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Make Money Online Trading

Updated on May 8, 2011

Make Money Online Trading Forex

There are so many ways to make money nowadays on the internet that one is sometimes confused or suckered into some BS method or scheme. Most often the case is that they are scammed. How do you avoid scams and schemes and other bull pucky? Quite simply do your research. I have researched several methods and have found numerous schemes that don’t work. Three things I have found that work exceptionally well are:

  • Writing online through Hub pages. I must warn you though, if you can’t write legibly don’t sign up. This is a creative writing/web content writing site. You can also write at Bukisa and SheToldMe. There are of course other writing sites like Ezine, Ehow, and etcetera.
  • Another great site for a residual, passive income is GDI. You may have heard of it before, it is Global Domains International and on the fortune 500 list of top businesses. That says little about it though. Follow the link to watch the video and to sign up, it cost ten dollars a month and you have the potential to make a good steady income. You get a seven day free trial, which really doesn’t mean anything because it takes time to build your business up. You get a domain with your ten dollar membership and all kinds of cool stuff to go with it. Mainly you build your website using 1000’s of templates, but you can also refer others to it. Great opportunity.
  • Finally is trading forex online. Below is an example of what the forex is.

Forex Charts
Forex Charts

Learning Forex

 

Making Money Online Trading Forex

The first thing you’ll want to do is find a reputable forex company that offers a simple to understand and follow platform.  A lot of forex traders will use a Meta trader platform.  This type of platform is easy to understand and navigable.  When you have your account window open you should easily have access to your charts.  The charts are the bread and butter of trading forex online.  It is extremely important to learn how to properly read the charts before risking your own money.

Practicing in the Forex Market

Now that you have decided to learn how to trade monies on the foreign exchange markets it is important to realize that you don’t know anything about trading forex.  Take your time when learning how to trade forex.  It is not a cut and dry method, it is almost mathematical.  There are a lot of variables when learning how to trade forex to account for, such as the size of the trade, the leverage of your position, and pip movements.  Start off trading on a $50,000 practice account as this will allow you enough room to make mistakes.  It is far better to make mistakes with fake money than it is with your hard earned money.  You should give yourself a few months of practice before opening a live account.  Once you feel confident in your trading prowess it is time to open a live account.

Forex Training Video

Starting Your Forex Empire

Opening a Live Account

As you should know at this point is that forex is the trading of world monies. Now that you have practiced your forex trading skills you are ready to go live. This means you’ll be trading real money that you put into your account. Again you should make sure that you are with a reputable company with a proven track record. After you send in all of your documents required to open the live account, it is up to you how much money you open it with. I recommend only using an amount of money that you would be comfortable with losing. I am not saying that you’ll lose it but it is very possible that would happen. Forex markets move very fast and as long as you’re watching them you’ll be fine. The only time I ever lost money on the forex, is when I first started and when I wouldn’t watch it. First starting out during my practice account days I would go against the trend, I.E. I would buy when the money pair was going down instead of waiting. Also I figured I could just set it and forget it and ended up losing huge amounts of fake money. After being in the forex for awhile I learned to watch the trades closely and I started to make money from it. You may know this and you may not, but the forex market trades roughly 3 trillion dollars worth of monies daily. So there is a huge amount of money to be made from the forex market, just take your time and start out slowly, build up your wealth slowly.

Scams associated with Forex

Just like any other money making medium out there, there are scams out there too to watch for. One of the most popular on forex scams is all the HYIP bull pooh. A lot of companies will state a 100 or 300% return on your money in two days. Although if you are good at forex you can do that in a matter of seconds, these companies are just going to rip you off. HYIP is a type of Ponzi scam that you may be aware of. The foreign exchange has limitless potential and people profit off of a person’s hopes. Do not fall victim to these.

Another scam is forex robots. If you see an ad for a forex training course or software that will tell you statistical odds of success with certain currencies, run away. These are a waste of your money and will not help you at all.

Another Forex

The last and final forex strategy is done at financial institutions where all the trading is done by professionals that have traded before. You earn a commission on the earnings and the banks get the rest. Either way you choose to trade forex you can make good money online trading forex.

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    • wesleycox profile imageAUTHOR

      wesleycox 

      8 years ago from Back in Texas, at least until August 2012

      wrenfrost56, Thank you for reading and commenting. I appreciate the support.

    • wrenfrost56 profile image

      wrenfrost56 

      8 years ago from U.K.

      Great hub Wesley, well researched and put together. I have heard about forex trading but had no idea what it was all about, this is good sound advice.

    • wesleycox profile imageAUTHOR

      wesleycox 

      8 years ago from Back in Texas, at least until August 2012

      Sure thing PL, this is one of my better ones. Again thank you for reading.

    • profile image

      poetlorraine 

      8 years ago

      another hub full of information, one i will return to again and again, so leave it up,,,,,,

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