Today, we will see more than 100 plus possible ways to earn or make money online from the internet in Sri Lanka including questions and answers to most of the common questions related to earning money online from home in Sri Lanka or anywhere in the globe.
Some tend to refer to online earning opportunities as passive income methods, but if you learn & do it properly, you can do it full-time, forgetting about other offline methods! So ultimately achieving the dream of online jobs ( from internet) in Sri Lanka.
First, we will go through some of the general questions that you may have, related to Sri Lanka earn online money methods.
Is it real? Is it a legitimate way? Is it rightful to say that you can make money online while at home? These are some possible questions that might come to your head if you are very new to the internet or new to the internet money in Sri Lanka. Earning money online is a real, legitimate and reliable way as long as you learn it and do it correctly. Almost all the internet-based revenue-making opportunities require more patience than doing a regular offline job or business.
You will need a computer or laptop in most of these methods. For some ways ( that does not need much work to do ), you can even use a smartphone or tab.
Then the essential element is to have a stable internet connection. ( Incase if you do not have an internet connection, but you have a smartphone, You can activate hotspot features in your smartphone and use your computer/laptop. Make sure you get a data package to minimise the cost! )
You have to be 18 years or more to do most of the things that we mention here, but you can still do most of these things with the help of your parents. ( One of your parents can register and then you can work under his /her account. Always use parents details to avoid any mishaps ).
Below two requirements are not required immediately to start most of the things but good to have them as soon as possible.
Some websites tend to ask for identity proof and address proof documents. ( Scan/camera copy of your NIC, Passport or Driving License as identity proof while electricity, water or any approved utility bills as address proof documents )
Make sure to have a local bank account ( Any bank account with a SWIFT Code. Most popular banks like Sampath, HNB, Commbank, BOC, HSBC, Standard Chartered Bank and NDB do have a swift code ! ).
Create e-wallets like Payoneer, Skrill, Neteller and Paypal to send and receive internet money in Sri Lanka. ( Note: Local PayPal accounts cannot accept payments so that you will need an overseas-based account.)
Patience is one of the essential qualities that you will require to be successful online. I know, most of you do not have this skill. Don’t worry, if you still do not have this quality or lacks patience, follow these essential tips and you will be fine; Make yourself wait, relax and take deep breaths and forget about what others think. Then try a short meditation, if possible.
You have to perform hard and work smart, as well. Also, you may come across challenging times and sometimes minor failures to massive failures as well but never give up.
Reason for saying that is some of these online methods do take some time to make money or to become successful. Failure does not mean you are incapable of doing it; it is just a part of the learning curve. No human being will be successful without failures; failures open up new opportunities and help you to do much better. How many times did Thomas Alva Edison fail before he invented the light bulb? 1000 times! But he was successful at his 1001 or the next attempt. So never give up!
So without any further delay, let’s jump into the list.
What is a blog website, and what is blogging? Blogging is a popular method where you write articles ( information) and share them online using a blogging platform (e.g. WordPress or Drupal.) or website where users can view that information documented by you regularly and share online.
Will making a blog earn money? Yes, it is one of the proven ways. You can buy a domain name, hosting and then set up a WordPress based blog within a few days and start blogging ( write unique content do not copy/paste ). Then once you have about 50 or more articles with about at least around 6,000 visitors per month, you can apply for ad networks that will help you to make money with your blog.
I strongly suggest you to read “ How to create a successful blog “ article which will provide all the necessary technicalities to set up your money-making WordPress blog website.
You might still have the below questions in your mind, and some quick answers for you provided as well.
Then using the step by step instruction in the above article you can start your blog on WordPress platform ( You can use any other platform but this is easier to use. So stick with WordPress. You will thank me later for sure ! ).
You can also buy a super cool low-cost WordPress design from Themeforest to stand out from the rest! WordPress themes available from $13 onwards but make sure to purchase one with a good rating ( Some good wp themes cost about $45-$75) otherwise you will have a hard time using it in future.
Once you have enough traffic and articles ( as mentioned above ). You can apply for one of the popular ad networks called Adsense.
How to earn money with Google Adsense? Adsense displays text and image advertisements. So when your visitors view/visit those advertisements, you will make money. ( For god sake, do not click ads on your own, it will ban your account and ad network will not accept you again ). Also, you can try other ad networks too ( refer the blog creating article )
Make a blog website using WordPress cms and monetise with Adsense.
It is a straightforward thing. Once you set up WordPress, you can create new articles using ‘posts’ sections. Then you can use ‘pages’ section to create various other pages of your website(e.g. about us, contact page, etc..)
Unique and attractive content will get you more traffic with time ( so patience is needed ! ). More traffic means more chances to make money from your blog.
Some of the worst blunders that I have seen are some people adding copied content, giving up a website after a few months when they don’t see much income. So make sure you don’t make the same blogging mistake as above once.
Forex trading is one of the highest rewarding investments online but equally carries an increased risk. Unlike other earn money online methods, this is something that anyone can start immediately. Get basic forex trading knowledge, learn money management techniques, practice in a risk-free demo account and then finally you can trade in a live trading account. You can use ICMarkets, Tickmill, Deriv or FBS to trade Forex. It is 100% free to try using a demo account!
Here are some useful answers to forex and trading related questions for you;
Forex or FX is the short term used for Foreign Exchange Market. Forex trading is the process of buying and selling currencies in Foreign Exchange Market via a Forex Broker.
Any market will have sellers and buyers. So we have one like that in fx trading but more advanced. It is a decentralised market that consists of buyers and sellers of currencies worldwide.
Forex broker is a service provider that connects traders to the Forex market. Decentralised Forex market is where buy and sell orders take place.
You can use any regulated and licensed broker with a good reputation. We can recommend ICMarkets, Tickmill and Pepperstone as some of the best fx brokers for you.
First, you have to make sure the broker allows your nation, then check if it is regulated and licensed. Also check, if it offers a virtual money account ( or popularly known as demo account ). This way, you can get a better idea about the broker. ICMarkets, Tickmill and Pepperstone are some excellent forex brokers supported for any trader in Sri Lanka. I have created a complete list for you, Check our top forex brokers list!
1 A computer, laptop or at least a smartphone
2 Stable Internet Connection
In forex trading, most forex brokers offer MT4 / MT5 trading platform while some offer cTrader platform as well. Also, some use their unique trading platforms. You can try all these platforms free and choose the most suitable forex trading platform for you.
Tip: MT4 and MT5 are lightweight applications, So easy to use in any popular operating system. You will have to do pip calculations, stop losses, take profits on your own. On the other hand, cTrader is a modern platform that offers automated computation for you. It is easy to use, as well.
If you are going to make trades in shorter time framework’s, then it is always good to use brokers with the lowest spreads. So Currently, the best brokers that offer the lowest forex spread are ICMarkets, Tickmill and FBS.
Babylonians are said to be the ones who invented forex trading as per history, but around the nineteen seventies only the modern foreign currency exchange market was created.
Let’s see some more exciting questions similar to our above question ;
Can forex trading make you a millionaire?
Yes, but It depends on many factors.
Can forex trading make you rich?
Yes but It depends
Does forex trading make you rich?
Yes but It depends
Can you get rich off Forex?
Yes but It depends
Can you become or get rich from trading forex?
Yes but It depends
Can you get rich from trading forex?
Yes but It depends
Can you get rich with forex trading?
Yes but It depends
Can trading Forex make you rich?
Yes but It depends
Can I be rich with Forex?
Yes but It depends
Can I get rich with forex trade or trading forex?
Yes but It depends
Forex can make you rich or not. It depends as I mentioned above!
So in general, everyone is asking about getting rich with Forex trading right? Good news is that you can earn any amount by trading with forex money management techniques. George Soros, Stanley Druckenmiller, Bill Lipschutz, Michael Marcus, Andrew Kreiger and Paul Tudor Jones are some famous and successful Forex traders. If they can do it, you too should be able to earn and make your dreams come true! The sad news is that a significant number of individuals loses in forex trading. Losses are mainly due to greediness and lack of patience in most cases. So trade wisely, and you can be part of the flourishing trading segment!
