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10 Ways to Make Money via the Currency Market

You think trading currencies is the only way you can make money from the global currency market, right?

Well! There are several other ways you can make money through this super huge market.

The currency market is a very lucrative destination. With a daily turnover close to $4 trillion, there is a huge amount of liquidity floating around and is merely a matter of time before you get to grab a piece of this pie.

But are you wondering what exactly could be your career options in the currency market? In case you are wondering if it is only limited to being currency trader, let me clarify to you at the very behest that this is not the case. Yes, of course, currency trading is a major impetus, but if you are not game for it, the huge range of options available otherwise too is quite extensive.

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1. Trade Currencies Online

trade currenciesOf course, first and foremost, this is one of the most direct and straightforward ways to make money from the currency market. If you learn the basics of currency trading, you can start your individual trading initiative sitting at home. Trading currencies online is neither cash intensive nor does it require huge manpower and office. A laptop, internet connection, a demat account and basic understanding of the currency market is all you need to get going.

currency trading can well be your full time job helping you match salaries of any other high paying career of your choice. Let me use the analogy of driving a car, before you learn to drive you are scared that you will hurt someone, ram the car into something. Yet when you learn to drive, it is a pretty much cakewalk and actually an enjoyable experience albeit with some care.

Another interesting advantage is this is perhaps one of the very few ventures that enable you to make a lot of money with a very small initial capital, provided you get it right. Even if the trade does turn unfavorable what you lose is quite small comparatively hence the extent of loss is never so huge that you won’t be able to recover. This is unlike stock markets where you need a huge initial investment.

2. Open Brokerage Firm

brokerageWell, once you get going with currency trade, the next logical step is opening a brokerage firm, becoming a facilitator for many others interested in currency trade. Opening a brokerage firm is like any business. You need to persevere to excel and make your mark and provide a service that will make you stand out in the group.

Also opening a brokerage gives you the opportunity to preserve your profits better as you get a percentage as service charges for every trade that is executed using your brokerage firm. That means however the trade turns out you can always get a certain amount of money as being facilitator of the transaction. Therefore, this can be a steady source of information for you irrespective of the way trade pans out. With the onset of online trading more and more people are getting interested.

Unlike trading currencies online, opening a brokerage firm needs more money. Additionally, you can sit at your computer and trade currencies on your own, but running a brokerage is not something you can do alone. You need to have a team. You need technicians who manage and promote your site, take care of the clients who sign up for an account online and through your website, some others have to support your clients and take care of their withdrawals, funding, nagging, and… .

You also have to pay for the platforms monthly fees, servers, bridge services to the liquidity providers and… .

As you see it is not as easy as you might think. It can be hard and complicated. It can make money, cover the expenses and leave some profit for you only if you succeed to have a reasonable number of clients who trade actively, otherwise it will be too hard to maintain and promote.

In spite of all of these problems, some people are brave enough to go for it, and many of them make a lot of money. Some others get tired of the headaches after a while of running and promoting this business, and so they get rid of it. They either sell or close it.

What I am trying to say is that if you are thinking about running a currency brokerage firm, you have to get prepared for it and make sure that you can handle it and take care of the expenses it has as long as it has not become profitable, otherwise you will be in trouble.

3. Open A Website On currency Trading

run a websiteIn today’s world where everything is easily available on the Internet, knowledge as a commodity too is high on demand. You can use your knowledge in currency trading to the maximum by using this unique method to spread it amongst others, albeit for a cost. You can design a website that allows people to understand the basic of currency trade, familiarize them with the various terminologies used and also guides them with knowhow about how to start trade.

To make it a revenue generating module, you need to strive to make the site interesting and informative to ensure that readers or visitors to your suite who are interested to trade in currency, feel compelled to subscribe to your services and benefit from it. Not only can you offer annual, 5-yearly subscriptions and the like you can also think about selling services in part. May be you can explain the readers the basics of opening an account for currency trade and charge them for helping open one.

Similarly you can also offer services in terms of cresting a separate niche for those attempting to navigate technical aspects of currency trade or perhaps need assistance in deciding the exact leverage they can choose to risk without a major hassle or exposing themselves to any improper risk.

Your website can be the gateway to personalize all this services separately or as a package for the willing clients in a way that they get the maximum for the money invested. This kind of value added service will also spread word about your credentials and will work towards attracting more willing clients interested in investing, but not confident about the currency market dynamics and how to deal with them.

However, in order to make money for such a website, first you have to know what currency trading is and you have to be a good currency trader yourself, otherwise people cannot trust your products and services. For example, if you sell a currency signal service on your site, your signals have to be profitable, otherwise your clients will not keep on paying for it and will ask for a refund. I see so many sites selling signals, but people are not happy with them. The reason is that they are not launched by for real traders, and so their signals don’t make money for traders.

Now the question is whether a good currency trader bothers to run a site and make money through it while he can easily make money through currency trading without any headache?

