Forex trading can seem really complicated and it often is. Successful forex traders have to monitor many different markets, understand currencies and the ways they fluctuate in value, and know which currencies will make good long-term investments. It’s not an easy field to venture into, but once you understand the game and you’re confident you can make profitable investments with forex trading, it becomes a lifelong business opportunity.

Forex trading is actually something that investors can use to make dependable income. One way to do this is to monitor upcoming industries that will impact currencies to a significant degree. For instance, medical marijuana laws in the United States are helping the U.S. dollar tremendously. This new industry is expected to be several billion dollars in yearly revenue, which will provide a huge boost to the economy. Savvy forex traders that are able to spot these market changes can trade at the right times in order to make a profit.

Medical marijuana laws will strengthen the U.S. dollar

With medical marijuana being a multi-billion dollar industry, the U.S. dollar will be greatly strengthened by the recent medical marijuana laws. With the industry moving in a positive direction and over half of the country looking to legalize medical marijuana at the state level, the economy will be booming over the next few years. Many states are introducing medical marijuana at a slow and gradual rate, which can be bad for forex traders but long-term income is more of a possibility with this type of structure.

Medical marijuana laws will provide short-term profit to forex traders

When a state introduces new medical marijuana legislation, it’s an opportunity for forex traders to capitalize on this sudden spike in the U.S. dollar. Emerging industries can provide a significant boost to the currency and this present an opportunity for short-term gain. Good forex traders will immediately trade when it becomes profitable for them to do so. If there is a window of time and an opportunity for traders to capitalize, confident traders will take the opportunity and close on the deal. These short-term opportunities should be plentiful as more states adopt legalized marijuana.

Medical marijuana is influencing multiple currencies

It’s not just the United States that is being influenced by medical marijuana. Although over half the country is leaning toward medical marijuana legalization, there are many other countries that are considering it as well. Chile just planted its first medical marijuana plant, Jamaica has introduced more relaxed medical marijuana laws, and many other countries are discussing policy changes that would decriminalize the substance. Many countries have reportedly made plans and introduced legislation that would legalize marijuana.

Part of the movement is that these countries are seeing the United States do it and they’ve witnessed the negative influence that criminalized marijuana can have on society. Like many substances, marijuana prohibition is not working and it’s leading to higher crime rates, marijuana being sold on the black market rather than by licensed dispensaries and money in the hands of gangs and drug lords. It’s caused a war on drugs where in many cases, it could have been a regulated and well controlled substance that doesn’t harm society and is accessible by the public. With a 0% overdose rate, marijuana is safe and we’ll see more and more countries legalize the substance, which will have an impact on forex trading.

Dylan is a writer from the Green Wellness blog, a great place to find quality content on medical marijuana and the direction it is going.