11 Ways of Making Money With Forex, Without Actually Trading
10 min read
- How can you use your trading skills to earn some passive income online?
- What are the best ways to make trading very easy for beginners?
We will deal with these questions as you read on.
We’ve heard about Forex being the biggest trading market in the world today: bigger than The Stock Market, bigger than Cryptocurrency, and bigger than any market your brilliant mind could possibly think of. Surely, anyone who executes some daily trading tasks within the field of currency exchange can be really rich in the shortest time possible.
But what if you want to make money with Forex without conducting any actual trading? Could that be possible? Yes, you certainly can. Before you say, “It’s a joke, right? Can you possibly row your boat even if there’s no sea or lake?” Well, you can’t. But in the wide expanse of Forex, you can actually make money with it, by not doing any trading. Here’s how:
1. By employing trading robots
Are they humanoid servants that will sit in front of your computer and do your trading tasks in your stead? Not exactly. They are actually AI-driven software that you can install on your PC, laptop, or smartphone. What makes them great is that in their employ, you can be free from the hassles of analyzing charts and market patterns. They will do the painstaking analysis for you.
In as much as many of our daily processes are digitized by computerization today, the tasks that are only done by human analysts in the past are now done by software robots too. Forex bots work by embedding them in your phone or in your computer, in which they will be programmed to run along with the interface of your chosen trading platform – the one provided by your broker.
By keying in a few settings and numbers that will be the basis of those bots’ functions, they will perform automatic trades: buying and selling currencies based on the chart patterns it is able to analyze.
But are Forex bots really effective? How good are they in doing their supposed human-like jobs? To simply put it, since they are powered by Artificial Intelligence, they are not as good as the human experts that thrive within the Forex market. They can bring in good trading income, but you can’t expect it to be as big as those generated by human analysis.
Sure, they can make your trading efforts easier, and they can generate some passive income on your behalf, but if you wish to be truly serious with currency trading, there is still no substitute for the human brain.
In using those bots, clients will be prompted to make deposits which will serve as the corresponding payments for the real masters of those bots. They are the creators, programmers, and brokers that sell those brilliant trading tools. They will offer you great service, it would be an injustice if you’ll just use them for free.
They’re not as effective as human traders. But should you choose to utilize Forex bots, here is a detailed list of the most ideal trading robots today.
2. By engaging in copy-trading
In order to attain some decent success with trading, you need to imitate the methods of those who came before you. If they’re already so good with what they do, then their chances of failure would be quite low. Mimicking their acts and tricks would be a very wise strategy. But what if you can really mimic their trading acts?
Like if they picked a certain currency and made a profit from it, such a win will be reflected in your account too. Can that be made possible? Lucky for you, such a method does exist, and it is called copy-trading, or mirror-trading. But just as Michio Kaku keeps on saying, “There’s a catch, there’s always a catch.” The catch is this, their wins are your wins, but their losses will be yours as well.
But in choosing a Forex Broker for that, they will give you a list of successful traders that you can choose to copy-trade with. If you read carefully about the successful trades they’ve made in the past, it will be very unlikely that they will lose big time. The other catch is this, there will be a certain commission they will grab from your earnings. Not a big amount though, it will be too small that you’d barely notice it.
The most popular Forex platforms that facilitate the best copy-trading acts are:
Etoro – an Israeli trading broker that’s probably the most popular choice for those who want to engage in copy trading. Since Jews are known for many successful startups that are getting massive amounts of success all over the world today, this trading brainchild of theirs will most likely be within the business for many years to come.
Zulutrade – the next best thing to Etoro, and it’s most competitive rival. It is a Greek company that accumulated more than 4,500 expert traders within its network after only a year of operation in 2008, back when digital Forex trading was relatively unknown to most people. Today, it has an estimated total asset of $800 billion.