Forex brokers organise online trading events from time to time, or some offer them regularly under various categories. Money, entry tickets ( for premium tournaments) or gifts provided to winners.
You can learn Forex from A-Z using our Forex School for beginners prepared specially for those who are interested in Forex trading.
You can trade at any time from Monday to Friday ( Saturday and Sunday forex markets are closed ). When it comes to hours, from 1.30 pm to 2.30 am is suitable for trading ( while you are in Sri Lanka ).06.30 pm to 9.30 pm is the best for short trades as both US and UK markets are active. ( all these time factors are based on +5.30GMT time zone and assuming you are in Sri Lanka. So adjust it accordingly, based on your geo zone).
You can use any of the brokers in our list ( refer our website Forex > Forex English Articles > Forex Brokers for You ). All those forex brokers are mobile-friendly.
Some brokers offer free live account to trade(some terms and conditions apply). You must have already come across or will see the following promotions from time to time.
Forex with no deposit bonus
Forex welcome bonus 2020 or 2021
Forex no deposit bonus without verification
Forex no deposit bonus $100
Forex welcome bonus $30
Currently, FBS bonus 100 (fbs123 or 50 no longer available) and Tickmill no deposit welcome bonus 30 are some of the popular bonus schemes in the forex industry.
Note: Some may not ask for verification of your forex broker account to get the bonus but for your benefit, please kindly have necessary documents with you.
Both ICMarkets and Pepperstone do not offer any bonus with no deposit or welcome bonus.
You can start trading with an fx broker as low as $1, but to be honest, you need at least a few hundred dollars guys!
FBS - minimum is $1
Tickmill - Minimum is $100
ICMarkets - Minimum is $200
Deriv - Minimum is $5
Patience, trading practice and sound money management habits will help you to be a profitable forex trader.
Below are some of the popular trading ideas. Some will be using a single type, while others will use a combination of many ideas to enter a trade. Therefore adopt a strategy best suited to you.
Simple Price Action strategies
Candlestick based strategies
Fundamentally based strategies
Bottom Line? Forget about what others say and earnings. Start a demo account with a broker from the list here (it is free) and start practising while learning from our website. Then trade in a live forex account. If you come across anything unclear, contact us or place a comment below.
What exactly is meant by dropshipping business, and how does it work? It is a popular method where you can sell products to potential buyers online via your website or a popular marketplace but without actually keeping products with you ( without any stocks with you ). You will be getting the products from a third party ( in this case, from the whole seller ) and that third party will be keeping stocks and sending products to your buyers ( with your details on the item such as business name, name, address etc.. ).
Here is an example to get a better idea ;
Assume you have built a website, and then you have placed several types of watches for sale ( or it can be even a marketplace like eBay ). A visitor comes to your page and buys a wristwatch with a price tag of $20. Now you have got a sale and need to supply the product to the customer. You will go to Aliexpress ( or chosen wholesaler ) and place the order for $12 on behalf of your customer. The wholesaler will send the item to your customer with your details on the product. That’s it..! You get $8 as your profit. Hope now you understood it much better.
You can refer to our ‘ How to make money online with Dropshipping in Sri Lanka ’ to learn more about how you can do dropshipping by using your website easily.
Here are some more possible questions and answers that might help you to get a better idea.
Dropshipping store is a products website or marketplace page where you are selling your products to potential buyers. You will be sending the product from the wholesaler, once you receive a dropshipping order from a customer.
What should I dropship?
You can sell any product online via dropshipping. Start with low cost and low-risk products like watches, fancy items and phone accessories, etc..
It is better to identify trends and sell products based on that, but in general, the best products are the one with the right profit margin.
eBay dropshipping is when you sell dropshipping products on eBay marketplace. ( some assume dropshipping means only reselling in eBay. It is a wrong assumption. Dropshipping covers a vast segment )
Same like above, but you are selling on Amazon marketplace.
So generally, the best way to do dropping is to sell products via your website or eBay.
Can you earn money from a youtube channel? Yes is the shortest answer. Youtube is the most popular video-sharing platform globally as well as locally with massive traffic across various segments. You will come across sites like Vimeo and Metacafe as well, but the leader in the industry is youtube. Youtube is one of the best ways to make online earnings in Sri Lanka using that traffic. You can create a youtube channel and produce video content ( useful to the public like places, foods, music, etc.. ). Then make revenue using Adsense ( once you reach the minimum criteria ) or sponsor advertisements or merchandise ( sell things like caps, shirts, mugs and bands ).
Here are some answers to earning with youtube related questions;
Yes, It is free to create a youtube channel. The only thing you need is a Gmail account, and you can create your youtube channel within a few minutes using your computer or smartphone ( Use the Youtube app in android or iOS ).
It is free. So no cost to start a youtube channel wherever you are in the world but to make videos; you need a device ( Camera and Computer or at least a Smartphone ). Most of the newcomers to youtube tend to use their smartphone for a start and then later, invest in professional cameras & other required types of equipment ( noise-cancelling microphones etc.. ).
How much money or profits can you make on youtube?
Zero to unlimited is the shortest answer for you. If you work hard and smart, earning money online with a 'youtube dream' of yours can be a reality, and you can earn a very high income from it ( One person made $26 million in a year. He is the highest-paid YouTuber 2019. So you should be able to earn from youtube too). If you sit and wait, you might not even make a penny from youtube!
Create a Gmail account, if you still don't have one. Then sign in to youtube with that account and then create a youtube channel.
Ryan Kaji, Dude Perfect, Anastasia Radzinskaya, Rhett and Link, Jeffree Star, Preston, Markiplier, DanTDM and VanossGaming are some of the highest-paid YouTubers according to media reports by Forbes. Ryan Kaji earned $26 million as youtube income. It is the highest youtube earning based on that same report for that year.
It varies based on the type of advertisements shown and your geographical location as well. Typically $1.5 to $20 per every 1000 views is the youtube pay rate. So How much do YouTubers make per view? About $0.0015 to $0.04 per view.
Varies a lot depends on your content and audience. Generally, you can make between $500 to $20000 for 1million views. For example; according to Youtuber 'Shelby Church', she made only about $1200 from a video with 3.9million views, while $40,000 from a video with 2million views. Therefore the earning potential for each video can vary significantly.
Youtube pays for views, not subscribers. So as long as you possess an active subscriber base, it will immensely help you to get more visitors and ultimately more revenue.
About $15 to $200 but you can make more with sponsor advertisements.
You can choose a payment method in Adsense to receive youtube earnings once you reach $100 or more. You can get your payment via bank transfer in Sri Lanka or anywhere you are residing at the moment.
Bottom line? Forget about earnings, choose a niche and do quality videos. You will be able to make revenue gradually.
You can join a GPT or PTC website to earn money while at home.
GPT stands for 'get-paid-to'. Some websites pay you for doing various activities such as paid surveys, videos to watch, ads to watch and join trials.
PTC stands for 'paid-to-click'. Some websites pay you for watching advertisements.
Two different things but most of the gpt websites also include paid to click advertisements and vice-versa.
It is offering PTC services since 2008. It is one of the oldest, established and genuine PTC websites that pay. NeoDev Lda company in Portugal owns it. You can make revenue by watching and clicking ads on sites like neobux using a desktop or laptop computer ( Neobux still does not support mobile ad viewing ). Also paid surveys, mini-jobs and mini-games available on the platform to make revenue but it is not easy to get the latter stuff that much as long as you are in an Asian country like ours.
Minimum payout is two dollars, and you can use Skrill, Neteller and a few other methods to receive your earnings.
The Swagbucks owner is Prodege. A California based marketing company and a very famous company in the USA. Swagbucks offer gpt type earning methods since 2008. You can make points ( called SB ) by doing tasks, cashback offers, surveys and similar activities. Then you can convert the SB's to dollars and get via Paypal ( The minimum withdrawal amount is $10 ) or redeem as Amazon gift vouchers.
