Tip #2: Try the FOREX Market

If you are looking to make some residual income and have a little available on the side, one of the newest ways (and becoming popular everyday) is to invest in currencies - or the FOREX market. Forex is a 24/5 market that allows you to trade currencies such as the EURO, POUND, YEN etc. While most state that before you go and put real money out there, you should paper trade (practice on demo accounts), there are ways to dip into this business sooner. 

There are signal services such as those offered by TradePips.com which give you a few free signals a day. You can also join the premium service for as little as $4.95 for 7 days or $17.95 a month. Most services charge a monthly fee of $100+ so to make money and pay a small fee is great unlike the institutional accounts. To use simply the free signals will limit your opportunity but you can still make money. 

In the FOREX market you can trade lots of 1K (10 cents per move), 10K ($1.00 per move), or 100K ($10 per move) or PIP which is the equivelant of a penny in currency talk. Depending on how much capital you have, you should never start with the 100K lots. Companies like FXCM Micro offer Micro Lots or the 1K lots. If you use a service such as TradePips, you can potentially make $10 per day or even $15. That means you will just need to see a movement of 150 pips. That is easy in volatile times of the day. 

With this though, there is the risk of losing money too but the chances of using a professional service such as this are much less - and without the major administrative overhead of the signal fees. 

The big thing you need to learn though is that with FOREX, you need to get to get educated before you invest. Sites that do not offer an education component are out there to steal your money. For example TradePips.com offers candid education, a list of the best books on the Forex market, the signal service, and a blog that provides newsworthy advice.

So check out TradePips.com today and learn how to trade and make money in the FOREX Market. 

Websites Mentioned:

• TradePips.com - FOREX Education for the Newbie
  Great educational Website and the most afffordable signal service available on the market. Check out the Website. Buy some of the books (which have been discounted too), read the advice columns (which are in layman's terms), and use the service. You will make money - not millions - but can earn a nice residual income. 
• FXCM
  Starting with 10K lots is the best way to make real money. 1K lots is really for practice. If you want to get $50 free, use the reference code jahyman@gmail.com. You will automatically get $50 in free cash to start trading today!