Forex trading is one of the best ways to make money online today. The ideal part is that there are plenty of ways you can make decent change through forex while going through your day’s other activities and responsibilities. These include:
● Forex Affiliate Marketing
An excellent method for earning passive income through Forex, without going through the hassle of trading yourself, is by signing up for a Forex affiliate marketing program. Forex affiliates typically promote trading platforms to attract new clients and earn commissions on the trades made by the clients they refer. If you have a blog or a decent social media presence, you can leverage your network of friends to earn a decent income through this method.
● Forex Trading Bots
Forex trading robots, also known as Expert Advisers (EAs) are programs that facilitate automated trading by generating trading signals and entering into viable trades. Leveraging these robots to trade is one of the easiest ways to generate passive income through forex, as they automatically execute trades for you with little involvement required on your end. Typically, when trading with forex trading robots, the only thing you need to do is determine your risk level, set a stop-loss size, and decide when to close a trade.
● Copy Trading
Copy trading, as the name implies, is a forex trading strategy whereby a trader copies another trader’s position. Once you’ve decided the amount you’d like to invest and copied the trading positions of your preferred trader, the trading platform automatically makes the same trades as the other trader. This essentially means that if the trader you’re copying earns a profit, you do as well. Any losses they incur also apply to your trade.
The fact that copy trading is an automated process allows you to earn passive income, as you don’t have to worry about scanning fast-moving forex markets to determine the right currency pairs to trade or when to enter a trade. With that said, if you’re looking to maximize your profits when copy trading, you’ll need to pick a high-performing trader to copy and a reliable trading platform.
● Forex Managed Accounts
Forex managed accounts, also known as percentage allocation money management (PAMM), are a forex trading strategy whereby an investor allocates a percentage of his or her capital to an experienced trader who trades on their behalf. Under this arrangement, you will earn a percentage of the profits made from successful trades, with the money manager keeping an agreed-upon amount as service fees. The good news is there are several FX-List forex brokers that can help you open a PAMM account.
Bottom Line
As you can see, there are numerous different ways you can earn passive income in the forex industry without doing the heavy lifting yourself. With that said, earning passive income through forex, like any other investment endeavor, comes with its fair share of risks. For this reason, you should always do thorough research on any method you wish to employ, determine your risk appetite, and only invest what you’re okay losing