The good thing is Swagbucks offers an android and iOS app. So you can use it while even coming to your office!
Formerly known as ClixSense and providing services since 2007. Prodege acquired it in 2019 and rebranded as ySense. You can start earning money by doing online surveys with ySense. Also, you can make by registering with websites, downloading mobile apps, testing products/services, watching promotions and completing tasks. Availability of activities for all these depends on your geographical location. If you are residing in Asia or Africa, you may not have many offers.
Minimum withdrawal amount in ySense is ten dollars and payment made to your PayPal account. Still, ySense does not offer a mobile survey app for Android or iOS devices yet.
PrizeRebel is a combination of both PTC and GPT models and offering services since 2007. iAngelic company in the USA owns PrizeRebel.
Be careful of PTC sites that popup suddenly as most of those websites vanish after some time (both locally and internationally).
You can make some extra cash but not that much unless you can build a strong downline/group. Paid to click is just a minor income-generating mode.
Like I said on neobux platform, most of the survey sites do not have many offers for the Asian or African market. So mainly what you can do is click ads or use cashback offers and build a strong downline with most of these GPT/PTC platforms to make a revenue.
Bottom line? Paid to click method sounds more comfortable to do right? But the amount of revenue you can make is realistically low. So probably use this as a last resort, if you are unable to do any of the other methods mentioned in the list.
You can do simple tasks in certain apps and make an extra income. Rakuten, Swagbucks and Money App – Cash & Rewards App are some popular apps of that nature. Give it a try and see.
You can sell stock photos taken by you on sites like Shutterstock ( One of the best stock photography selling websites ) and make revenue. They pay you for each purchase made by Shutterstock buyers. You can refer to the Shutterstock photo and image tutorial for more information on our website and start a photography business today itself.
Shutterstock is the best. You can also try other sites like iStock Photo, Fotolia, Dreamstime, Getty Images, Stocksy,123RF, BigStock and Crestock.
You can do it but make sure to read the terms and conditions of each stock photography platform as some may have certain restrictions. For example, if you tick the 'exclusive' option in a site means you can not sell it elsewhere.
Are you good at creating scripts? Then you can create website scripts and sell them on websites like Codecanyon, ThemeForest and even on your website.
Be sure to adhere to all the guidelines in each script selling platform and prepare all the documentation before submitting and make sure you are not copying an existing script; otherwise, your project may get rejected on submission. Also, you can provide support as a subscription and make a regular income too.
You can use Colombo stock exchange to make online trading in Sri Lanka that will help you to acquire revenue while at home.
Buying and selling of listed local companies shares online using the share market in Sri Lanka.
You can start it by choosing any of the Colombo stock exchange ( share market ) brokers that will provide an online trading platform. Also, you have to open a CDS account ( your broker will guide you).
You can use the Colombo stock exchange official website to go through the listed public companies in Sri Lanka. Here you can learn more about every local company too before investing in them.
You can use CSE official broker list to choose a share market brokerage company in Sri Lanka or refer the Colombo stock exchange brokers list below;
Bartleet Religare Securities, Asia Securities, NDB Securities, Acuity Stockbrokers, John Keells Stock Brokers, Asha Securities Limited, Assetline Securities, Somerville Stockbrokers, J B Securities, Lanka Securities, Capital Trust Securities, S C Securities, CT CLSA Securities, First Capital Equities and Nation Lanka Equities. Choose a Sri Lankan stock market broker with a low minimum deposit and good customer care.
You can make revenue by capital gains or as dividends.
Capital gains; When a share that you bought rises in value, you can sell it and make a profit. Example: say you bought a Sampath bank share for Rs 128 and by next year it rises to Rs 160. The difference of Rs 32 will be the capital gain and your earnings.
Dividends; When a company makes profits, and if they can pay the shareholders too from that profits, they will make a payment quarterly or annually. For example, Dilmah Ceylon Tea Company PLC paid Rs20 per share in 2020. So if you own 1500 shares, you will be making Rs30,000 as income ( 1500 x Rs 20 ).
You will need to deposit at least Rs50,000 to Rs100,000 to use the online trading facility to buy and sell stocks. If you are looking for trading without that online facility, you can even start with Rs 1000. So which method is best? The online system. So always go for the online-based system, and you will thank me later!
( Note: Heard some brokerage firm seems to be asking at least 1million as the initial investment. You do not need that much as a newbie if you are with small capital. Probably those firms are not interested in small players. To trade using a broker that allows you to deal with about Rs50k - 100k.)
When it comes to trading, losing is also part of the learning cycle. So to profit, you have to minimise the losses and make more winning trades. Also, be sure that you are good at analysing companies and charts before jumping into the Sri Lanka stock market. Example of losing money in stock trading; Say you bought a share for Rs200, but you are selling it for Rs100 ( as the market is going down or you are in an urgent need of money). You lose Rs100 for each of that share.
It can be classified as a high-risk investment as high price movement can result in loss of your asset value ( in this case stock value ) and may take many years to recover in some instances ( or you will have to sell with a loss ). So basically, you have to understand this scenario and trade with an excellent understanding to make profits while minimising the losses.
With forex trading, you can make profits much easier than stocks ( using proper money management methods and careful analysis of asset charts ) as prices move in both directions in many assets regularly. Also, you can make good revenue with small as $200 - $1000 investment in forex trading. When it comes to the Sri Lanka stock market, making good profits from buying and selling stocks is not that easier with a small investment ( that you can risk ) and less knowledge of local companies most of the time.
If you can wait for a lengthy period ( hoping for the best ), stock market trading is also not bad. ( Note; Do not invest money that you cannot afford to lose in stocks, trading or any business. Because any investment or business carries a very high risk though they open the path for immense profits for you. )
You can make money by writing articles online from home. High-quality content writing in Sri Lanka is one of the popular methods and carries a high demand as well. You will have a good opportunity If you are good at unique and creative content writing in areas such as technology, healthcare, travel, tourism, modern agriculture and day to day things anywhere in the world.
Here are some useful questions and answers related to your writing industry which may be helpful for you.
As you are good at content writing, you can start your blog ( A website with useful information ) and monetise it with ad networks or sponsored content. Also, you can add an online store to maximise your income from the blog website.
You can find various freelance content writing jobs online in Sri Lanka or any country. Just contact some of the popular websites/companies that may give you a chance to earn money by writing articles for blogs, product reviews ( Amazon, eBay), stories, fiction, poems and, essays, assignments and thesis online. ( Verify your grammar and sentence structure are impeccable as most reputable businesses will be interested only in high-quality content writing services ).
You can introduce yourself via email and ask if they have any content writing opportunities. - Don’t add any links or attachments in your first email. If they are interested, they will ask. Then in your next email, send the links or documents for reference.
Another way is to have a website, social media pages and classified advertisements to reach potential customers. Joining freelance websites like Fiverr, freelancer, and Upwork ( formerly known as odesk ) marketplaces will help to find content writing offers as well. The only drawback in marketplaces, as mentioned earlier, will be the high competition, as you will have to bid to get any writing orders.
Some find it hard to create a resume and cover letter when applying for jobs. So you offer cv writing services online in Sri Lanka and make a good income.
If you are good at presentation, assignment or thesis preparation, you can help those who are struggling to make them and make an extra income while at home. Earning money doing contented based projects online is a trending thing among good unique content writers worldwide.
You can post an advertisement in popular classified websites ( in Sri Lanka or overseas ), and using them you can get potential customers. So then you can earn money by completing their assignments or presentations or thesis.
Most of the popular website’s offer various contests and tournaments from time to time. You can use these opportunities to make extra income. Example: forex tournaments, logo contests or photo contests.
You can do website design at home. You can get projects from freelance websites such as Upwork or Fiverr.
If you are good at SEO or search engine optimisation techniques, then you can offer your services online. Online business will love to get your SEO services if you have the necessary skills to help their business in search engine rankings.
You can offer search engine marketing services to make online income. Learn the skills in online sem advertising, and you can make it a profitable business.
