Anyone would have dreamt of getting paid for doing nothing, or with little effort, at some point of their lives. Just that most of us don’t have that written in our destiny cards. But if you look hard enough, you’ll realize that there are really some ways you can earn a passive income without a huge effort. You just need to know where to look.
In these times of uncertainty, earning a passive income becomes even more important. It creates an additional stream of income that is not generated by employment and offers more possibilities to shore up your financial position if the need arises.
So, here are 3 easy ways to earn a passive income:
Copy trading is probably one of the easiest ways to generate passive income.
A form of social trading, copy trading enables novice traders (known as “Followers”) to copy the trading signals and strategies of experienced traders with an impressive track record (known as “Leaders”) to potentially earn a passive income for themselves.
Click here to find out how you can earn online extra money through copy trading.
Forex trading is another way to earn a passive income but requires more effort. But once you’ve acquired the necessary skills and knowledge, it somehow becomes a passive way to earn additional potential income for you. By and large, successful forex trading depends on:
Essential knowledge of forex trading
Knowledge of fundamental and technical analysis
User-friendliness and reliability of trading platform
Every novice trader will need to gain some essential knowledge of forex trading to kick-start their trading journey. This can simply be acquired through reading up some relevant articles or going through video tutorials on various forex topics. Click here for some easy-to-understand and useful content on forex trading.
It’s also useful to understand fundamental and technical analyses. In fundamental analysis, traders analyze economic and political factors that could affect the value of different currencies. These include geopolitical events and changes in key economic indicators such as Gross Domestic Product, interest rates, unemployment rates and others, which could be easily tracked using an economic calendar.
Technical analysis, on the other hand, analyzes past price movement data to predict a currency pair's future value. Through studying price movement charts and the use of analytical tools, traders assess the strengths and weaknesses of currency pairs to arrive at buy or sell decisions. Technical analysis can also be automated. When automated, a trader essentially "teaches" the software to look for certain signals and interpret them into executing buy or sell decisions. This is known as an Expert Advisor, or EA in short.
With the necessary skills and knowledge, you’ll also need a reputable and reliable broker with a user-friendly platform to perform your trading activities. Click here for a trusted broker that has been around in the market for over a decade and has over 2 million traders in its community.
Partnering a Forex Broker
Have loads of followers on your social media account, blog, or website? Or you’re an expert trader who can influence the decision of the trading community? You could earn some passive income from this by collaborating with a broker as a partner.
In this arrangement, the broker gets leads who could potentially turn into clients. And when they do become clients of the broker and start trading, you’ll benefit by getting either a fixed sum of money per lot they trade, a percentage of the commission they pay for their trades, or even a percentage of the spread. Pure passive income!
Here’s one quick way to start.
There’s a Silver Lining in Every Cloud
Every cloud has a silver lining. Amid this pandemic, the silver lining is probably that it made some of us realize that it is now ever more important to earn a passive stream of income, especially in such uncertain times. And it’s not impossible to do so. In fact, more and more Malaysians now generate passive income from forex trading, which earns them online extra money. Even after the world returns to normalcy after the pandemic, a passive stream of income will also help you to strengthen your finances.
So, if you are reading this but still doing nothing, take hold of the opportunities above today!