Trading is an integral part of the world for pushing commerce and trade. It channelises economies which in the end meets the pangs of hunger and quenches the thirst for various things including food and essential beverages. So, the efforts go into them are inevitable and vital for sustaining lives. Forex trading is one such form that lives in proximity to international trades.
Market players indulge in forex trading for multiple reasons, including the business point of view and exchanging the currency while going overseas. But can you imagine earning money through forex without trading? It sounds quite indifferent when we hear or read, but there are ways.
Forex without Trading: Become a Forex Broker
Not many market players or forex investors think of becoming a broker in their wildest of dreams; it is because they focus only on booking profits directly and not passively. But they should know that brokers who indulge in brokering are no short of money or gains.
Brokers get their share of commission on both bidding, buying and selling the instrument or underlying assets. These middlemen do not need to invest their money in the forex market. Instead, they can act as a helper and guide traders through to purchase currencies.
Becoming a forex broker means you are the bridge between buyers and sellers. Today, when almost every work and transaction is transiting online, forex trading has become more comfortable. In earlier days, people had to use a pen, pencil and a notebook to write down about all bureau of tradings. Now, a panel of computer networks powered by algorithms do it.
What does a Forex Broker Need?
A forex broker should know about data, pattern, evolution, most prominent investors, time for investment, highs and lows of the market, triggering points and above all should have the ability for predicting what does the future unfold.
However, the competition is hyperactive in the tantalising market of uncertainties and volatility. But do you know, for a broker, fluctuations in the financial markets are like best friends? They ensure volumes of traders flocking at the door for claiming opportunities that come knocking the door.
Now, helping traders to lock their luck is the job of a broker. And for this, the individual doing so should have a conviction rate of hundred per cent. If you, as a broker are not convinced that a deal can draw profits, then no one can convince your client aka an investor.
So, as a broker, you must get yourself convinced about buying or selling a specific currency pair in a time. You know the competition is stiff between brokerage firms, they all are investing a lot in getting the infrastructure of IT and marketing in place for drawing right, quick information that can translate into voluminous clients. So, for attracting the attention of interested participants, a broker should be well-read.
Also, you have to make efforts to crack codes of deals that can prove advantageous for your clients. Their gains would translate in word of mouth, and your earning will elevate accordingly.
Forex Without Trading: Think Innovatively as a Broker
Trading platforms like Global Trade ATF and ROinvesting have such a team of brokers that bargain the most lucrative deals for their clients, which hold them firmly. You have to think that way to be a representative of your own brand of forex brokerage.
Plus, a broker, it is your duty that your client or investor does not meet with any losses. Offering them clever tips is important to win their trust over.
Even during the non-eventful days, you must get some investments by investors. It is your duty to introduce them to tools and charts that can create opportunities for them in the bearish market.
Forex without Trading: Affiliate Program
Affiliation is the next big thing and already growing at a quick pace across the world. It has become an alternative career, and in terms of forex trading, it is playing a major role in passive income. A trader can put aside the trading business and can make money alternatively. Isn’t that interesting?
You can create your platform by getting on board different brokerage firms at a single place. However, it may sound easy, but requires loads of efforts. You have to speak with renowned and budding brokers, explain your business plans and then generate an affiliate link.
Also, as you know, tradings are happening on online platforms; you have to be presentable. Some people create their websites and get it done. So, you do not have direct trading involvement in the forex trading, but you offer clients, several brokers, for choosing.
Application on websites
After receiving affiliate links from your associate brokerage platforms, you apply them on your website. Any client or customer who chooses one of the brokers for trading and makes a deposit, you receive a fixed amount of commission. However, it may range from smaller to bigger, depending upon the investment by your lead.
Moreover, on every transaction that takes place between the broker and the trader, you receive a percentage of benefit. So, more number of people selecting brokers from your place and choosing to invest is benefitting you. So, you do not have to touch forex trading, but use your acumen and execute in the right direction knowing about the market.
You can also choose to promote the broker of your choice, whichever invites your benefits. Social media or digital marketing are some of the best options you can utilize to your advantage. Also, put out the affiliate links there, reach out to the targeted people and get them to trade with your following associates.
Track those who have the penchant for forex trading and understand the market and how it enacts during different time zones. Anyone who has that clarity in mind can garner profits for him/her, and of course, you have the cherry going by your side. Precisely, forex trading affiliate marketing can make you a millionaire provided you can market the valuable content to traders and investors.
The important thing in affiliate marketing
Reputation management is something that everyone knows is the backbone of promoting a business. While promoting a business or a broker for affiliate marketing, you should build up hype around your portal through significant work in the field and tempting offers. If you can play around these two games, then traffic will begin to mount, and benefits will walk your way.
Become a forex consultant
Consultancy firms are close to beating any other service providing market. Their valuable inputs and direction can assist you in becoming a rich person and cast away perils that may cause losses in the fluctuating market of the foreign currency exchange. Hence, several trader and investors look forward to hiring an agency or seek a consultant’s advice.
Now, here lies your favourite portion, without spending a penny or depositing any amount in a forex broker’s account you earn hefty checks. However, it comes at the cost of learning the forex market at the back of hands. You should have answers to all queries that your trader may expect.
As a forex consultant, it is your job to assist clients in helping capitalizing and consolidating the market. You have to offer information that is not available to common people or in a magazine, that’s how you’ll justify the payment you receive from the client.
Also, you have to offer such insights that have significance in the international market as far as forex trading is concerned.
Requirements for becoming a forex consultant
A forex consultant is deemed as an expert who holds benchmark records in foreign as well as the regional market. One who can guide a novice to experienced campaigners of forex trade for investment and see them through difficult times of the foreign exchange trading is the duty of a consultant.
The better the advice, the higher are the charges and earning. So, you have to guard your information exclusively for the ones who deserve and pays for it, that is how you earn without forex trading.
If we talk about the salary package, as per the BLS, the average annual salary received by a financial analyst and consultant was $85,660 as of May 2018.
Going by the current salary packages, and earnings, that’s a huge income without forex trading.
Some notable anecdotes for becoming a successful gainer without trading forex
If you wish to earn passive income through forex or the foreign exchange market, it is imperative to know the fundamentals of top currencies. One should know the reasons that cause highs and lows. There are political scenarios, civil wars, policies and miscellaneous interruptions like the ongoing pandemic that can lead to stirring in the prices of currencies and trades.
There is a life beyond a well, and of course, people can earn without trading foreign exchange currency directly but by associating and directing other people who are willingly doing it. You can charge others for offering them your valuable guidance or work for them as an astute broker.