This market deals with 53 times more volume than the New York Stock Exchange. While stock valuation is based on product demands and the country’s political scenario, foreign exchange is more global-centric. Scope of high returns is more in forex market with multiple currency options, and you can definitely earn a living forex trading.
However, just depending on profits from currency exchange may not always be viable. It is highly liquid in nature and placing it as your only source of income may be quite risky. There are certainly other ways to make money from this forex market, and the best part is, you can do it while carrying on with your trading. Few of them are:
- Become a consultant.
There are many new traders out there who are yet to learn the tricks of trading. Since you are already a trader, you must have access to the services of a good broker and forex software. Both must be providing you with real-time market quotes, sentiment indices, and market forecasts.
Forward these to your clients with your opinions added. Use it for carrying on your trade while gaining a commission from your consultancy services. So, even if the market falls, your aim to “earn forex for living” remains intact.
- Become a forex analyst.
Many argue that this requires proper background knowledge. There is no denying that. But with all those years behind your back into trading, you definitely learn how to use the technical tools and forecast the market. You can very well read into all global events and predict market movements.
To earn living forex trading, run a website or blog. Post your thoughts and predictions about currency movements and provide suggestions. If your reader counts increase, your site may attract advertisements from renowned brokers and software. These do pay a hefty amount, and you can earn as much as you do while trading.
- Consider being an affiliate.
Being an affiliate will also enable you to “earn forex for living” besides currency exchange. Your broker charges you a commission for using their services. You can promote your broker online and earn from it as well.
All you need to do is create a website and promote your broker’s services. If any potential trader gets convinced by your promotions and decides to open an account with your broker, you get a percentage of their commission from this new trader. At times, payment is even made if a new client just fills in the form available on the broker’s page and you don’t have to wait for this new client’s first profit.
Apart from these two sources, you can also put your experience to use and provide online courses and training to new traders. Going by the recent trend in forex investing, this is another great way to “earn living forex” along with currency trading.
If trading is what you do for a living, then diversification is necessary. Carry out your currency exchange, but why not do more to earn a living forex trading? Find out more and increase your earnings. Think what additional sources of income can do to your bank balance.