11 lucrative ways to make money online from forex trading without experience

To make money online is almost everyone’s desire these days, whether it may be for a passive source of income, side hustle, or their main bread source, people are always seeking different ways to earn money online. 

In this article, I’ll explore different ways to make money online, specifically within the forex trading industry. This list of different methods includes ways for both experienced and inexperienced traders to exploit to grow their income exponentially.

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11 Ways to make money online via forex

  1. Course
  2. Forex signals
  3. Copy/ mirror/ social trading
  4. PAMM
  5. Introducing broker
  6. Have multiple expert advisors
  7. Automate your strategy
  8. sell your strategy
  9. Create a youtube channel
  10. Create a forex trading blog
  11. Investing your profit

1. Course

make money online
Create a your own course

Are you an experienced trader with an enormous knowledge banked at the back of your end? If so, then you can capitalize on that information by creating your own course and monetizing it via different platforms. 

Learningrevolutions.net provided a list of over 20 best online course platforms that you can make your content available on. Among that list are the likes of:

  1. Thinkific
  2. Learnworlds
  3. Teachable
  4. Ruzuku
  5. teachery
  6. Click4course
  7. Pathwright
  8. ZippyCourses
  9. Kajabi
  10. Kartra
  11. Newzenler
  12. Podia
  13. LearnDash
  14. AccessAlly
  15. CourseCats
  16. LifterLMS
  17. Opensesame
  18. Skillshare
  19. Udemy

Of course, that list is not exhausted. The list provided above is populated with platforms that host mostly written content, but you can also take it a step further by creating video courses, which is in my opinion, 3x more valuable and interactive than written courses. You can also see the different video course hosting platforms in an extensive list on the mentioned website above, Learningrevolutions.net.

Another thing to make note of is the fact that since you are teaching about a skill that has unlimited earning potential, the value of that course can range from $200 to over $2000 depending on how in-depth and digestible the information is. 

To put short, the better the course, the higher the price you can charge for such.

What makes a course valuable

The value of a course is determined by many factors, however, some main factors are:

  • The topic/ nature of the course – What the course is teaching you about. (eg: How to become a qualified doctor)
  • Information – The amount of information that is packed in the course (the more information the better)

Some minor factors are:

  • Provider of the course – if you are well known in your field of work with lots of influence, then your course will be highly valuable to others as they look up to you as someone successful.
  • Content – Arguably a main factor as well. In this case, I’m making regards to the images, diagrams, charts, videos, etc. These infographics make information easier to understand, thus increasing the value of the course.
  • The structure of the course: (ie: A well-put, neatly organized course is easier to understand than one that has no clear structure as in regard to the topics.

NB: You cannot be teaching someone how to run before they learn how to walk. A correct structure would be crawl > stand up > Walk > Run

forex course
Course structure

2. Forex signals

telegram best forex signal app
Rhasfx Signal Channel (Premium Plus)

Another method to make money online fast is by selling forex signals. By now you should be familiar with such methods since every day you see a different forex signal provider advertising on social media claiming their signals are the best and they have over 90% accuracy.

Do not succumb nor gravitate to such exaggerated* advertising. Notice I used the term, “exaggerated”, that’s because there are good forex signal providers out there, even the ones that are doing the advertising, and you can become one too to make money online as well as an additional source of income. 

How to become a forex signal provider to make money online

To become a forex signal provider, you need a platform to connect you and your subscribers/ clients to who you’ll send the signals.

The most popular platform to date is Telegram since you can create a private channel/ group with unlimited subscribers while using a bot like Invitemember to automatically manage (ie: adding/ removing) clients in your channel when their subscription expired.

To seem more official, you can opt for an alternative platform in the form of your own mobile app. Tooltester.com gives a list of really good websites that anyone can use to create their own mobile app(s) such as:

12 best app building websites to make money online

  1. Goodbarber
  2. Siberian CMS
  3. Shoutem
  4. Swiftic
  5. AppInstitute
  6. Appy Pie
  7. BiznessApps
  8. AppYourself
  9. Mobile Roadie
  10. AppMachine
  11. Mobincube
  12. MobAppCreator

3. Copy/ mirror/ social trading

make money online
Copy trading

Another great way to make money from home is copy trading. Whether it be called copy trading, mirror trading, or social trading, they all mean the same thing. That is, to automatically copy the trades of another trader, preferably a more experienced one. 

This is an extremely good way to earn passive income online with little or no effort from your end. Most if not all top copy trading platforms normally track a trader’s performance to provide detailed metrics and statistics to evaluate their trading performance so the investor (you) can make an informed decision unto whether or not this trader is worth coping to make money online.

Top Copy trading/ Mirror trading / Social trading platforms to make money online

  • Mql5
  • Zulutrade
  • Duplitrade
  • FxJunction
  • Myfxautotrade
  • Tradency

Additionally, there are forex brokers that have their own in-built copy trading system to make it more convenient for traders. Among such brokers are:

Top 8 best forex brokers for copy trading

4. PAMM

make money online
PAMM

In terms of how to make money online from home, this would be a great option to consider if you know how to trade the forex market or have the time to do so.

