What is your dream job?
Getting paid for doing nothing right? There are things we wish for in life and there are things that we can wish only to make happen. You can get paid for doing nothing, it does sound surprising but given the situation we all have been through with the epidemic, it was a reality check. We can’t bind ourselves to one option. With the uncertainty, the time holds it is very wise to have some financial stability. Given that we should have other investments in our pocket and an additional stream of income that can be offered by different possibilities to overcome the crisis.
There are two types of income i.e. active and passive. Active income is based on employment while passive is the side hustle you can do or you do alongside your current employment/job. Nowadays there are so many passive income ideas in Pakistan i.e. Forex, crypto, amazon, stocks, real estate, online business, and the list goes on. In the current situation, real estate was the largest market and was the least affected by the pandemic becoming a major source of income. When you buy a house and make it your asset the next thing is to make money off of that asset. So you rent the house to a customer and reap the income generated in a recurring manner making passive income from an asset you purchased.
Forex trading is primarily an active exchange between two different currencies for financial gain or benefit. Foreign exchange is an online and over-the-counter marketplace that helps determine the exchange rate for currencies all around the globe. It is also known as Forex or Fx market. In the Forex market, there is an exchange between the two currencies.
The question that comes into mind is whether Forex is a viable career choice and why Forex. Here is a quick insight into how Forex can be a source of active income and passive income.
Active income in reference to Forex comes when you spend all the time educating yourself on the trends, charts, and fundamental analysis that make up the Forex world and would help generate profit. Forex becomes your active source of income based on your efforts and willingness of taking it to a whole different level.
In terms of Forex as a career and as a source of passive income we have to understand that Forex is a whole different type of investment. In this type of investment, you need to have up-to-date information about the market, the trends, and the political and economic conditions to generate a profit it’s an active business which means it requires time, effort, and brain. The good thing about Forex is the minimum deposit can be only $10.You don’t have to give all the money at once. Start slow and increase your pace.
Everyone is looking for an easy way to make both ends meet and as you know it’s the income that generates profit by no work or minimal work but the first step to any source of passive income is an investment. If we talk about Forex as a passive income, you do your job and invest in Forex we will discuss some ways in which you can manage Forex alongside your 9 to 5 job without making it a headache for you and still you get the profit.
Making the right investment at the right time changes everything, the silver lining would be the right information and having the best mentors that will guide you throughout. Just make sure you’re looking at the right place.
All you have to do is be smart, save and invest.
Here are some ways you can live your dreams;
The easiest way to generate profit while trading has to be copy trading.
An expert trader sends you a signal – LEADER
You copy the signal and strategies – FOLLOWER
There are different parameters to trade i.e. stop loss, take profit, bid, ask, and the trade size that is copied exactly as the trader sets his/her own. They could be changed or can have different variations depending on your personal risk management.
What actually goes through is, a trader gives you a whole demonstration of trading and things you have to copy. The demonstration can take place in a one-on-one meeting or through online mediums. When once you register yourself with the trader they send you a signal via SMS, e-mail, or other methods and all you have to do is COPY.
The best thing about this is whatever you make as a profit, you don’t have to share it with anyone else, not even the trader. And here is a small secret; you can invest in as many strategies as you want the more the merrier.
Copy → trade → profit
At last, it is very important to find the right, experienced and reliable trader that you can trust with all your investments because if he loses you lose, and vice versa. You have to look at the right platforms with minimal legal risk to have a safe trading experience.
Three things Forex trading depends on;
• Skill and knowledge of Forex trading
• Information about fundamental & technical analysis
• Reliability of the trading platform
It consists of Forex signals that are sent by the trader to the investor which is automatically copied by his/her account and the trade takes place.
The best source of earning money without doing anything is, using robots to do your work for you and in return get you some dollars in your account. Yes, you’ve read it right. Forex robots help run your account even while you are asleep or watching Netflix and chilling. These robots are program codes; they analyze the market and regularly perform those trades. All you have to do is set up your trade stop loss, and take profit, and risk levels.
How do the robots know what to follow? The expert adviser you sign up with will represent a program code that will automatically put the trades on a brokerage account which have a built-in trading algorithm. The trader has to install an app that constitutes a trading terminal and run it. The Forex robots automatically close and open trades when certain market conditions occur.
There are two kinds of robots, paid or free although both can spot profitable trades and do the work. Just make sure before signing up with a particular robot you have researched enough, and read reviews because at times Forex robots can be a scam irrespective of the kind you chose.
Account Manager/ Fund Management:
An investor chooses the strategies and trades on a platform with your desired funds. There is an agreement between the investor and a manager in which the manager’s compensation and the investor’s profit are received depending upon the equity. The trade manager has the right to manage the investors’ fund but can’t dispose of the funds physically i.e. they can’t withdraw funds from your account or can’t transfer them to other accounts.
There is another way to utilize your social media. If you have a good amount of followers and friends what you can do is associate yourself with a brokerage firm, partner up your followers
and friends with them and earn a commission. All you need is a referral link form your broker to the website.
To jump-start trading, it is very important to have crucial knowledge of Forex trading. Here is a summary of all the reasons how and why forex can be your passive source of income.
Copy trading is all about finding a trader, with a good portfolio, attaching yourself to them, and copying their trades.
Forex signals have all the essential details that are required to trade.
Forex robots would do all the work for you.
Managed accounts will help you earn profit by letting the delegate do the trade for you and share a portion of the profit with him/her.
Join our online courses and webinars and get hands-on with our latest Forex updates if you have read the blog then this is the sign that you have been looking for to take hold of the opportunity.