Well, making videos is not an easy job like the things we mentioned earlier. You will need a pc with requirements to run video making professional applications such as Adobe premiere and after effects etc. You can start an online video production service if you have a video editor compatible computer and you are extremely good at making videos. Make sure to have an attractive video portfolio to show to the customers as well.
You can make Whiteboard & Animated Explainers to online businesses and get income just like the above method.
You can make video reviews for products, services or companies.
If you have a clear voice and good with your language, then you can offer voiceover service online.
If you are good at composing songs, then you can find potential customers using websites like Fiverr or music-related websites.
If you have the skills to read horoscopes and related things, you can do it online.
You can become a virtual assistant while at home if you are good at things like computer-related stuff or any help you can provide virtually. Let me give you some examples.
Someone may need help when using a smartphone for the first time, using an app for the first time or printer not working due to a spooler problem. In all these case, you can help virtually.
You can offer data entry services via freelance websites and also get data entry work from other websites that offer such work. For Example, a company that has a hard copy of a document may need a softcopy readable through Microsoft office.
If you are good with popular software applications ( desktop and online ), you can provide support online using various applications like Skype or Teamviewer.
Suppose you are good at creating simple to more complex creative logos. You can get projects from leading freelance websites or from companies. Be sure to have a portfolio of your logos (If you do not have anything to show, create a few samples to showcase!)
Any business will require loads of design work as promotional materials. You will be able to provide graphic design online using your website or by joining web portals that offer design work that you can bid and take. Examples of such sites are Fiverr, Upwork and Freelancer.
You can sell vector images on sites like graphicriver or Shutterstock. Make sure you follow the guidelines in each portal before submission.
If you are an experienced 3d modelling artist ( Don’t get confused with modelling! This is about making 3d designs using an application such as 3d Max and Maya), you can sell your 3d work online in sites like cgtrader. Just make sure what you submit is your work, not the work of others.
If you have the basic knowledge of Cpanel based hosting accounts and ability to troubleshoot minor web hosting matters ( for severe issues, you can get help from your upstream web hosting provider), then this is for you. You can start your online website hosting business by using a reseller hosting account. Get a reseller hosting account from a reliable web hosting company like A2Hosting, then sell it to your customers with a profit by creating multiple Cpanel accounts in that reseller.
Same like a basic cPanel hosting account but you get a few extra features such as WHM( web hosting monitor application with your hosting account ). WHM is an application used to create hosting packages, multiple Cpanel accounts, and then sell web hosting packages online to your customers.
You can use a premium billing application such as WHMCS ( this is the best as most people are well aware of it than any other web hosting billing software ) or Blesta to automate your reseller web hosting business.
As long as you get a good reseller account from the companies mentioned above, you will get good customer support from them. So if you come across any significant issue from your customers, you can get help from your upstream server provider ( Please do not misuse it).
Also, get familiar with basic things in web hosting and web hosting related issues ( Example; DNS related issues, error codes and SSL certificate installations ) to provide better customer care. Unlike other industries, if you provide unstable servers and poor customer service, they will migrate to a different host as this is a competitive industry.
Some companies are looking for social media accounts for their promotional activities. You can buy and sell your business accounts using social media groups or classified advertising websites in Sri Lanka or overseas.
Same as above, businesses are looking for social media pages with an excellent fan base. You can sell fan pages and make revenue too.
Do you have a social media group with a huge fan base or groups with a decent number of enthusiastic fans, but you do not have time to manage it? Then you can sell it for someone interested in it and lucrative income.
You can sell mobile gaming accounts too. You can sell it using various platforms. Optionally you can sell it using the connections ( friends) that you make in the game as well because some will be on the lookout for a second or third account or probably an account for his brother or sister! ( Tip: Most of the time this works with strategy type games like Clash of Clans, Vikings, Clash Royale, Rise of Kingdoms, etc.)
Are you familiar with all major social media networks and marketing channels in them? Then this is for you. You can check with companies directly and look for opportunities. Some times you can do this on a part-time basis or full-time basis at home as well.
You can discuss with other online stores and acquire unique coupon codes for your website where you will get a commission for referred potential customers. Coupon ideas are suitable for someone with good marketing skills. Example of a popular coupon website is RetailMeNot.
You can start an online news website ( same way like doing a blog but with a bit of layout adjustment ) and build traffic using social media. Then you can either use an ad network ( refer blog writing section for more details ) or get advertisements from local companies.
Same like a news website, you can start a gossip website and make revenue using various ad networks.
You can start an online radio and stream it using social media. You can earn by promoting businesses and products quickly. (Tip: Make sure to build the right audience before looking for potential advertisements.). Interact with your fans regularly to make a better fan base.
You can start an online tv channel using various streaming software. It is way less expensive than running a normal tv channel. You can stream your tv channel using social media or your website. Same like with radio, interaction with your visitors is essential to build a strong fan base. Then you can get earnings the same way as in an online radio channel.
( Note: Make sure, if your geo zone requires any license to operate an online channel for both tv and radio )
You can start an online shopping store using platforms like WordPress, Shopify or similar media and start selling online targeting Sri Lanka or any geo zone of your choice. It is better to get it created from an experienced web designer ( You can get it done for about Rs50,000 to Rs 200,000 from a good designer ) when building your shopping store.
You can use bank deposits, payhere ( Popular online payment gateway among small businesses in Sri Lanka ) or any bank gateway. Bank gateways may require you to have a registered limited liability company So you can use a payhere gateway as an alternative. You need only a sole proprietorship registration ).
You can use Paypal service as long as you can receive money to your Paypal account. Also, you can use ezcash, mcash as well as cash on delivery or cash on pickup ( latter if you have a physical location).
It is an easy thing. You can do any of the latest techniques below or a combination of all these methods.
a) Send the goods via EMS Post via your local post office ( this is cheaper, and some say delivery is also faster in most areas )
b) Send the goods via a local courier service company. Pronto, PromptXP, Domex, Certis Lanka and Citipak are some popular courier companies. All these courier companies have both positive and negative reviews. So choose the best one in your area ). If you are planning to send the goods overseas, you can use DHL, TNT or ups.
c) If you have a bike, trishaw or a vehicle with good fuel consumption, you can deliver around your area to reduce expenses as well ( long-distance once you can send via ems or courier )
d) You can use ‘pick up from the shop’ facility, so customers can come to your place and collect the item. So no additional cost for customers as well.
You can create a platform for buyers and sellers. Aliexpress and eBay are some popular multi-vendor platforms globally, while Daraz is an example that operates locally.
Best would be to use a coded script from scratch using modern coding languages and techniques or use a multi-vendor ready-made script like CS-Cart.
You can use any cms platform like WordPress or Joomla, but these platforms will not be the best for a multi-vendor store as they are not explicitly for such stores.
These eCommerce platforms are ideal to start your online store but not that suitable for a project like business to business platform.
Mind you; this needs a lot of effort and adequate capital to invest in things like servers, unlike shopping stores or websites. The reason is web-based systems of this nature require loads of resources when traffic grows. So shared hosting or basic reseller hosting won’t be enough. You will need a high-end VPS or dedicated server for the multi-vendor store.
You can act as the middleman between sellers and buyers of brand new or used vehicles. You can do it during your free/spare time too but make sure you know about the cars, or you will have a hard time with both parties!
You can become an online property broker in Sri Lanka ( If you are in a different country, check whether you need a license to become a property broker. Some of the countries do not allow you to do it unless you have a permit to operate as a real-estate broker ).
What you can do is find properties for sale and property owners willing to offer you commission for a successful sale. Next thing to do is to post an advertisement.
You can sell online using premium and free classified advertisements websites in Sri Lanka. Ikman.lk, hitad.lk, lankapropertyweb.com, weladama.com, Sambole.lk etc. in Sri Lanka while you can use sites like gumtree in the UK and Australia ).
Is there anything that you didn’t use for a more extended period? Say for the last 5-10 years? You can sell them using classified websites or social media online to make money. Then probably can buy something useful to you with that.