This is the question those who want to sign up for your service will ask. And it is a good question. There is nothing wrong with making money through different resources like your currency trading website, as well as currency trading itself. However, it is the matter of trust.

People have to believe that you are a good currency trader who wants to share his knowledge with them. It is your right to charge a fee for the services you offer, even if you are a good profitable currency trader. You spend time on your site and services your offer, and people have to pay for it, no matter if you are multimillionaire. But, as I mentioned, you really have to be a good currency trader, and you have to be able to attract people trust through offering a service, be it signals, robots, and…, that works and makes money.

There are too many trading related sites over the Internet, and many of them have invaluable information. However, you can hardly find a paid service that keeps on performing properly in long term. The main reason is that they are not launched by professional and profitable traders.

You can be a good programmer and develop a robot. I have heard that some of the sites that sell robots have made millions. But I have never heard that their robots make money for traders in long term. If they have been able to make a lot of sales, it is because they are good internet marketers and also spend a lot of money on promoting and advertising.

There is nothing wrong with being a good currency trader and internet marketer at the same time. But your robot or service that people pay money for, has to work properly and make money for them, otherwise making money through such robots and services is NOT legitimate and legal.

4. Become A Technical/Fundamental Analyst On currency

analystThe currency market trends can be analyzed in two principal ways, the fundamental factors and the technical aspect of it all. Most brokerages employ separate set of researchers for analyzing the technical aspects separately and some who limit themselves to studying the fundamental aspects of it.

The fundamental aspect holds significance from the perspective that this gives a currency trader the broad and basic signals. For example, how will the US dollar-Euro trade if the US Fed suddenly raised rates or the effect of the plunging crude oil prices on the currency movement? The fundamental signals gives a trader the broad perspective on the general trend that is set to follow and it is the fundamental analysts across brokerages who are working tireless to create the best case scenarios for traders and keeps them prepared for any eventuality.

On the contrary, if market technical interest you, you could even choose to become a technical analyst whose job is to interpret trends and create an awareness of the pattern of trade that is being followed by currencies. The myriad range of technical trends, their graphical representation and how to interpret them needs complex money market understanding and is much in demand as a separate service and a career option for you to pursue.

5. Currency Researcher

currency researcherThis one is connected with the previous one, but there is a difference. While fundamental or technical analysts can choose to work independently or at a brokerage, a currency researcher or a currency strategist can work as an all in one package and essentially on independent terms.

However, to be a currency strategist or researcher you need to have a financial academic background and in most countries you need to be a ‘Certified Financial Advisor’ to be able to dispense currency strategies and currency research.

You also have the option of conducting webinars, seminar and special sessions for your clients and potential customers in an effort to introduce them to the world of currency trade and also assisting them to conduct their trades profitably with your professional expertise.

A currency strategist with pleasant personality and effective communication skills is high on demand in many places and it serves them well to market their trade in the best possible manner that is helping people optimize the returns on their investment through the brilliance of their research, hard work and sharp currency focus.

6. Manage Assets of High Net Worth Individuals

manage assets and fundsNow with this we move to a very niche area of wealth management, that of the many high net worth individuals who dot the face of the planet. Let’s face it not all of them are George Soros and neither do they all possess the sharp focus of Warren Buffet. Yet the fact is they all have money, and that needs to be managed.

If you have the capability and the academic backing, this can well become the career of your choice where you manage the wealth of a select group of individuals. Of course, this also means your expertise cannot be limited to just the currency market, and you need to possess a well-rounded view of world financial markets. But surely currency forms a key participant to any kind of asset management approach given the huge daily turnover as well the timings, and the intense sensitivity to most macro developments world over.

You can easily choose to employ your currency market skills to maximize your client’s profit margins, decide what is a good time to enter or exit the market and also bring about a distinct difference in your client’s return portfolio. Given the close connection between these High Net worth Individuals, once your credentials become popular, money or job would never be.

This was just one of the ways to make money through currency market.

7. Open Money Exchange Agency

foreign exchangeThis one is an obvious choice when you have a fairly strong idea of the currency market dynamics. You can easily get permission to launch an agency that helps people to exchange currency. Your market understanding and close study of the charts will help you decide on the best possible rate for your clients that also ensure that your profit kitty is not disturbed.

This is again a fairly low investment business with basic capital required for starting a business. Every transaction here too yields a certain amount as transaction or service charges that cushion your profit margins and ensures that the client gets maximum value for every dollar he or she exchanges.

A know how of the currency market works in your benefit because depending on the market move you can choose to buy out extra units of a specific currency cheap or sell it off on a rally in anticipation of some news. In this way you can also manage your return ration on buying and selling of currency in the international market and how you can make every penny count: How to Run a Money Exchange Business that Makes Money

8. Working With currency Trade Regulators

currency regulatorsThis one might surprise you, but job opportunities for the money market regulator are also a strong possibility with your currency market training. As we all understand, the regulator’s job is to identify fraudulent transactions and work on the various norms and guidelines that dictate money market trading in a way that eases execution of the trade.

