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25 Aug 2020
5 min read

Securing the Bacon: Becoming a Passive Income Badass

 

 

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Written by OspreyFX News Team
*OspreyFX would like to state that traders should research extensively before following any information given hereby. Please read our Risk Disclosure for more information.

Securing the Bacon: Becoming a Passive Income Badass

Traders Takeaways
  • Passive income: what it is and how it is earned?
  • Is now a good time to invest in forex?
  • How to make money through forex affiliation.

The internet is undoubtedly one of the most powerful inventions of the 21st century and it has become the go-to medium for people to stay connected. Likewise, technology is changing the way in which we live our lives. Automation is a term that has gained considerable traction in recent years and it is here to stay. In fact, according to research, it is estimated that 73 million jobs will be lost as a result of automated capabilities by 2030. Nevertheless, the internet and technology also present many benefits. Significantly, it has transformed the forex arena. For those brave enough to take risks there are countless ways to use it to their benefit. Here we show you how you can secure an extra income simply by following your passion.

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Making Money Doing What You Love

What is Passive Income?

Passive income is the buzzword of the day, but what does it mean? In its simplest form earning a passive income means that you can continuously generate money after the graft has been planted.

It doesn’t happen overnight, nor does it occur magically and some work will need to be done. Nevertheless, in the long-term having a side hustle can give you the freedom and provide a financial “airbag” that you may need for a rainy day. In some cases, it can provide an out to the “normal” 9-5 routine.

At this point, you are probably thinking, how? Read on to see.

How Can it be Earned?

Earning a passive income is a reality and not a pipe dream. Music to your ears, right? In crazy times like the ones we find ourselves in now, building a nest or having a safety blanket is increasingly more important.

Modern times provide us with many opportunities to roll up our sleeve and earn some extra bacon. Research has proven that one-third of the US workforce has done freelance work at some point in their career. Furthermore, 25% of freelancers can find work in as little as 24

hours. All you need is a laptop and stable Wi-Fi, and you can work from anywhere in the world. So, all you have to do is decide how.

Is Now a Good Time to Invest in Forex?

It’s not breaking news that the forex market is one of the most lucrative global industry. With the sizeable volumes of money floating around in such an enormous arena, there is an abundance of openings for traders pursuing their dream of financial freedom. However, a significant tumble across global markets can shake things up. In a downtrend or a global pandemic, the reality is that it is hard to remain bullish in terms of investing. If we take the current crisis as an example, the stock market was bruised by the impact of Covid-19, hitting new lows back in March. Unsurprisingly even the world’s strongest currencies took a punch, with the US dollar witnessing steep declines and falling to a 27-month low. So, even though the forex market is the most liquid market in the world, the health crisis made no exception. So you may be asking is forex the right avenue right now?

Despite popular currencies plummeting to new lows and increased volatility, the market has seen an increase in volumes. According to Jubilee Ace, the high frequency can help steady inefficiencies and so making it a viable investment.

Read “How (and why) Forex Trading Is Profitable In a Downward Trend” for a full synopsis.

How to Make Money in Forex

The forex market presents a sustainable avenue to gain a steady passive income. Thanks to the internet, not only can traders engage with the market with low amounts of money, but they can also share their experience and learnings with others. We have a whole article dedicated to the benefits of forex trading if you’d like to know more but we’re including below the key points that can help you to navigate forex successfully.

Forex Signals

Forex trading can be difficult. So, if there are assets that can make the journey that little bit smoother, we advise traders to make use of them. Particularly effective for newcomers, forex signals help to reduce risk. For the more experienced traders, they can help sharpen your skills and help them to devise more profitable strategies.

Social Trading

Also known as copy trading, social trading allows traders to observe the trading behaviors of their peers and/or expert traders and mirror their tactics. This popular method is particularly effective for those traders who find technical analysis daunting. It can be thought of as a type of social network since the function allows interactions between users and quick access to financial markets while learning from other’s trading strategies and decision-making processes.

Expert Advisors

Expert Advisors (EAs) are specially designed programs that are integrated onto the MT4 platform. Through the use of the MQL4 language, automated trading is possible and it can be programmed to trade independently through your trading account.

OspreyFX uses the renowned MetaTrader 4, that allows traders to import EAs and automatically copy trades that are executed by others in real-time (trading signals). If you would like to learn how to trade with MT4, you can read our dedicated guide here.

Forex Affiliation

Affiliation is a performance-based marketing tactic, where brands reward affiliates for referrals. In layman’s terms, it refers to the scenario where you promote a brand’s product or service and earn a commission for converted customers. Becoming an affiliate is very straightforward and can take less than 5 minutes. Why not turn your dream into a reality and become an OspreyFX Affiliate now?

Can you Make Money from Forex Affiliation?

The short answer is yes. However, there are a few caveats. The key here is being realistic. As mentioned above, forex referral programs involve the introduction of new prospects to certain brokers. The aim here is to leverage your online community to promote a certain platform/broker. For those with an already established online following, this could be easy money.

So, if you enjoy creating quality content that resonates with the desired audience and you can provide valuable advice to a loyal following, this could be for you. For the full low-down on forex affiliation read our “How to earn money online: Affiliate Marketing for Financial Trading” guide.

 

Passive Income

Final Thoughts

The world is one big Ferris wheel of change and technology will continue to change how we go about our everyday lives. Those who choose to ignore it will be left behind. Take the trading bull by the horns and seize any opportunity that presents itself. Use your goals and leverage them into a kick-ass venture that steers you towards your financial goals. Best of all, there is little or no financial obligation with forex trading and/or affiliation. So, what are you waiting for?

 

Why Is OspreyFX the right Broker for You?

There is no one fits all approach, and the trading lifestyle may be a relatively new concept. However, it can be a very effective way to earn an extra income. Sprinkle your desire for financial freedom with some patience and grit and start the engine.

Life is too short to spend it doing what you don’t love. Do you want more family time? The possibility to travel more? Or simply a more flexible schedule? If the answer to any of these is yes, then you need to sign up with OspreyFX today. We operate a platform founded on the values of loyalty, quality, and devotion. Our true ECN & STP execution model permits traders to trade on institutional grade liquidity from the top investment banks, as well as from completely transparent dark pool liquidity execution venues. This means that you can trade on ultra-tight spreads, starting at 0.0 pips.

What’s more, our 24/7 customer care extraordinaires are on hand to help with any queries that you may have.