PAMM which is an acronym for Percentage allocation management module is a form of pooled trading. To explain more, inexperienced traders pooled their money together, for a more experienced trader to trade with. The profit earned would be shared among the pool’s investors in ratio to the amount they contribute to the pool’s total balance.

However before the profit is shared among the investors, a management fee is paid to the account manager (experience trader); usually 10% – 25% of the profit earned, after which the remaining profit is distributed among the pool’s contributors.

How PAMM account work

Example: 

Rhasfx PAMM pool balance = $100,000

management fee = 10%

Investors:

  • Thanos 20% ($20,000)
  • Darkseid 15% ($15,000)
  • Captain America 25% ($25,000)
  • Superman: 12% ($12,000)
  • Thor: 8% ($8000)
  • Rhasfx: 20% ($20,000)

Profit earned after 1 trading session: $10,000

Management fee: $10,000 x 10% = $1,000 (to Rhasfx)

Pool’s distribution of remaining profit (ie: $9000):

  • Thanos 20% ($1,800)
  • Darkseid 15% ($1,350)
  • Captain America 25% ($2,250)
  • Superman: 12% ($1,080)
  • Thor: 8% ($720)
  • Rhasfx: 20% ($1,800)

As you can decipher from the example above, this could be beneficial to both experienced and inexperienced traders who are seeking additional ways to ways to make money from home.

To make money online with PAMM, a trader would need to have an account with a broker that offers PAMM accounts.

8 Best Forex Brokers with PAMM accounts

  1. ICmarkets
  2. Avatrade
  3. FBS
  4. XM
  5. Tickmill
  6. FxOpen
  7. VantageFX
  8. FxPro

PLEASE NOTE: To be a part of the pool, you need to have a substantial amount of money invested in the pool (eg: $10,000 < $x), especially for the account manager.

5. Introducing broker

make money online
Introducing broker

Introducing broker (IB) is the fancy name given to referring clients to a top forex brokerage firm ie: affiliate marketing. But in forex trading, the person who is referring clients to join a broker is called an introducing broker.

As compensation for their marketing efforts in referring people to the firm, the best forex broker would pay the IB a portion of the money they earn from the referred clients, or in most cases, based on the referred clients’ trading volume and activity.

For example, an IB could earn $5 for every standard lot (1.00) traded on EURUSD. 

Different forex brokers have different compensations, however, among the forex brokers with the best introducing broker compensation plan are:

7 Forex broker with The highest Introducing broker (IB) compensation plan

  1. Vantage FX
  2. FBS
  3. Tickmill
  4. ICmarkets
  5. FxPro
  6. Roboforex
  7. Superforex

6. Have multiple expert advisors

make money online
Expert advisor

In terms of being truly passive and hands-off, having your own expert advisor(s) (robot) is truly one of the best ways to make money online through the forex market.

This is because an expert advisor is an algorithmic trading software that enters, manage, and exit trades based on predefined conditions set by the programmer. There are plenty of profitable expert advisors out there, but there are even more unprofitable ones being sold to scam people of their money.

Even though an expert advisor can be a valuable asset, a trader would have to face certain risks that come with buying and owning the software, such as but not limited to:

  • False advertising: EA is not the same as what was advertised
  • Poor performance: EA’s is performing poorly compared to the results shown
  • Using the wrong broker: Yes, a broker can affect the EA’s functionalities. (eg: not every broker accepts scalping or hedging)
  • Wrong settings: As the purchaser, you can also be at fault for the wrong settings. Many factors contribute to the profitability of an EA, for example, time frame. A good vendor would profit a manual for the best settings of the EA and the purchaser still loses his money due to incorrect settings.

Top 3 expert advisors for 2022

  1. Forex fury
  2. Robotron
  3. Forex Flex

7. Automate your strategy

Make money online
Automate your trading strategy

If you don’t trust online vendors and have coding experience, then why not create your own expert advisor by automating your forex trading strategy? If you are confident in the consistency and profitability of your forex trading strategy, then use EAbuilder.com to automate your strategy within less than 10 minutes. 

The platform is so user-friendly that even if you do not have any coding knowledge, you can still use the website with ease. You can use eabuilder to create unlimited custom indicators, however, you would need to pay a one-time $97 to upgrade your account to completely automate your strategy, which you can request a refund with 60 days.

Best website to create an Expert Advisor for free

It is without a doubt that eabuilder.com is one of, if not the best user-friendly website to create an expert advisor due to the simplicity of its user dashboard, creating the software (EA or indicator), getting the code, and best of all, the low one-time fee to upgrade. After upgrading a user can create unlimited EA.make money online

fx dreema vs Eabuilder

There are other alternatives to eabuilder, like fxdreema.com, however, in terms of user-friendliness, fxdreema falls short compare to eabuilder. Additionally, you get free indicator templates that you can download from eabuilder, along with a user manual to help create your own. In other words, you get more for your money.

fxdreema
fxdreema

Lastly, where eabuilder out classed fx dreema is the fee. As mentioned above, eabuilder is a one time $97, while fxdreema has a recurring monthly subscription.