Most regulatory bodies hire many professionals and given the stature and expanse of currency trade need presence across multiple nations. There is a good mix of Government operated and private set ups to man the functioning of these markets. Many economists, futures trading specialist and management professionals are employed by them to analyze currency trades and push forth investigation wherever necessary.

These professionals in their individual capacities work towards understanding the economic impact of the guidelines devised by the regulator, instances of monetary manipulation and chances of the fraudulent transaction if any. Essentially they aim to help the smooth execution of currency trade with no loopholes for the mischief makers to thrive.

9. Hold currency Trading Tutorials

currency teacherThe absolute number of people who want to invest in the currency market but are unable to do it is mind boggling. The problem is many do not have access to the internet or might not be confident with English, which is the standardized mode of communication for most websites with a global presence.

In that case this provides you with a golden opportunity to optimize the returns from your understanding of the currency market in your neighborhood. You can work with potential investors in classrooms initiating them into the basics of currency trade as well as creating a platform for them to conduct trade. In this way, you act as a currency teacher and a broker at the same time. Needless to say, these services come at a cost depending on your individual expertise.

Again, first you have to be a good currency trader to run such a business. How can you teach something that you are not 100% skilled in it?

Unfortunately I have see so many currency teacher who are not real traders at all, and the advice and lessons they give to their students not only don’t make any money for them, but cause them to lose.

It is good to teach people how to trade currency, but you have to be a good currency trader first.

10. Write Columns in newspapers/Make TV Appearances

Write ColumnsThe media have a big role to play in today’s financial market transactions. Just the sheer number of business news channels or business news papers that are in circulation in recent times bears testimony to the fact. So while you might be a currency trader during the day, you can well choose to be a newspaper columnist simultaneously or voice your expert views on Television.

Think of George Soros or Jim Rogers. When they speak on the Television screen about the next big trend in currency market, everybody sits up and listens. So would they too for you if you have a track record of being a successful dealing room trade or sharp technical trader with an ability to rattle out a long stream of unending target prices for the average viewer. Most experts who speak on TV or write columns charge a fee for their appearance or the write-up and quite rightfully so. So if you think you have it in you just go forth and just jump into the race.

Concluding

Thus to draw curtains, currency trading is a unique platform that opens up a diverse range of opportunities for all those who are willing to take the plunge. The need is to think out of the box and aspire to make it big in your chosen field of action. The rest, as they say, just follows.

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“Whether you think you can, or you think you cannot, you are right.” – Henry Ford



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13 thoughts on “10 Ways to Make Money via the Currency Market
  1. yasin says:

    Mr. Chris

    Would you pls write an article on how to trade in the direction of Smart Money ?

    • Jovita Mbah says:

      I never knew that is wide and comprises many aspects that can potentially bring money to anyone who is serious.Thanks Chris for sharing this.

  2. Keftin says:

    Thanks Chris. You are God’s Saint. My life is different now with this Knowledge. Look it was a great fortune for me to have you as a mentor. To tell you the TRUTH I have doubled my demo account by understanding that Patience is a virtue that asures The outcome of time. Knowing the basics is good, but persistence builds dicipline. Don’t ever ever giveup the grass is never greener if not watered and nutured. Thanks Chris

  3. Dionisis says:

    Chris, thank you for your today’s article. I have to admit that the role of technical analyst looks more appealing to me…

    I would like to ask a general question regarding the close of a position when it is going against us for the first candles (after we placed it) but not enough to hit our SL.

    I guess in case our position was based on a 100 score setup, you would suggest to be patient and keep the position. Am I right? What if we take a position based on the DBB strategy?

    Thank you.

  4. simon says:

    Hi, Chris,
    Read without fail on your daily mentoring dose articles. God bless you and a sincere thank you always.

    Some doubt need your kind analytical mind on Daily and Weekly AUDCHF. On Daily AUDCHF, weak breakout at Lower BB had gone bullish far out (3 bullish candlesticks). But at weekly AUDCHF, a valid Bullish Piercing on a LONG setup had just closed on 12.14.2014 candlestick.

    The question is – Is it too late to place Long entry based on weekly Long setup ? OR should wait for the retracement at Daily MB to retreat down south, then place Long entry ?

  5. Nihal says:

    Hi Chris,
    Thanks for this amazing article…very motivational 🙂
    Are you going to analyze any pairs this weekend, we’re becoming so greedy

  6. Todd says:

    Thank you for this remarkably comprehensive list. Perhaps another way to make money on would be to invest in companies that specialize in sales or services (CM as an example)?

  7. Abi Akin says:

    Good ones

  8. Siraj Ali says:

    trading can well be your full time job helping you match salaries of any other high paying career of your choice. Let me use the analogy of driving a car, before you learn to drive you are scared that you will hurt someone, ram the car into something.