8 ways to make money in forex
Here are 10 different ways to make money in forex.
It often takes some time before one manages to live on foreign exchange trading, but the good news is that you can start making money even as a beginner. Here are 10 different ways to make money in forex.
- Trade every second: Many transactions every day can give you a firm and stable returns. It may to some extent be done manually, but to conduct thousands of trades must either employ a team of traders, or use forex robots.
- Margin trading with high leverage: This kind of forex trading is becoming popular because of the possibility of soaring profits. With a few thousand dollars invested, you can earn hundreds of thousands or millions of dollars. On easyMarkets, you can leverage 1:100, which in practice means that for every dollar you have in your account, you can shop for $ 100.
- Placing money in foreign bank accounts: open a foreign currency account for long-term investment of funds. This pays only for larger amounts and if you intend to speculate long term. Example if you think that the euro will strengthen against the money in the next 5 years, then open an euro account and transfer the dollar funds to this account. Transfer back to the dollar account once it's been five years if the return is positive.
- The Disaster strategy: Long-term currency trading with currencies that have been hit by the economic crisis. For example, buying ISK (Icelandic krona) in the belief that the Icelandic currency will strengthen in the future. In many cases very risky.
- Forex daytrading: Be a full -time speculator, and work every day to speculate in foreign currency. There are many currency brokers to choose between the you that will drive daytrading full time.
- Use your cell phone to trade currency: Several major operators have now launched their own applications for mobile phones. Use your iPhone or other modern mobile phones. easyMarkets has a mobile application for iPhone and other smartphones.
- Trading with MetaTrader: Currency trading with MetaTrader is the most common way to speculate on currency for trade. MetaTrader can be downloaded free here.
How to make money social trading:
Try making money from social trading, some traders may like it and think it is much more fun than traditional forex trading.