3. By tapping into PAMM systems
Since we already had the understanding that bots will not be as good as humans, you may then hire a trader that implements the PAMM system instead. The acronym actually stands for Percentage Allocation Money Management. It works basically by you setting up a trading capital, the “trader for hire” person will then do the trading for you, with a corresponding percentage to be taken from your earnings.
How high are the risks of losing your money on this? It depends on the reputation of the trader you’re hiring. Much like copy-trading which makes you a loser if your host loses too, you could also experience failure with a PAMM system. The best way to win on this is to work with a good social-trading network. They will guide you into choosing the best “trader for hire people.”
4. By taking Forex giveaways
Freebies are stuff that everyone will surely love. Who would have the guts to hate an act of giving free stuff that anyone can grab on to? In the ever-rich halls of Forex, giveaways are also very commonplace, if you just know where to scout for such goodies.
But who would be those people who are very willing to hand over some free stuff to you? They are actually brokers, Forex influencers, trading marketers, webinar conductors, and many other types of people who wish to have their products and services promoted. Giving away freebies is actually a means of advertising – the more people they can gather, the more clients they can possibly make a profit with.
The Forex giveaways that you may receive from them won’t most likely be actual money, but they could be handheld gadgets, computers, and electronics accessories. They could also be just free ebooks, free training materials, or membership access to portals that other traders couldn’t get to enjoy if they won’t sign up.
Are these giveaways a means of making trading scams? Sadly, yes. Some villainous people actually have the strategy of giving away stuff, but would actually ensnare you with something in the long run. Just avoid those who would ask for some amount of money from you so you can avail of their allegedly super-nice services.
But some giveaways are very legit and beneficial. In fact, there is even a very attractive strategy of XM – one of the most famous Forex brokers on the web, which allows you to avail of a free $30 that you can use for your first trading endeavors. It is something of a loan. If you win your first trade, you will be obliged to pay the amount, but if you’ll lose, they wouldn’t bill you at all. Pretty cool right?
Here’s where you can claim such free trading money.
To avail of more Forex-related giveaways, browse through the following links for a possible set of goodies that you can get from them:
Or you could also browse through any known broker sites occasionally because for sure, they would offer giveaways from time to time.
5. By joining Forex affiliate programs
Forex brokers are the most prominent “middle-men” within the trading market. Without them, you can’t participate in currency exchange. All of them wish that there would be more people who would entrust them with their money because obviously, more clients mean greater revenue. To grow their networks even further, they create affiliate programs that can help them advertise their presence to the world.
That is where you can make money from them. By becoming their affiliate, you can earn commissions from traders who would choose the platform you’re promoting. Some brokers pay you for every person you can recruit, some of them pay you for the percentages they can obtain from the earnings of those people as they trade on their platforms.
For instance, with the affiliate program of In The Money Stacks, which is one of the most notable ones there is, you could get paid $21 for every client you can recruit into their platform. There is also Admiral Markets, who are willing to pay you $600 per client, although you need to make a deposit of $300 during the signup process.
6. By launching a Forex Channel on Youtube
This is one of the best passive-income generators you can possibly have. If you have amassed some considerable knowledge about Forex trading already, it would be great to share those bits of wisdom with others and make money as you do so. If you already own a Google account, you are only a few steps away from launching your own Youtube channel.
Invest in a video camera, or utilize your phone, it could be already good enough. Make videos of yourself doing your trading techniques and you could be the next big Forex popularizer. There are lots of them on Youtube and many of them are earning some big bucks while they sleep, because they help people learn even if they’re not doing any trading at all.
7. By publishing a trading blog or ebook
While writing might be something that everyone can do, publishing blogs and ebooks are actually harder than launching vlogs. You might not agree with that, but let’s set that argument for another article. (Read this is if you want to know why vlogging is easier than blogging.) If you hate the idea of being videoed while educating people about Forex, then maybe you should write your ideas, and publish them in a blog, or as an ebook.
By self-learning about WordPress, Wix, and the basics of desktop publishing, publishing a blog is very easy these days. The only tricky part would be choosing a domain name that identifies your brand, and the constant posting of articles which must happen regularly. If you can easily get the hang of that, the rest should be fairly easy.
