The forex market has produced millionaires. Today, they represent one of the biggest tradeable markets in the world.
But could trading be the only way to make money off the forex market? No! There are still a couple of ways you can use to profit from this market.
So, while we answer the question “how to make money in forex without trading” in this article, we will also highlight some of the best practices and skills you can leverage as a trader on the forex market.
1. Be a Forex Broker
Becoming a forex broker is not easy but it is a pathway for you when you want to make money in Forex without trading. As a Forex trader, you simply have the responsibility of connecting buyers and sellers.
As a forex broker, you can earn from a small fraction of the trade amount between the seller and the buyer.
Forex brokers usually profit from unexpected rises or decreases in rates. With such panic, traders are likely to sell and buy within this period.
Starting Off As a Forex Broker
If you want to become a Forex broker, you must need certain equipment to function. Some time ago, you would have needed just a phone as we saw in the popular movie “The Wolf of Wall Street”, however, now you need IT equipment that will help you monitor different trends simultaneously.
In summary, a good knowledge of the trading system and a large clientele will help you live a good life as a forex broker. So, now you know one answer to the question “how to make money in Forex without trading”
2. Be a Consultant
The consultancy has become a full-time business. People run different types of consultancy companies today offering solutions to different markets.
As a consultant on the Forex market, you simply counsel traders on market trends and accurate trading practices. You charge for every consultancy session and leave the trader to make their decision.
Starting Off as a Consultant
You cannot be a professional consultant without a working knowledge of market trends and signals. So, after developing yourself in that area, you can offer your services to interested traders.
Learning never ends in the market, so you must possess the right I.T infrastructure to help you take accurate trading decisions.
3. Duplicate Trades
If you’re not comfortable taking risks and you also don’t have the patience to learn proper trading, you can simply duplicate trades.
A lot of platforms help you duplicate trading done by professional brokers. This way, you risk less and make more money.
According to Forex Brokers, some of these platforms include:
From the conversations we’ve had, it’s obvious that you can comfortably make money off the Forex market. The only decision you must make would be your choice of income.
I strongly believe you know how to make money in the Forex market without trading and you can say goodbye to losing money and taking uncalculated risks.