You can collect emails using legitimate ways and then sell them to companies looking for email databases. Why do companies need email databases? Any company that depends on customers from the general public will love to have contact details so that they can promote their product or service.
( If you are residing in a country with strict data protection rules and regulations, please kindly check them before doing anything of this nature. Example; Europe)
You can review apps and make revenue. First, contact some of the app developers, and you will be able to find such opportunities. Make sure you test the app properly; otherwise, it will harm your profile, if the app does not work as stated by you.
Some websites would like to have reviews on specific platforms. So you can grab this opportunity to make extra revenue.
If you are very much addicted to games, this might help you to make some extra bucks at home. How can I find game testing opportunities? You can inquire from desktop or mobile smartphone game making companies, check game developers websites or social media pages.
If you are good at finding errors/bugs in mobile apps and have skills in checking the usability of an app even by a non-specialist, then you can turn your talent into money. Contact famous app makers and look for any app testing tasks.
Same like games or apps testing. Check with website development companies for opportunities.
You can buy and sell domains using Flippa or even use domain registrars ( using a parked page and adding your offer to that domain that you are going to sell ).
Say you buy a domain name for 12 dollars. Then you sell it for 30 dollars. You make 18 dollars as your profit margin. Above is just a simple specimen for you.
Below are some of the most expensive domain names ever sold on this planet!
business.com – 345 Million Dollars ( 2007)
insurance.com – 35.6 Million Dollars ( 2010)
voice.com - 30 Million Dollars ( 2019)
insure.com – 16 Million Dollars ( 2009 )
360.com – 17 Million Dollars ( 2015 )
internet.com – 18 Million Dollars ( 2009 )
Various factors affect it. Shorter and common names are generally expensive even at registrars, For example, two-letter .lk domains cost Rs 25,000, and three-letter domains cost Rs 10,000. In contrast, four-letter and above domains are only Rs 3000 to 5000.
Also, the shorter names are straightforward to brand, market and remember, unlike longer website names. So more concise formats are the once ideal for earning money by selling domains online.
You can create a blog website, build quality traffic and then you can sell for a higher price. For example, TechCrunch blog founded in 2005 sold for $30 million in 2010. Another example, Livejournal founded in 1999, Sold for $25 million in 2007.
You can also create a customer-based business website ( A site that provides a service or sells products online ), get loads of customers and then sell for someone interested in acquiring your business. For example, Site5 web hosting service provider sold for $36 million.
Also, you can buy potential websites, blogs or eCommerce websites and then sell it later on with profit. For example, some local online stores acquired by popular companies sold them later for reasonable offers.
How to sell your website online? How to sell my website? You can sell your website on flippa same like domains. Also, you can sell it directly by yourself using advertising media.
Here are some of the famous and most prominent online website sales.
LinkedIn by Microsoft ( $26.2Billion - 2016 )
YouTube by Google ( $1.65Billion - 2006 )
Geocities by Yahoo ( $3.6 Billion - 1999 )
Tumblr by Yahoo ($1.1Billion - 2013)
Bluehost by EIG( Unknown - 2010)
Hostgator by EIG ( $225million - 2012)
So you can do it too! Build a good brand and sell it for a fair offer when the right time comes! Also, you can act as a broker between a website owner and an exciting party in acquiring the website, which will give you some good money online.
You can create apps and monetise with ad networks similar to a website. Also, you can add in-app-purchases to make further revenue. Example, To speed up a castle upgrade in a game app, you can offer speed boosts for a few extra dollars. Most of the strategy type games are making millions using in-app purchases. One of the significant expenses with these games is the high cost of high-speed game servers to minimise games getting slower. It will help if you purchase good servers to prevent lagging in games.
Same like a website, you can buy and sell smartphone apps & browser-based apps using flippa or other online methods. Some possible app-related questions.
How to sell a unique app idea to Apple, Google, Facebook or any Company? You can contact these popular companies or any other company. If these organisations are interested in your concept, they may purchase it from you or invest for your app as well.
Just don’t contact those parties with ideas that are already existing as it will be a wastage of valuable time for you as well as companies. Come up with something unique and useful for the society that can help the company to profit ( or gain the upper hand over its competitors) as well. For example, Instagram was not making revenue when Facebook bought it in 2012, but they acquired it to have the upper hand over its competitors.
If you have years of experience and knowledge in a particular field related to business and management, you can provide professional guidance and advice. For whom to offer my services? To individuals and companies that need it online as a consultant in Sri Lanka.
You can even set up your own business or management consulting firms in Sri Lanka and offer consultancy services in Sri Lanka. Consultancy is ideal for someone with years of experience at top management in any established private company or government organisation.
It depends on the firm and your degree of expertise. Say you have 15+ years of experience, and a successful individual in that particular field, any business consultancy firm in Sri Lanka or overseas will love to have you with their team at least on a part-time basis. So feel free to contact local and overseas consultancy firms via their websites for consultancy opportunities.
If you are good at writing a book related to any field, this is for you. Write it and then sell your hard copy online using your website, social media, Amazon,eBay and classified websites. You can deliver it using courier services or government postal service.
You can write a magazine similar to making a book. Then sell online.
Rather than printing books and delivering, you can make soft copies. Then sell the soft copies, same like selling a hard copy online.
(You can offer an instant download facility as well. So the client will be able to get access to the book instantly as well.)
Same like an ebook, you can make an eMagazine with a monthly subscription or per copy basis payment method. Promote same way like ebooks.
Same like a business consultant, you can become an IT consultant online. Generally, you can offer services in various categories under IT (example; Database)
Many people struggle when it comes to marketing, so if you are good at marketing. Online marketing is for you.
Teaching marketing to someone is not that hard ( as long as you know the subject very well) but getting him genuine leads and sales is fantastic, right? If you are good at lead generating and them converting most of them to sales. Then you can offer this service online on a part-time or full-time basis.
You can get jobs that allow you to work remotely.
Remote jobs are one of the hardest things to find because of the high competition but give it a try. Here are some job sites that you can use to find potential remote jobs; Flexjobs, We Work Remotely, Solidgigs, remoteok.io, Remote.co, Virtual Locations,PowerToFly,Staff.com, Working Nomads, Jobspresso, Europeremotely, Jobscribe,wfh.io, Outsourcely, Indeed, Idealist, The Muse, Authentic Jobs and Landing. Jobs are some websites to get a remote job. Also, you can use local portals like topjobs.lk,ikman.lk,cv.lk,hitad.lk,siyalla.lk, weladama.com, etc. to find job opportunities ( remote jobs will be scarce in local portals )
Are you good at teaching languages such as English, Sinhala, Tamil, French, Korean or Japanese? or subjects like Maths, Chemistry, Physics, Biology, Business Management, Accountancy, Economics, Religion, History or Geography? Then you can join popular teaching portals or start providing online teaching via your website. ( You can use free classified portals and social media to get leads as well )
If you are fond of teaching for kids, you can offer tuition for school kids online.
You can make and submit podcasts to popular podcasts website and earn revenue using ad system on those websites. Also, you can make revenue by creating podcasts for others.
If you have some unique idea or something useful to society, you can make a project plan and then raise funds using popular crowdfunding platforms online. You can try popular crowdfunding websites like Kickstarter or Indiegogo. Then once you have reached your crowdfunding goal, you can make money with your business.
If you are good at making a unique, tasty recipe, then you can sell the formula to food-related websites, YouTubers looking for new and unique food recipes.
Are you a guy that makes unique documentaries or you are good at making them? Then you can sell them to online media channels or YouTubers.
If you have done some unique and useful research, you will be able to sell it to various parties online.
Selling foods is something that someone loves to cook can do (Ideal for those who are at home, good at making tasty dishes!).
