hind sight I wish that I’d had a job as, though I managed to survive, I was under a lot of pressure that I perhaps needn’t have been. If you can work Forex around your job or pick up some part time work then I’d recommend this. Your days will be long but your financial security won’t be compromised.

Credit cards Australia

Of course I can only talk about my own experiences (hence credit cards Australia) but generally speaking credit cards are the same the world over. I did end up having to use credit cards during my first year of Forex trading and used them to pay off bills and for general living expenses. I did not use them for trading and wouldn’t recommend anyone doing so. However, if you use them carefully and use them to transfer money regularly you can stop any debts you have from gaining interest. This is a risky strategy and one that takes a lot of work but it can help you in your first year of trading.

Loans

Many governments and many banks will allow people to take out small loans – often unsecured. I would not personally recommend these as the potential to get into debt is quite large. However, once you’ve learnt trading and are showing regular returns then you may find a loan advantageous to help you bolster your income – just be sure that you fully understand the implications and are extremely well-versed in the markets.

Find a company

Finding a job in any sector of the Forex world is a great idea. This is perhaps one of my favourite options as there’s a wealth of opportunities. There are jobs with large and small firms online and offline and plenty of opportunities for writing about Forex or providing others with information. Using these opportunities and finding them through websites and forums allows you to get a little money coming in as well as learning more and more about the markets.

Whichever option or combination of options you choose remember to keep on hammering away at it and learn everything you can. I wish you the very best of luck in your new career.