Loss is one certain fact about forex trading and at the same time it is also the only definite thing. Each and every possible open position will be closed eventually with a loss. According to several reports, the global forex market brings in more than $5 trillion in the average in the form of regular trading volume thereby making it one of the biggest financial markets in the world. The popularity of the forex market entices the forex traders at all level and the financial market is filled with too many seasoned professionals.
You may choose to become a forex broker
In order to become a forex broker, you have to earn money by connecting between buyers and sellers. You also have to know how a forex broker makes profits. The small fraction of trade amount but without incurring any risk will offer you a less risky gain.
Volatility will befriend all brokers
The sole thing which you require as a broker is volatility. While you will sing praises on volatility, you will enjoy all unexpected event which will fluctuate markets up and down. You won’t have to care about market moves which are directional but all you need to care is if the move is big enough.
What would you need as a forex broker?
Previously, you just needed a pencil, pen and a phone but now you’ll need robust IT system. You have to be aware of the fact that the competition among brokers is too strong and since the fees are going down, you have to earn more in order to make profits.
Become a Consultant
So, you don’t wish to trade your own money? Is it? You can become a consultant where you just give in advice and charge fees against it. You won’t have to risk your money and isn’t that great?
What you require as a consultant?
The main thing in the consultancy business is reputation as without this none will hire you. It isn’t easy to earn reputation. You might be a trader who just completed his career and then your trade log will speak for you. You also have to participate in forums, write forex articles and post them. One more way is to boost your visibility. Predicting the future of forex isn’t possible and hence you may just let the clients pay your fees before materializing any advice.
Yes, it is possible to make money in the forex industry without trading in real life. We have offered you two different ways in which you can do so and this is the way in which you can win forex in the best manner. Being a broker and consultant, you’ll work hard to earn anything.