How can I do a home-based food business online?
a) Identify what you can prepare ( main dishes, short-eats, sweet or food for events), the area you can cover and then start it small.
b) Setup social media pages ( preferably Facebook and Twitter) and include the products you are going to sell. Build an audience step by step and promote it.
c) You can deliver the foods to potential customers in the following ways quickly; Using your vehicle or using a trishaw guy. If you are around areas covered by uber eats app, you can join the uber eats, and they will deliver it for your customers(customers that come through uber eats app)
d) Once you get some customers, get a business registration and also upgrade your business by building a professional website ( you can get it done for about Rs20,000 - Rs50,000 from a web designer in Sri Lanka)
( Please follow acceptable standards of food hygiene. Also, follow guidelines from PHI in your area. If you are in an overseas country, please follow the guidelines in your country as some nations have strict rules when it comes to food hygiene. )
You can become an influencer on popular social media and build an active fan base. Companies will happily give you paid content to post as many companies (both locally and internationally) looking for ways to get leads.
You can make revenue by renting your property using Airbnb booking portal
You can use shortening URL websites below to earn income.
Shorten the URL and start sharing ( Please read guidelines on each website. For Example, shrinkme and shortzon do not allow Facebook or WhatsApp traffic. ). The process may not generate a significant amount. Still, you can make some money with URL shortener sites.
Paypal and Payoneer are the primary payment methods. Also, some offer bank transfer, Skrill and WebMoney as well.
You can prepare and sell teaching materials on sites like teacherspayteachers.com
You can sell insurance packages online for both individuals and corporate businesses.
If you are good at providing investment advice, then you can offer financial advice online for a premium fee.
You can offer loans online using your web system or a combination of the manual-automated method. Already few companies in Sri Lanka offers quick loans in this way ( You may need a registration to in most geo zones )
You can teach Yoga online to those who are interested in Yoga.
You can offer spiritual teaching for those who are looking for one to one spiritual teaching.
If you are good at online promotional activities, you can promote affiliate products like Clickbank ( Make sure to get Click Bank University access so that you will learn the process from A to Z ). Make sure to follow all the instruction provided and strictly adhere to them.
Dating consultancy may sound a bit crazy, but to be honest, some individuals may need help when it comes to dating. So if you are good at it, this is for you.
You can offer wedding consultancy online for those who are planning to have a wedding soon. You can use your website or use any third-party platform as well.
Same like above, you can provide advice to newly married couples or couples that are having various kind of issues where they need advice from a professional.
You can write professional content in English for other websites to make a revenue as some sites are willing to pay for quality unique content. For Example, you can try Listverse. You can submit 10 item lists, and if approved, they will pay you $100 via Paypal. You can also try Write For IL, Fundsforwriters, Write for ALA, CopyBlogger and Medium. Make sure you do not abuse these websites; only submit your unique content.
You can provide language translation services which have a very high demand worldwide.
You can provide editing and proofreading documents.
You can make a dating platform and make earning using a subscription-based model.
You can sell valuable antiques online using your website or classified platforms.
Some ancient coins have high demand, So identify them, and you can sell on popular platforms like eBay.
You can make a file-sharing website ( as long as you can afford to invest for high-end servers). Then you can offer a premium package, subscription-based model or use third party advertisements to make an income.
Same like the above method, you can make a video sharing portal.
Same like the file sharing, you can make a file converting website.
Some small startups will require ways to showcase their products using models. For Example, a small clothing store will need individuals to wear their products, and after that, they will use them for promotional work.
Clickworker is an online platform that provides tasks for individuals based on their qualifications and skills. It is free to signup, but you have to complete short assessments and get good results to be eligible for tasks.
You can join Answering platforms like JustAnswer and provide solutions for those who are having various types of questions/issues.
If you have travelled around many places or familiar with many locations (locally or internationally), this is for you.
You can offer travel advice for those who are planning to go to a place (that you have already visited or familiar).
Also, you can teach them about local rules and regulations to follow, about accommodation facilities and activities to do around that place.
For whom can I provide travel advice? You can mainly offer travel advice to busy individuals such as doctors, engineers and anyone with a busy life schedule.
If you are good with analysing various data, you will have a good chance with most of the companies that are looking for data analysts to work on a freelance basis. Companies use data analysis to identify the current situation of their business, expand their business or to make crucial decisions.
When it comes to agriculture, many Agri-sector individuals or organisations come across various issues or needs numerous technologies to operate. So if you are in the Agriculture sector, you can offer specific advice online. For Example, you can provide organic farming techniques to vegetable farmers or a solution to a pest infection.
You can invest online using crowdfunding platforms and make a profit share.
You can make a bidding platform locally to buy and sell products. You can make a revenue as a middleman.
You can help individuals to fill university admission applications and make a revenue, especially when students want to apply for foreign universities.
You can offer validation of documents such as University degree certificates or any legal document online.
If you have an excellent 3D Printer, you can offer the services to companies that are looking for 3d printing service.
To reduce inhouse cost in companies, they tend to outsource project management. If you are a professional project manager, then this where you can come in and fill the gap remotely. You can find remote project management work on most of the freelance platforms and job platforms.
Below section includes some of the professional types of jobs that you can do online to make revenue at home on a part-time or full-time basis but requires a license or a registration.
If you are a registered and a licensed doctor in Sri Lanka, you can provide consultancy services by joining popular healthcare-related portals or offer it via your website. Also, you can do online doctor booking service in Sri Lanka using your website as well.
( If you are residing in a different geo zone, you may follow the procedures as per that countries healthcare system.)
You can provide one to one consultancy services that do not require physical attention. Example: If a person says he is suffering from stress, you will be able to provide him with a solution.
Suppose you are a registered lawyer and has a license to practice, Then you may offer legal services online to individuals. Example: Advice an individual regarding a motor traffic violation or personal dispute.
Suppose you are a registered lawyer and has a license to practice, Then you may offer legal services online. Example; you can provide consultation for a firm that has a brand dispute or problem with an employee.
Suppose you are a professional accountant, you can offer accountancy related services like preparing balance sheets, profit and loss accounts etc
Suppose you are a registered accountant and an auditor, you can offer auditing related services.
Suppose you are a professional and licensed architect, you can offer architectural engineering services online to individuals or companies.
Are you are a veterinary doctor? Then you can offer some veterinary services like meal advice that will be needed by pet owners.
You will have to work using the skills that you possess or invest to earn money online unless you win a lottery ticket, prize or get money from your parents. 😀 Earn money online is not a get rich quick scheme like some says. You need to put some reasonable effort, guys!
It is possible to do online money-making in Sri Lanka without a significant investment. You can do things like freelance work like content writing, translation work, graphic design. Also, you can participate in free forex trading tournaments without any investment to make money online at home in Sri Lanka or anywhere.
If you do not have a job, but you have money with you, then you can invest and do forex trading, start a blog, start a youtube channel or any similar online earn money in Sri Lanka.
If you do not have a job and if you do not have money as well, then you can try most of the free methods like free forex trading tournaments, become an online tutor or join freelance websites.
Also, you can apply for companies that offer part-time online money earning jobs in Sri Lanka. For example, a company that provides seasonal based products/services might hire a graphic designer during that season to make their promotional materials.
You can earn money with some online websites without investment online. Below example is a make money online opportunity without investment for students at home.
Example: Create an account in the Freelancer website or Upwork website, and you can offer services such as graphic design or software development. ( Ask your dad or mom to create the account under their details, if you are still not 18 and does not have any documents for identity/address verifications )
Just sitting and waiting won’t help you in getting any online full time or part-time jobs that you can do from home or office in Sri Lanka. You can find online job vacancies using some of the methods below.;
You can even do things like blog writing or even become a Youtuber, but those may take considerable time. Still, with above three things (especially Forex Trading ), you can make revenue faster, as long as you apply correct techniques (e.g. money management in Forex ) and gain the necessary skills (e.g. Logo design skills ).
You can make money from the internet using popular trading apps. You can try the following websites and use their mobile app to trade and earn revenue while at home. ( earn-money app download method: You can first register with any company in the above link and then download the app to your device, smartphone or tab ).
Also, you can register and use Shutterstock contributor app to upload images to make extra income while at home ( make sure the photos are high quality and of high resolution).
