There are various possible ways of making money online as a student, legit ones to be precise.
I’m writing out of all the various ways in this article and I’m sure you will find it helpful.
Online stock trading
Online stock trading is not new in Nigeria. This facility has been available for some years now. You can buy and sell in the Nigerian stock market from your phone. You can set your entry and exit price and go do something else if you want to be a day trader.
To get to this place, there is a price to pay — investing time and money to learn how to trade online in the stock market. You need to have a stockbroker. Some wrote in to ask for recommendations for a reputable stockbroker. You can ask for recommendations from friends, family or colleagues who already trade in stocks. Also, you can do your research online. You can find out the biggest, most customer friendly and easiest to do business with etc. There are many forums online where investors interact and you can make their deductions from their comments or ask for a recommendation. This is time well spent.
The starting point is not registering with a broker to get online to start trading. The starting point is learning how to invest in stocks, understanding what you are doing, deciding your path (fundamental, technical or both), setting goals and working towards them.
When trading online, you can win or lose. There are fear and greed to be dealt with. You need to get a firmer grip on your emotions to be able to trade online. It is by continuous learning and practice that you hone your skills to trade profitably. You have to start small and grow gradually. It takes time to get there. Reading an article cannot turn you into a stock investor overnight; that is why you need to get your priorities right. You have to do the work necessary to achieve the result you desire. There are no shortcuts.
Online forex trading
Online stock trading and forex trading have many similarities. The volume in the forex market is much higher, hence higher volatility. Forex is a race car compared to a Sedan (stock trading). The risk is higher, so is the rate of returns if you know what you are doing.
When you invest in the money market, you have to raise the money you need to invest all by yourself. The risk is zero but the returns per annum are a small fraction of your capital (three — 12 per cent per annum). It will take years to double your money. You need the patience of Job (of the Bible). This is a good place to start investing, as you need a solid reserve and springboard to launch into higher risk and return investments.
With forex, you need a fraction to start (the broker loans you money to trade with) and you can grow your account up to 10 per cent or more (for example) in a day if you know what you are doing. This is much higher than the infamous MMM. You can also lose your deposit if you don’t know what you are doing.
The key issue is investing in knowing what you are doing (enrol in a school, etc). You cannot acquire the skills overnight. You can speed up the process when you invest as a team with a successful forex trading expert coaching the team, using tools that analyse the market for you. Many people who lose in forex fly solo.
There are tonnes of articles and free e-Books you can read while waiting to make the decision about which school to enrol and which team to join. Education is not free. It will take some months to recover your investment from proceeds of your profitable trading, based on your commitment and focus to learn and follow instructions. If you think education is expensive, you can try ignorance.
After all said and done, it depends on your wants and the willingness to pay the price.
Feel free to kindly drop your suggestions in the comment box below.Or in case you have a question to ask pertaining to this, let’s discuss in the comment box.