Do not even think for a second that you are imagining the impossible. There are a few ways people can do this and make money fast or depending on the strategy used for this particular investment program. Let me introduce you to the concept called Carry Trade Method. The Carry Trade Method allows you to make money with Forex even without trading.
Well, you need to understand that making profits with this method does not depend on the difference between the buy and sell prices of the currency pairs. So, now that you do not trade, how do you make money with this method? Simple, you make money by opening and holding a position on a pair of currencies that have different interest rates. Your profits come from the different interest rates between the currency pairs and the cost that you incurred when you bought them.
The rationale here is that if you buy a currency, you are paid a daily interest which also determines its exchange rate. At the same time, you pay an interest rate for the currency which you used when acquiring the other currency. So then, if the rate received and the rate paid to acquire this currency is positive, you have a profit. Also, avoid brokers who have repackaged their services based on trading conditions.
Some brokers are actually notorious for offering ECN accounts, and at the same time, offering other accounts with different trading conditions altogether. These brokers will most likely have a high minimum capital requirements for their ECN. But they will lure you into their cheap trading accounts because they know most beginners will go for this. Truth is that these brokers are a buck-shop.
What they are offering as ECN trading account is not different from the cheaper account packages which they claim is suitable for newbies. Once you have established a good Forex broker worth doing business with, you should create an account with them, fund it and choose PAMM investment system instead. You are essentially registering as a PAMM investor. A PAMM investment system basically lets you trade Forex without actually taking the role of the trader.
Once you put money, the broker through their account managers will trade it for you. However, you do have the freedom to monitor your account and see how things are going.
A detailed analysis of your trades will be published on your dashboard. You can also withdraw money at any time or depending on how you agree with the broker. However, it answers the question of how to make money in Forex without actually trading. The first thing to do here is to setup a website or blog where you will begin promoting the best Forex brokers who are willing to strike a good deal with you.
How do you identify the best Forex brokers to do business with? Well, do the homework yourself. Make a list of 10 Forex brokers and visit their websites. Locate their affiliate links and see how much you can earn when you get them clients. Some Forex brokers will reward you with a fixed percentage for every deposit that this client makes.
Others will reward you with commissions each time the trader opens a trade position. This can be a good way of earning residual income in Forex without actually trading. Okay, this one will not totally disengage you from the trading scenes. But at least it will still help you trade Forex without actively doing the task yourself.
It can take a lot of research and testing to finally identify a good robot. However, as a rule of thumb, you should invest in a premium expert advisor as opposed to a free or cheap Forex robot. Firstly, they are programmed with a generic code which follows one or more patterns that are incapable of acting in accordance to the uniqueness of a market.
This type of expert advisor will blow your account in a matter of hours if not days although their vendors will always advertise them as completely hands-free approach to making money with Forex without actually trading. Go for a Forex expert advisor that is reasonably priced. You can seek the services of an experienced account manager to do the trading for you.
You do not need to necessarily tie yourself to a broker who offers a PAMM system of investment. There are quite a number of reputable managed Forex accounts services on the web. But make sure to ask for their track record before committing your money to these kind of deals. A track record is basically anything that will prove that they have or are making profits in Forex. Just use any of the methods above. Am a part time Forex trader, blogger and entrepreneur living in Kenya.
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