As one can infer from the title, there are very many legitimate ways to earn an income online. However, this article will focus on some very powerful ones that a beginner and indeed anyone can use to earn a decent internet income as a full time job.
A new comer who takes an interest to the world of internet business while looking for additional or full time income would usually be amazed at the number of opportunities available.
For those who do give a try to some of these opportunities, one of the challenges they face is how to succeed since at the beginning this was what they were promised.
After a number of trials without success, they leave that opportunity, join the next big thing, get frustrated, leave that to join the next one until they eventually give up trying. Even at that, they continue to see more and more stories of successes others tell especially on the testimonial pages of income opportunities.
This usually makes them wonder just when their own story would be told and some even wonder if those success stories they read are indeed true.
Now I have taken time to write all these to enable those who fall into this category know that I understand their situation and this is what prompted me to write this article in the first place – so that such people and new comers can get valuable information to help them succeed online.
What you require to succeed online is no different in some cases from what is required to succeed offline:
(1) You will need the right mental attitude required for success just like renowned book publisher Michael Korda says, “in order to succeed, we must first believe we can”. This is very important or else you will give up at the slightest challenge.
(2) You will have to invest some money either at the beginning or at some point to grow your business. Never let anyone tell you anything else because that would be incorrect.
(3) You will need valuable information because that is what most of the people who do not succeed online are in need of. With valuable information, you will definitely succeed online and see how easy it is to earn income there.
(4) You will need a system in place most of the time to succeed. I will explain this later on.
The beauty of the online world is such that the market place is bigger than any one place. Now, depending on the nature of business you choose, you will need to get your product or service in front of the right audience to succeed.
In other cases, this will not be necessary, as you would see shortly.
As I said at the beginning, this article focuses on some powerful ways for a new comer to the internet to earn income. It also provides information for those who face challenges in succeeding online to be able to do so. Let us therefore consider some of these ways:
(1) Online Forex or Foreign Currency Trading: this is one method some people are using to quietly rake in thousands, hundreds of thousands and even millions of U.S. dollars, Euros, British pounds, Swiss francs, Japanese Yen, Australian dollars, Canadian and New Zealand dollars in daily, weekly, monthly and yearly incomes.
Foreign currency or Forex trading is the buying and selling of a particular country’s currency in exchange for another country’s currency at a profit.
Though the offline currency trading has been in existence since the early 1970s, it was largely then controlled by governments and the banks. The online Forex trading started in 1994 because of the internet and its importance has continued to grow ever since.
Though the offline currency trading has been in existence since the early 1970s, it was largely then controlled by governments and the banks. The online Forex trading started in 1994 because of the internet and its importance has continued to grow ever since.
The internet has also given rise to the use of margin accounts that provide what is called leverage whereby a forex trader can use small amounts in his margin account provided by a forex broker to trade larger volumes of forex transactions.
This is why the ability to make good money in online forex trading is possible and it is also the reason why individuals are now able to trade forex and earn a decent living from it.
This is why the ability to make good money in online forex trading is possible and it is also the reason why individuals are now able to trade forex and earn a decent living from it.
However, because most people do not have system in place, they are simply unable to make money from forex trading.
Recall I mentioned earlier that one of the requirements to succeed online is to have a system in place for your business transactions.
Recall I mentioned earlier that one of the requirements to succeed online is to have a system in place for your business transactions.
The online forex market is no different. Basically, there are 4 ways individuals benefit from trading forex online. The first is by doing it themselves – majority do not succeed here because of a lack of a system and usually end up losing some and sometimes all their initial investments.
They lose because they approach forex trading like gambling and this is usually a suicidal move financially. You cannot make more winning trades in the forex market if you enter a trade and then hope it swings in your favour.
Those who succeed using this method have a system they follow to make more winning trades than losing trades and so have a net profit always.
They use a system of fundamental analysis (usually driven by government policies and major world events like U.S. monthly unemployment data released every first Friday of every month) and technical analysis (usually charts that give a signal to enter a trade), trailing stops, stop loss and take profit settings on their accounts to guide when to enter a trade and when to exit a trade.
They use a system of fundamental analysis (usually driven by government policies and major world events like U.S. monthly unemployment data released every first Friday of every month) and technical analysis (usually charts that give a signal to enter a trade), trailing stops, stop loss and take profit settings on their accounts to guide when to enter a trade and when to exit a trade.
You can trade the forex market this way with amounts as little as $10 depending on the broker of your choice.
The second way is by using managed accounts. By this, I mean allowing the forex brokers to trade for you. You will be required in this case to invest a minimum amount usually dependent on whether you are a conservative or an aggressive trader.
You are usually warned about the risk of forex trading and that you can lose a substantial sum of money.
You are usually warned about the risk of forex trading and that you can lose a substantial sum of money.
The third way individuals trade forex is by signals or alerts given by a broker to their subscribers. Some give these free but some others require you to make an investment to receive these signals.
These are the same signals the brokers themselves use to enter a trade and when they exit a trade having reviewed all the conditions necessary to make the trade.
These are the same signals the brokers themselves use to enter a trade and when they exit a trade having reviewed all the conditions necessary to make the trade.
The fourth way is by use of robots. Robots usually are softwares created by their owners based on historical data of the forex market to determine automatically when to enter and exit trades.
The major disadvantage with this method is that robots are not able to predict when a major event has taken place and so they can enter a wrong trade based on historical data when a major event has already changed the direction of the market.
This is why many of these robots fail and only very few are able to make winning trades consistently.
By and large, some people continue to make substantial sums of money from the forex market because they have a system.
(2) Futures Trading: this has to do with trading in the financial markets (stocks, options, futures, etc). Trading pattern here is somewhat like trading the forex market but again, those who succeed do so largely because they operate using a system.
You will therefore need the guidance of experts to succeed in these markets so you can avoid getting your fingers burnt financially.
Fortunately, there are programs on the internet that provide useful guide on trading all these markets. They take you by the hand and show you how to trade successfully. In some cases, they tell you via alerts to place the same trades they are placing so you can succeed together.
.............................to be continued
(c) copyright Gabriel Ama
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