FOREX trading is complex. There is a huge learning curve and can look daunting for a beginner. eToro excels at simplifying the process and makes it possible for even a complete beginner to start trading right away. In this eToro review, I will cover its features in detail but specifically talk about beginner-friendly features. [Read more…]
There are many advantages in FOREX trading, I will talk about the advantages of FOREX trading over stock trading in a different article, but in this article I will talk about general advantages in currency trading. FOREX is a huge market and there are different ways to do trading like spot trading, futures and Options. Most people are involved in spot trading so I will focus on spot trading. In many of my previous articles I have mentioned that currency trading is a great way to make some extra income but if done without proper training you can loose a lot of money as well. If you are a beginner to FOREX trading you should check out, How to start FOREX trading for tips about choosing brokers and more free resources about trading. Now lets take a look at the advantages
No starting payment
One of the biggest advantages of FOREX and the main reason why it is popular among general public is that it is free to start. No setup fees, payment for software or monthly payments are required. The trading software is given for free by the brokers and you get some play money to start practicing. The brokers are compensated by a thing called spread for each transaction.
Markets open for 24 hours
The markets are open for 24 hours and closes only in weekend. But since the trading starts from Monday morning in Australia and closes on Friday afternoon in USA you can basically trade for around 6 days in the week. Since transactions are done online you can trade from anywhere in the world that has an Internet connection. Also because the markets are open for most of the week you can choose your time and do trading on part time basis. Keep in mind though there are time slots that offers more opportunities, so its a good idea to read up on best times for FOREX trading.
Although you are dealing through a broker you have total control of the transaction. You trade directly with the market, you start your own transactions and close when you choose to close it. This gives you a lot of freedom, which is precisely why you need to be disciplined when trading and learn to identify market trends.
Can trade with very low amounts
When you start trading for real you can start transactions for as low as 25$. I have friends who started FOREX trading for very low amounts like 50$. This low entry level is another reason why spot trading has become popular. Although you can start trading for low amounts this is not recommended because your chance of controlling risk is minimum.
What this means is you can buy and sell instantly. Since the market is so huge there is always someone looking to buy what you are selling. So you will never have the problem of not being able to close your transaction. This also means that the market fluctuates very often making it giving you ample opportunities to do some spot trading.
Better control with software
Most FOREX software given by brokers has built in functions to help you control your transaction. For example you can specify a profit taking and stop loss margins. If you enter a profit taking margin the transaction automatically closes when you reach that profit. If you enter a stop loss the transaction automatically closes when you reach that loss level. This gives you better control over your transaction helps you to trade in a disciplined way.
What leverage means is that with a small amount of your money you can control a much larger portion of the FOREX market. The amount of leverage you get depends on your broker software. If a broker is offering 1:100 leverage it means with 1$ you can control 100$ or with 100$ investment you can control 10,000$. Although this helps to make good profits it can lead to huge losses as well. So use this option carefully.
As you can see from the above mentioned points FOREX trading is a great way to make an extra income and if your successful could turn out to be huge money maker. If you are interested in FOREX trading you can check this article about etoro FOREX trading software. It is considered one of the most user friendly and beginner friendly platforms and was awarded the most innovative trading platform in 2010. click here to download etoro for free.
I know its not the beginning of the year but when someone has to send you messages to let you know that your domain and hosting expired you know you are neglecting your blog. Last two months were strange months for me where I couldn’t seem to do much on my online work, and as expected my earnings took a dip. Still 340$ is not bad for not doing anything at all. My sweet deal with Bluefur hosting expired so I had to move to a regular 6$ per month hosting package. Before that hosting cost was 10$ per year which was a pretty sweet deal and one of the reasons why I started this blog. Since I’m paying 6$ per month I guess I better put some effort into this blog.
There is a steady increase in the number of peopel who are asking for help too. I would like to help you all but the fact is I can’t help everyone. I would be happy to answer a specific quetion like “Will reading commercial e-mails make me money ?” but I cant answer a question like “how to make money online ?” simply because the scope is two great. And if you are a beginner who wants to learn how to make money online then please visit Keyword Academy and become a member. It will cost you 1$ for the first month and the first video alone is worth far more than that. That video alone will save you lot of time and effort and the rest of the videos will guide you along the way. This ain’t a get rich quick scheme and you have to work hard , but it will make sure you go about it in the correct way. If you have any questions about the program feel free to ask in the comments section.
A recent comment made me think of writing a post about managed FOREX accounts and the legal side of FOREX trading. I will come up with a post about that soon , so stay tuned 🙂
Making money online from Sweden is definitely much easier than making money online in Sri Lanka , for one thing Internet speeds are miles ahead of Sri Lanka and all the major online payment services are active and allowed there. Once you being to Sweden you realize just how fast the Internet can be and that smooth service is a real plus factor when you are trying to make money online. Since I went there on some project work I spent most of my spare time traveling around the the city and the country so didn’t do any work on my websites. Most of the time was spend downloading movies and playing around with Facebook. I almost felt guilty about not doing any work on my sites with such a fast connection but you don’t get to go to Sweden everyday so this was an opportunity to do some tourist stuff. Although I didn’t do any work on my sites for the last three weeks I still managed to earn some decent amount from my websites in the last three weeks which just goes to show the passive income earning potential of the Internet. So lets take a look at the earnings breakdown in the last three weeks.
The biggest and relatively surprising source of income is affiliate commissions from e-toro , I have maintained for a long while that etoro is one of the best platforms to learn about FOREX trading and seems like some of my readers are finally listening. Total of 262$ were made from etoro affiliate commissions which is pretty nice since I didn’t do anything to promote them. Adsense earnings has also has reached the payment limit and this time it took less time to reach the payment threshold. I suppose I just have to keep building more niche sites. If you are interested in making money by building niche websites the keyword academy has one of the best training courses I ever tried and the best thing is you can try it out with full access for 1$ , So that’s another 106$ for no work at all. Click bank commissions were down to 78$ but that is ok , so all in all in the last three weeks I earned around 436$ for doing absolutely nothing. I hope this post inspires you to start making money online because it truly is a great way to earn some passive income. I did make 6$ from sponsored tweets but I didn’t add it here since I had to do some work for that 😉 .
You can make money online in Sri Lanka, but it’s not a matter of creating a websites and displaying ads all over the place. I make money by creating niche websites and optimizing them for search engines. But there are many more ways to go about this. In this article I will list down few methods I have personally used to make money online and how you can use them to earn a decent income. [Read more…]