Are you struggling with paying your monthly bills? There are ways of growing your personal income. You can earn an extra coin or two through online trading.
You don’t need to open an office, look for customers or go for an interview to qualify for online trading! Proven by one of the top financial advisors at Olsson Capital, it is a venture that you can do from the comfort of your home. With a computer, good internet connection and some savings, you are good to go.
Below are 4 ways through which you can make money with trading online:
Online Forex Trading
Online Forex Trading is quickly gaining popularity among individual traders and more and more individual players are investing in this market. Forex Trading simply means exchanging “fiat” currencies online. There are brokers online who provide platforms where individuals can trade currencies. You get to speculate how the values of different word currencies will change in the long or short-term future.
For example, you may anticipate that the value of the Euro will increase. So you purchase some euros by placing an order and hold them for a given duration till you are satisfied that it has risen to your expectations and then release them by closing the order.
However, in Forex, currencies are placed in pairs and you will work with the exchange rates, which are the ratios of the value of the two currencies in the pair. For example, there is the EUR/USD and the exchange rate can be 1.18809. So, you will be speculating how the exchange rates will be changing and buying and selling the currency pairs accordingly.
For you to start trading Forex, you will have to choose a broker and then register for a trading account with them and deposit some funds into the account for trading. The deposited funds are converted into the base currency of the trading account that you open and the most commonly used base currency is the USD.
Online Stock trading
You can also trade stocks commonly known as market shares. Although sometimes back most stock trading transactions were taking place at specific physical locations, technology has made it possible for individual stakeholders to trade stocks online. With the increasing stock market virtual exchanges, you will only require a computer and internet connection to buy and sell shares.
Stocks or shares are a type of security that gives you a share of a company. Once you buy the shares, the value of the share may appreciate or depreciate depending on the performance of the company. To trade stocks, you will simply be buying stocks and selling the stocks after a given duration of time. If your speculations were good, you will most likely sell the stocks at a higher value than what you bought them, thus making profit. To start trading stocks, you will need to choose a good discount broker and also do research to understand a few things like the types of stock trades, commissions involved, cost per trades and also processes of selecting each stock and also uncovering any hidden fees.
Online futures trading are also another way of making more money. Futures trading is the buying and selling of future contracts. Trading futures involves speculating how much a given asset will be worth at a future time. There are different types of futures depending on the types of assets. These include equity index futures, Forex futures, commodity futures, treasury futures, energy futures and metal futures. However, futures trading require a lot of research compared to Forex, commodity and stock trading.
This means trading the values of different commodes like metals, oils, cereals, etc. When trading commodities, it is similar to trading Forex, only that here you will be buying and selling the virtual commodities online depending on their actual price fluctuations. Most Forex brokers also offer commodities. Therefore you can trade commodity assets though most Forex brokers.
From the above-mentioned ways to grow your personal wealth, it is safe to say that investing in Forex, commodities, futures or stock is the best way of ensuring yourself a well-built nest egg for that rainy day.