The foreign exchange market is a very lucrative business. There is a daily turnover close to $4 trillion. That figure is astronomical and there is a large amount of liquidity around meaning it is only a matter of time before you can grab a piece of the pie.
However, forex trading is not the only way to make money in the currency market. Here are the top five ways you can do so:
Trade Currencies Online
The foremost and most direct way to make money from the Forex market. Learn the basics of forex trading and you can start your own individual trading initiative simply by sitting at home, or from your bed.
Trading currencies online does not require much – simply a laptop, access to the internet and an account. As long as you have done your research and practice beforehand, you can get started.
Forex trading has the potential to be your full-time job as you can match high earners in this business simply from trading. You can make great sums from only a small initial stake.
Work As A Fundamental/Technical Analyst
Forex market trends can be analysed in two years – the fundamental factors and the technical aspects. Most brokers will employ a separate set of researchers for analysing the technical aspects and others employed solely to study the fundamental factors.
The fundamental factor gives a forex trader the broad and basic signals. This could be how the British Pound-Euro trade will be affected if the British government suddenly increased the rates. This gives a trader a broad perspective on the general trend.
Instead, you could choose to become a technical analyst. Your job will be to interpret trends and create an awareness of the pattern that is being followed by currencies.
Currency Researcher
Slightly different to the above job, a currency researcher can work as an all-in-one package and on independent terms, which is not the case of the analysts role above.
A currency researcher requires a financial academic background and to be a ‘Certified Financial Advisor’ to be able to dispense currency strategies and research.
Asset Management
Many high net worth individuals need their money to be managed. If you are capable of this and have an academic background this could be the career for you. However, your expertise cannot be limited to just the forex market, but rather you will need a well-rounded view of financial markets across the world.
You forex market skills could of course be used to maximise your clients’ profits.
Forex Trading Tutorials
There is a large sum of people who want to get into the forex market but don’t have the skills for it. Some don’t even have access to the internet or confidence.
This opens up a golden opportunity to you to use your knowledge and expertise in your neighbourhood. Or with the internet, you can do this worldwide. You can teach wannabe investors in classrooms or via Skype. Essentially, you become a forex teacher for which you can charge depending on your level of expertise.
