Forex trading has definitely taken the world by storm over the last years. More and more people are beginning to realize the benefits that lie within this field. I know a lot of young people in their teens, 20s and 30s who are earning some good money with forex trading.
I will be the first to admit that it’s not a walk in the park especially if you are not educated. There’s a saying in the forex field that the school fees you pay in forex trading is the money you lose through losses.
Though I can agree with this, in part, there is an easier way of paying your dues and this is by getting an education on the forex industry. I will talk more on this later
Another industry that is shrouded in controversy due to lack of understanding but has made a lot of people some fortunes is Multi Level Marketing also known as MLM or Network Marketing. Many millionaires have been created by this industry.
There is confusion among the general population regarding the difference between a genuine MLM company and a pyramid scheme. We will clarify this a bit more further on in this article.
Understanding Forex Trading
What exactly is forex trading? Forex trading is a multi trillion dollar pay day industry where billions of transactions happen on a daily basis. It involves the buying and selling of currencies for a profit. The general process involves buying one currency for a low price and selling at a profit.
Forex trading work s with currency pairs where you pit one currency against another. For many decades, this has been industry that has been dominated by big and medium sized financial institutions where you needed a license in order to be able to trade in these markets.
The only way that the regular person could participate in it was through investment products created by these institutions. They would basically take your money and use it to invest in the forex markets and you would get a small interest rate in return. It goes without saying that the organizations made the lion’s share of the money.
The forex market has been democratized though through the retail forex brokers that have sprung up over the past decade or so. The result has been that normal, everyday people can now get the opportunity to invest in this industry for themselves and reap the benefits.
You no longer need an expensive license or the huge lump sum needed for the initial investment. You can ride off on the backs of the brokers who meet all the initial investment thresholds required by the regulators.
For as little as $5, you can start trading on some platforms while you need a little more on others. If you are well educated in forex trading and have an effective strategy, you can make some really good money in this field.
Multi level marketing is a business opportunity that allows you to make money from the efforts of other people. You get to leverage off pre built products and organizational systems. Your job is to recruit and train your recruits to get others under them.
A genuine network marketing system is pretty easy to spot if you know what to look for. Finding a good one though is another thing altogether. To spot a genuine MLM company, the first thing you need to look for is a product.
They have to have a product or service that they are selling. If there isn’t one, that’s a major red flag and you need to keep far away from that company. When there is no product and money is just changing hands, it is a Ponzi scheme.
Ponzi schemes are also known as pyramid schemes and have been put in the same bracket as MLM companies due to the recruitment factor. People are either too lazy to research the difference or they just follow the public hype. I hope that going forward, you will understand the difference between the two.
Multi level marketing companies are actually a very solid business model that can make you wealthy if you join a good company which leads me to my next point.
Not all network marketing companies are created equal. There are good ones as well as bad ones. The people who make the most money in MLM are the ones who get into the business early before it saturates the market.
This line of thinking presents somewhat of a problem considering that you really don’t know how well a new company will fare. Here are some pointers to help you make the best decision.
Look at Their Reputation
Though they may be new in your particular market, they may have been operating somewhere else. With the internet, it’s pretty simple to do some basic research to find out about an organization’s reputation.
Are there any online reviews that can tell you what the product is all about. A word of caution is in order when it comes to online reviews. Make sure to read anywhere between 5 to 10 reviews before making a decision.
Some review writers will rate a product unfairly based on biased points of view. Reading multiple reviews will place you on the middle ground and help you get a correct picture of the company.
Look at Their Product
What product do they promote? Is it something you can easily convince someone to get on board with? If it is, it will make promoting the opportunity very easy for you and your recruits. I also believe that the product price should be in a range that allows you to promote to a lot more people.
Look at Their Systems, Marketing and Training Resources
Does the company provide you with marketing material, training resources and does it have well structured internal systems to help you grow your business? These are all key to your success. I believe an important component is a link that allows you to market the service online. This allows you to market the program all over the world instead of just in your local surroundings.
Can Forex Trading and MLM Merge
Are the 2 business models able to merge? The short answer to that is yes. A company has taken the two businesses and merged them into one. It means that you can have the benefits of Forex trading while building with the MLM model.
Cash FX is a forex trading company that also offers the ability to build an additional income stream through MLM. They offer forex trading education which takes you from a beginner level to where you can comfortably trade comfortably on your own.
The MLM part of it allows you to promote the opportunity then get a commission on multiple levels. You get paid when you recruit someone and also get payments on their efforts. It’s an ingenious way of merging and getting the best of both worlds.
To get on board and benefit from this one of a kind business model, you can register for Cash FX here.