So I have highlighted most of the possible ways that you can use online to make revenue at home or while even working at office ( of course, during free time! otherwise you will be at risk of losing your employment!). To write the above earn money article took almost about a week. So I hope the information on the page is useful to you.
In case you have more ideas like above or have any questions related to earning money online, feel free to comment below or drop an email using the contact page.
Prathilaba September 30th, 2020
Posted In: blog
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Today we will learn about how we can use support and resistance zones to trade forex in a Trending ( uptrend or downtrend ) Market. You can use this method as a trading idea or use this method to help any other trading idea as well. A simple forex trading idea by Prathilaba Sri Lanka.
( Uptrend in a trending market )
What is a trending market ? A trending market can be either a uptrend or downtrend. Basically the price will go up like climbing a mountain ( uptrend. Just like in the image above ) or fall down like climbing down a mountain ( downtrend - refer image below few paragraphs.. ).
If you carefully look at the above image, you will notice that the price gradually moves up in a pattern ( uptrend ). You will then notice that price is at the highest level at some points ( These are called higher highs in general ) but does not go above that zone marked with two dashed lines on top. So this particular area is a strong resistance zone and price is unable to go pass that area. Higher the number of higher highs means a stronger resistance zone ( How to draw resistance lines in a forex chart ? look for at least 2 to 3 higher highs and mark the zone. These zones are more effective in 1hr or higher time frameworks ).
Now look at the two dashed line at the bottom area of the image. You will notice that the price reaches that lower area but does not fall below that zone. This is called a strong support area as price was not able to break that area in the uptrend market. It makes some lower points as well right ? These are called lower highs.( How to draw support lines in a forex chart ? look for at least 2 to 3 lower points and mark the zone. These zones are more effective in 1hr or higher time frameworks just like higher highs ).
Look at the image above once more. Price tends to go up gradually right ? It means an uptrend market. So always trade with the trend to be on safe side. You can place a 'BUY' (green button) order when price reaches lower support zones and start rising.
If market is an uptrend = Place 'BUY' order at lower support zones and start rising.
What shall I do, if the market is in a downtrend ? ( where price gradually falls. Refer image below )
If market is a downtrend = Place 'SELL' order at higher resistance zones and start falling.
( Downtrend in a trending market )
Generally if it is an uptrend, it will not be able to make higher highs and you might notice the rise in price is low. Similarly it will be the opposite in a downtrend. Also uptrend and downtrends support and resistance zones can get breached when a high impact news get released. Eg when central banks adjust the interest rate, jobs related news, trade conflicts, wars or epidermic etc.. ( You can use Investing.com website or app to know about the trading related news )
So in situations like that, better to stay away from trading until it makes a new trend or market calms down.
Yes, you can use this method for any type of asset or type of trading trading brokers.
Patience and Practice will help you for better trading results. You can use forex candlestick patterns and forex chart patterns as well to get better results but sometimes keeping things simple is the best way to go =).
Good Luck ! 🙂
( RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK. )
Prathilaba June 29th, 2020
Tags: downtrend, Downtrend forex trading idea, forex, forex sri lanka, forex trading idea, how to draw resistance lines, how to draw support lines, how to trade forex in range market, How to trade forex using Trending Market Resistance, How to trade forex using Trending Market Support, reliable forex brokers, Simple Forex trading idea, Support and Resistance, support resistance indicator, support zones, top forex brokers, trending market, trending market support and resistance, uptrend, uptrend forex trading idea
IQ Option was introduced as a trading option in the year 2003, and since then it has been gaining increased attention by a steady number of investors. IQ Option provides a great deal of value to each of its investors. The IQ Option site possesses a high level of transparency and functionality due to which the customers are relaxed as they are aware of the fact that the site is functioning in accordance with the latest financial regulations for conducting trade. It makes use of the intuitive UI interface because of which navigation through the site becomes easy. Also, due to the functional platform and trading application, the use of IQ Option became easy and simplified both for the professional traders as well as the new entrants.
There are a variety of trading platforms which are used by the IQ Option users for conducting trade which is as follows:
The method for signing up on the IQ Option site is a simple and straightforward method and can be easily understood by all. It involves filling up the basic details by the user and instantly you can start trading. You can use below form to register free.
The use of IQ Option for trading is trouble-free for all the users - the experienced ones or the ones who have just learned the fundamentals of Forex trading online. At the start of the trade, the IQ Option requires a low minimum deposit of 10$ USD or British pounds only. Hence among all the other available web trading sites, IQ Option requires one of the the lowest deposits.
IQ Option keeps the method of trade simple and believes in providing equal opportunities of trade to each one of its users regardless of the amount the user invests in. Three different account levels are available on the IQ Option website which is as follows:
IQ Option is contemplated to be the leading provider of the Forex Trading services. The word ‘Forex’ is the short form of ‘Foreign Exchange.’ Within the forex market, inter-trade of various currencies takes place, and a suitable price of the exchange is decided. Forex Trading is considered to be one of the most famous methods of trading and accounts for approximately USD 4 trillion of economic activity on a daily basis. The specific trade prices of currency pairs are listed beforehand which allows the traders to exchange one currency with the other on the basis of their belief on whether the price of the currency will experience a fall or rise.
You can refer below video to get a clear idea about the process of placing trades.
If you chooses to begin with a demo account, then he/she is advised to conduct 100% risk-free trades for getting an idea about the trading process. After getting a suitable experience of conducting the trade the user is advised to continue with the trading process by opening a real trading account ( this account carries a high risk as you trading with actual money unlike demo accounts ) which is required to be funded from an approved funding source ( Skrill or Neteller ). After the account has been funded, you can make trades with as low as $1 per trade.
Various trading ideas exists. Below are some of the popular simple trading ideas. You can use one of the methods below or make your own method by learning below methods.
Tip : Generally higher time frameworks patterns are more reliable than lower time frameworks. Also you can use indicators in IQ Option to make your prediction more accurate.
You can use Skrill, Neteller, WebMoney, Advcash or latest payments methods supported by IQ Option & your country to make deposits and withdrawals. ( You may not be able to use debit cards or master cards any longer as they are not supported anymore.)
Forex trading helps the traders or the investors in making money through the means of currency pairs. However, it is important to realize the fact that forex trading for beginners is risky but by gaining complete knowledge about the trade one can make a good earning out of the trade. To start forex trading from home as a full time or online part time job, all you need is a little patience, money for investment, a personal computer and lastly a reliable internet connection. Once the person has got all that is required he/she needs to choose a relaible broker like IQ Option and start trading.
The trading options which are capable of providing a high level of earnings and profits to the traders or the investors also carries a high level of risk along with itself. Therefore, trading is advisable for those who are willing to take risks. If you think you are capable of taking risks then register for free with world's leading broker IQ Option. Learn the trading skills from the information provided to you for free on our trading site and brokers web site. Start with making the demo account, practice and sharpen your skills and develop your own techniques. After you get successful trading on the demo account switch over to live account and live trading and make money !
RISK WARNING: YOUR CAPITAL MIGHT BE AT RISK
Prathilaba October 25th, 2018
Tags: Beginner’s Guide to Forex, Beginner’s Guide to IQ Option, forex, forex brokers, forex school, Forex Trading, iq option, IQ Option Broker, IQ Option Forex, iq option forex broker, IQ Option Review, neteller, skrill, webmoney
If you want to do forex trading in Sri Lanka, you would need to understand that economic indicators can have a huge impact on the currency market. Economic indicators show the strength and potential of an economy of a country. They provide you with a complete picture of an economy’s current and potential standing with factors like GDP and unemployment rate. Forex traders take interest in these indicators as these indicators help in comprehending the direction forex market might take in future.
A crucial news release related to economies around the world can lead to volatile situations in the forex market and force a specific pair of currency to move in a particular direction. It can be upward, downward, or sideways. Every week several news releases are made associated with various economic indicators and in today’s digital era, everyone can easily access the news and information to understand the mechanism of the forex market in the light of various economic indicators.
