Most people will definitely tell you yes but would not explain the other types of income generation that Forex can give you. Besides the usual trading of commodities, assets and currencies, there are some other ways to gain passive income with Forex besides trading the usual or even CFD. Such things like copying trades can be done in addition to the traditional way of trading and it does not have to be the end all be all of things. As you read on, there will be other things that you can add to the possible gains you can achieve in Forex.
Forex Copy or Social Trading
More or less, it is safe to assume that you are either a current trader that is making money in trading Forex or CFD or at least somebody who has looked into doing so. Has anyone ever said anything about you earning passive income on top of the trading gains? One way to earn additional money is through Copy trading or Social trading. This is a service that is so unique and allows any successful trader to give their trading behavior and trading signals with Forex rookies or even veteran investors which leads to extra profit.
What are the advantages?
As you engage in Social trading, you are able to gain extra money as other traders copy your trades. Based on your trading signals, if a trader is able to make profit based on your trades, you will be able to receive a percentage from them that you have declared. If they lose from the trade, you are not going to lose anything yourself. And this is not limited to just one person copying your trades and can be done by multiple traders. As there is an increase in the number of traders copying your trades, the better your rank and your popularity. As you become popular, you will attract more investors. As you increase the many investors or traders you are likely to have, the better amount of passive income you may obtain plus you get additional commission every time a new investor joins the platform, engages in a deposit and copies your trade.
You can make money in a smart and passive way through affiliate marketing programs through attracting referrals for trading. By interacting through different trading forums, you can start by guiding any novice trader into registering through your preferred broker and they can start their trading journey with that company. What they do is, they use the referral link that you have provided and you will start receiving compensation for your spreads in the system thanks to your referrals. Of course by adding more referrals, you will be able to add more potential passive income.
What are the Benefits?
You can actually earn up to 70% for the spreads of the trade made by your referral. Although you did not trade yourself, the commission from the referral income will be given to you as a recurring daily commision. As you progress, you may even make a business model that focuses on the referral program and can even be an affiliate network should you wish to.
You can combine the two types of passive income we mentioned. You can start your referral income gains and at the same time earn profit by letting other traders copy your trades. You can attract a novice trader and guide him through the registration through the referral link you give him and you can also offer him a chance to copy your trading behavior so you can get the passive income from both methods .