So many bloggers are getting richer by the minute with their writings. And if you’re someone who’s good at writing your trading skills down, it could be an extra means of getting income while you also sleep.
8. By publishing Forex podcasts and audiobooks
What if you hate being videoed and also hate writing to the guts? You have another option – recording your voice and sell them as podcasts or audiobooks. Although reading and watching videos are people’s favorite means of learning by themselves today, a great number of learners are also hungry for audio materials that they can just listen to as they do their household chores.
Podcasts are the modern-day equivalent of radio programs that your parents and grandparents are so fond of listening to decades ago. Now that portable gadgets are very commonplace, that method is digitized too, that’s why podcasting is one of the most profitable businesses on the internet today.
Then, there are also audiobooks – books that you can’t read because they do the reading for you. If you can’t write well but can speak clearly enough, educate people with your Forex trading skills using your voice, it will be both a profitable and enjoyable undertaking for you.
9. By conducting trading webinars
Here’s the thing about recorded videos: they suck the life out of real face-to-face conversations. If you’ve been a regular internet patron for a few years already, you might have heard of this thing called “webinar” – which can be simply understood as a seminar that happens on the web.
Today, the field of education has been greatly revolutionized by this idea. Because people can just attend meetings, conventions, and even school lectures by just logging on to online portals, learning has been speedily upgraded in ways unimaginable before.
Many people are so hungry with the Forex trading knowledge you dearly possess. Put up a webinar and ask viewers to pay you, it will be a very good side income. You can even make it as a full-time income generator if you can truly master the craft behind it.
10. By becoming a Forex coach or consultant
Of all the above-mentioned methods, this one should be the trickiest and most difficult thing to do, but could be the most profitable one for you. If you’ve already gained unparalleled confidence with your trading reputation, put up a social media page of yourself on Facebook or LinkedIn, and announce to the world that you are a bona fide Forex trading consultant.
Because so many people today are very eager to get rich quick, you can exploit such a need to make yourself richer too. Of course, you need to have a solid business reputation about this first. People would find it foolish to trust you if you don’t have proof of your trading efficacy under your belt.
Should you choose this pursuit, it would be good to have an attitude of transparency. You have to be very clear about how much they can possibly earn if you choose them as your coach or consultant.
Avoid taking some “hidden costs” or “secret commissions” along the way, that can make you gain money fast, but that will hurt your business really bad and you could burn too quick that you won’t even notice it.
You have to bear in mind as well that people’s mentality in hiring you would be that they will surely win. Because of that, you have to make sure that you can deliver, if not all the time, then make it most of the time… at least.
11. By becoming a Forex broker
When all of the above methods fail, and if you are not quite satisfied with the side-earnings you attained with the previous items, then the ultimate option for you would be to become a Forex broker. Without a doubt, you’d be one of “The Big Leagues” of the Forex Market if you got established in the field as a profitable broker.
But here’s the thing about becoming one. It requires huge investments of time, knowledge, and most importantly, money. Decades ago, all a Forex trader needs are just a small office, a few staff, a telephone line, and record books. Today, however, a trading brokerage can’t be like that anymore. Name any Forex broker you can think of and for sure, they’d be facilities with powerful computer servers, expert IT staff, and superfast internet connections.
In addition to that, you also need to tap into existing trading networks which are often comprised of truly ruthless and extremely competitive business individuals. It would be very, very hard for newbie brokers like you to make a connection with them.
Given that, it would be wise to declare that being a Forex broker is for someone who has spent many years with the exchange market already, and someone who has an unparalleled passion for the trading business.
It requires the biggest monetary investment and the deepest commitment. But conversely, it can give you the biggest financial rewards… when done stylishly and strategically.
If you know of someone who thinks that making money with Forex is only attainable with trading, tell them you can prove them wrong, and that is by doing any of the clever techniques mentioned above.
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