For eabuilder, a free user can create unlimited indicators to make his trading easier, while on the other hand, that cannot be said about fxdreema.

Video: How to create your own custom indicator with eabuilder (part 1)

How to create a custom indicator MT...
How to create a custom indicator MT4/5 pt 1 | how to install a custom indicator on MT4/5

DISCLAIMER: Rhasfx has no affiliation with any of the two mentioned websites. Just speaking from experience.

Conclusion

In terms of getting more value for your money, eabuilder would be the best choice to choose from to automate your forex trading strategy to make money online.

8. Sell your strategy

make money online
sell your strategy

After creating you profitable expert advisor, why not monetize it even further to make money online even more? Before releasing your product on the market, you first need to protect it from unscrupulous people who would try to recreate your EA for themselves or even resell the very product that they bought from you. 

All this is possible if they were to get access to your source file. To prevent this, you can use a third party to encrypt your product and even create a licensing system for it. In other words, only paid users can use your property. Of course, this goes without saying that you would need a website to host that licensing system and process payments.

Not to worry, there are trustworthy providers out there that can do all of the above-mentioned and more without costing you an arm and a leg.

Best Expert advisor licensing website/ provider

  1. Dev4traders.com
  2. Pipsopedia.com

9. Create a forex trading youtube channel to make money online

make money online
Subscribe to Our youtube channel for more content

Youtube has always been one of the most recommended platforms to make money online due to its popularity, user base, and its relationship with AdSense. However, one of the main factors that influence a video’s ad revenue is the niche of the youtube channel. 

Within adsense, the forex niche is one of the most lucrative niches that could make you a bank with little subscribers compared to a gaming channel with 1000s of subscribers. Just like any other niche, but be sure to have relevant information about the niche you are diving into as this could backfire.

While we are on the topic of youtube, please do support us by subscribing to the Rhasfx youtube channel for continually providing awesome content like this for free. 🙂  

10. Create a forex trading blog to earn money online

make money online
Create a blog

To create a blog is easy, but to maintain the consistency of posting regular informative content is not. Forex trading is already a very competitive niche, so if you are not writing very long detailed articles such as this one, then you can forget about ranking on any search engine’s first page.

There’s a lot that goes with creating a blog article, for your convenience, you can check out backlinko.com for very informative methods on how to write high-ranking blog articles to make money online.

Adsense not monetizing your blog

Albeit that AdSense would monetize your youtube channel, you can forget about being approved to monetize your forex trading blog. For some reason unknowing to me, Adsense would refuse to monetize most blogs that are centered around trading. To this date, I’ve been rejected a total of 6 times for “low value content” despite having over 30 articles that are over 1000 words long.

For the most part, I thought there was something wrong with my website, like a navigation issue, or a page (about us or contact) was missing. But none was neither the case, it’s just that adsense will not monetize trading blogs if it’s not owned or operated by a big company. This conclusion was drawn after observing other trading blogs that were monetized with Adsense and those that weren’t. 

I realized that only big companies/ websites with lots of traffic (possibly over a 1mil visitors monthly) have google ads on them.

4 Top forex trading blogs

  1. babypips.com
  2. Investopedia.com
  3. Benzinga.com
  4. investing.com

So you can forget about monetizing your blog with google adsense unless your website is a financial news website. In the worst case scenario, you would need to seek a google adsense alternative.

Google adsense alternatives to make money online

If you are not getting over 50k visitors monthly to your website, then you can also forget about adthrive and mediaget, which are among the best google adsense alternatives.

The best adsense alternatives for blogging websites to get monetized is ezoic. In fact, ezoic should be your first option since they are more publisher-friendly compared to adsense. Don’t believe me? Then check youtube or google and you’ll see that over 90% of publishers are choosing ezoic over adsense, and only regretting not doing so earlier.

Which pay more? adsense or ezoic

One of the biggest reasons for the exodus from adsense to ezoic is the earning difference. Publishers are reporting that they are earning anywhere between 50%-120% more with ezoic than when they were with google adsense.

ezoic
increase your earnings with ezoic

Register with Ezoic

Adsense is rejecting my application. What to do next?

Albeit that ezoic is a google adsense certified partner, one of the best things about the ezoic approval process is the fact that they do not necessarily need Adsense approval for a vast majority of the websites. However, you still need to ensure your website adheres to google ad policy.

make money online
Ezoic is the best

So get started with ezoic today to make money online with your blog.

 

11. Investing your profit

Forex trader
Diversifying risk

As with any financial practice, it is best not to put all your eggs in one basket. The more diverse your earning portfolio is, the better it is for you in case of unexpected incidents. The profit earn from any of the aforementioned methods to make money online can be invested in different methods to earn an extra source of income.

One such method could be in the form of earning bitcoin. 

Use Cex.io to purchase a wide variety of cryptocurrencies and wait for the coin to increase in value before selling them. (like buying gold). Additionally, you can use the cryptotab browser to create a bitcoin mining farm while using the extra profit to purchase the cloud.boost for an increase in hash rate.

For more information on the bitcoin mining network, you can read the cryptotab browser review here.

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