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How to make money in the world of forex?

It is the dream of many people to have an income besides their regular job. It is not surprising then that many forex brokers sell these dreams. Look around any major forex broker advertisements and you will see how they market the dream of making money. Yet, still, for many others, the only idea that comes to mind in regard to making money in forex is by trading.

Trading as you know is risky. You cannot make consistent money overnight. It takes years of practice. But what if we told you that there are many other ways you can make money in the world of forex? And this does not include you having to trade at all?

Let's take a look at some unique ways that you can use in order to make money in the forex industry.

Become a Developer/Coder

Are you good in coding? Do you feel comfortable writing lines and lines of codes and then apply the program to the markets? As a developer/coder, the world of forex trading offers many opportunities.

From freelance websites to the MQL5.com website, you can quickly sign up as a developer and start getting projects. There is always a big demand for developers, from building custom indicators to developing expert advisors and many more.

And these developer jobs are not just confined to MT4. There are many trading softwares available out there. Each of these trading softwares comes with its own unique development framework. Therefore, if you are adept at coding, then chances are that you can expand your net and look at a wider pool of clients.

As a trading developer/coder, you can charge anywhere from $15 for the very simple indicators or EA's to upward of $500 or more depending on the complexity of the job.

Skills needed: Knowledge of programming. C, C++, Easylanguage, Python, MQL4, 5

Work as an introducing broker or a forex affiliate

Affiliate marketing is a niche where you basically work as a marketer promoting a product or a service. Under the affiliate marketing program, the product or service owner pays you a commission for the clients that you refer.

The world of forex affiliate marketing is quite competitive and crowded. But if you manage to find a niche, then you can start making some decent money. As a forex affiliate marketer, you get compensated for the clients that you sign up to a forex broker that you are promoting.

CPA’s or cost per acquisition, also known as the fee that the broker pays you can start from as little as $100 per client and can go as high as $500. You can also earn a steady commission if you opt for a revenue share program. Here, the broker pays you a percentage of the commissions that the trader is charged.

To be successful as a forex affiliate you need to be good in aspects of website building, social media marketing and so on. Of course, you can also make use of offline strategies such as word of mouth referrals and so on.

Skills needed: Website development, SMM, SEO, good networking skills

Forex signals provider/trade copier

If you are good at trading itself, then you can opt for the solution of becoming a forex signals provider. In this case, you basically allow other traders to copy your trades. In return, you can charge them either a monthly fee or a small percentage of the profits.

There are many forex signal providers these days and this niche is also highly competitive. But the good thing is that if you are a really good trader, you will automatically get recognized. As a forex signals provider, you can choose to either send out the signals manually via text or whatsapp or Telegram, or you can simply allow traders to plugin via a trade copier and start copying your trades.

This line of forex signals provider or a trade copier is a great way to make additional income on the side.

Skills needed: Good trading skills, a real trading account with good trading history

Become a Content writer

Content writing for the forex niche is also another lucrative way to earn money in the world of forex. As a content writer, you will basically provide the content for the websites. Depending on your niche and the demand you can look at becoming a content writer that can pay you a steady side income.

While there is a lot of competition for writing forex content in English, you can gain an edge if you specialize in an additional language. Russian, Spanish, French, German are some of the other languages that are in high demand.

But to be a successful forex writer, you should of course have good knowledge about the financial markets and also be good in technical analysis. This is something that cannot be done overnight but requires a bit of hard work as persistency.

Skills needed: Knowledge about the financial markets, good writing skills, good language skills

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