News pertaining to the economic indicators can have a huge impact on the Forex exchange. Given below are the main economic indicator news categories that you should know before entering into forex market:
Every month, several central banks around the world from different economies gather to decide about their interest rates. They decide whether to let the interest rates remain unchanged or raise the rates, or bring down the rates. These interest rates are very important and make a vast impact on the foreign exchange market.
When there is an increase in the interest rate, the market usually takes a bullish trend and that means there will be an increase in the value of the currency. On the other hand, when the interest rate is brought down to a lower level, the forex market is expected to take the bearish trend, which means that there will be a decrease in the value of currency price. For unchanged interest rate, the market can take any direction based on the circumstances of the concerned economy at that time.
Along with the change in interest rate, the policy statement is also released providing with the complete sum-up of the economy and what could be the future of the economy. In addition, the monetary policy of the economies is also declared, associated with the essential financial matters of the country.
The Gross Domestic Product is a very crucial factor representing the overall economic condition of a country. Basically, GDP is the total value of all goods and services that have been produced by a country over the course of a period of time like annually. GDP does affect the price movements of the currencies in the foreign exchange market.
When the gross domestic product of a country is not up to the expectations of the market, it can be said that the currency values might go down. Similarly, when the GDP of a country is beyond what the market has been expecting, the values of the currency is expected to move upwards. Th GDP figures are diligently evaluated by the forex traders as it also helps in recognizing or anticipating the future moves of the central banks.
GDP is also a very significant economic indicator as it helps in identifying the current situations of the business cycle of a country. The business cycle is kind of a combination of expansion and recession cycles. During the expansion phase, many sectors of the economy expand or grow together, and in the recession phase, the growth rate of those sectors starts to contract.
Thus, GDP is a leading factor is analyzing the foreign exchange market. As a forex trader, you must be aware of it and you must also understand that it is a lagging economic indicator which confirms the things traders are already expecting.
The consumer price index or CPI shows the cost of goods and services and is also recognized cost-of-living index. CPI helps in managing and controlling the rate at which prices of the good or services rise or fall. The CPI appraise the inflation rate (the rate at which the price of goods and services rise in an economy) which is a part of people’s lives through their everyday expenses. When there is any sign of a rise in the inflation rate, it means the central banks will have to increase the interest rates. Higher interest rates mean the bullish trend in the market.
When inflation stays inside the anticipated levels, it is regarded as a regular figure. Nevertheless, if inflation swerves farther from the target levels for a longer period of time than expected, it can result in a negative outcome for the economy.
CPI is a part of monetary policies, as a result, it can have a higher effect on prices in the forex market.
For a majority of forex traders, non-farm payroll or NFP is one of the most crucial indicators in the all the news releases that come out on regular basis like every month. The NFP report is released by Bureau of Labor Statistics (BLS) on the first Friday of every month. The BLS also declares the unemployment rate as a component of the Employment Situation Report. The report comprises of the data figures for the new jobs which have been created in the US together with some other labor market information. The data comprises of all the workers that have been paid, however, the data leave out the government workers, personal households, non-profit establishments, and agricultural industry.
The main reason behind why NFP is so important and is followed so industriously is because it has a propensity to bring substantial movements in the forex market.
It partly depends on the timing of the release of the report.
There is a close relation between employment rate and the business cycle. The changes in NFP or non-farm payrolls is quite similar to the changes in GDP on a quarterly basis. It means that NFP can be utilized as a proxy in place of GDP. The main difference between NFP and GDP report is that NFP is released on a monthly basis and GDP report comes out on a quarterly basis. In addition, while NFP reports the data of the last month, and GDP reports the delayed information. Apart from the connection between NFP and GDP, NFP report also has the impact on monetary policy of the economy and in which direction the policy will move.
The ADP National Employment Report comprises the economic data concerning the levels of non-farm private employment in the U.S.A. The report is released on monthly basis. ADP stands for Automatic Data Processing, which is also the firm that has been accumulating the employment data and preparing the reports since the year 2006. ADP gathers the data using the payroll facilities and services it delivers to the about 1/5th of the U.S. private employment.
The ADP report comes out two days before the NFP report released by the Bureau of Labor Statistics. Traders in the forex market look at the ADP report as a preview of the more extensive and elaborated reports that are released by the government.
The overall ADP report is categorized in 4 distinct parts:
One of the other reasons for why ADP is such an important indicator for forex traders is because if the employment figures show a continual and strong growth for a period of time, it escalates the inflationary rates and because of that, the Federal Reserve may also increase the interest rates and vice-versa. This will impact the forex market depending on the market situations and economy’s present and potential standing.
Even though the meetings of central banks from different economies are very crucial when it comes to economic indicators affecting the forex market price movements, the Federal Open Market Committee of America is also very important and its meetings have taken the center stage as the US Dollar is at the moment most powerful currency in the world.
Every month the FOMC meeting takes place in order to decide on rates and to provide information about present economic conditions, how effective the current monetary policy is, and what are future expectations from economic conditions and monetary policy.
FOMC meetings can have a vast impact on the volatility of the forex market. The Federal Open Markets Committee meetings are conducted eight times every year and the outcomes of these meetings are highly anticipated by the forex traders as these meetings can affect the demand and supply of the currency pairs in case the outcomes is not as expected.
The trade balance is the difference between the value of the imports and exports of the economy of a country. If the value of exports is higher than the value of imports, the balance will be positive. Similarly, if the value of imports is more than the value of exports, the balance will be negative. In all of this, the exchange rate of the economy’s currency plays a very big role.
To trade successfully in the forex market, traders need to know the exchange rate and the information about a country’s net exports can help the forex traders in analyzing and predicting the future movements in inflation rate and foreign investments. This gives the hints about how the currency market may behave in future.
Trade balance comprises of three main factors:
The foreign exchange rate between two countries is the most fundamental factor for forex trading in Sri Lanka. As the trade balance of an economy relies greatly on the exchange rates between two countries, the trade balance is a main economic indicator for the foreign exchange market. A country’s trade balance is also crucial in measuring the net income of the country through foreign trade
The trade balance helps the economists and forex traders in evaluating and comparing the economic strength of one country to another. If a country has a large trade deficit i.e. large negative trade balance, it would have to borrow the funds from other trading partners in order to buy goods and services. The Trade balance reports can create substantial movements in the forex markets if the data has evidential changes as compared to previous reports.
The proper name for retail sales is Advance Monthly Sales for Retail Trade. However, for forex traders, it is retail sales. The retail sales report is released by the Census Bureau, which is a division in the U.S. Department of Commerce.
This report provides with an early estimation of the value (in dollars) of sales for the retail sector. Although the sales do not include inflation rate adjustments. The report also shows the percentage change in the value of sales from the preceding month.
If the retail sales figures are growing, it shows that the economy is in good health and as a result, forex market takes up the bullish trend. The usage of the retail sales report in forex trading is clearly understandable as the report offers the very particular data about the industries and products on which customers are spending a large part of their income. Retail sales report is one of the most valuable economic indicators in the forex market and using this indicator, the forex traders can surmise the price movements in the forex market to some extent.
If you want to learn about how these economic indicators are useful in forex market analysis, you can refer to ‘ Fundamental and Technical Analysis in Forex Trading ’.
In addition, if you are interested in knowing about forex brokers in Sri Lanka, you can go to, ‘ Where to trade Forex Online and type of Forex brokers ? ’.
Pr Edu October 18th, 2018
Posted In: forex school
Tags: ADP National Employment Report, Consumer Price Index, CPI, Federal Open Market Committee, FOMC, forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, GDP, Gross Domestic Product, Interest Rates, Interest Rates By Central Banks, NFP, Non-Farm Payroll, Retail Sales Report, Trade Balance
Various indicators are used by traders for forex trading in Sri Lanka in order to get some detailed understanding of the supply and demand of currencies. There are many ways to analyze the forex market and what’s important is how to use various technical tools to analyze the market information. You can learn to analyze the market conditions and anticipate the price movements using elements like charts, patterns, and forex indicators.
The main purpose of using these elements is to accomplish the price forecasting. Using charts and patterns, you can comprehend and process past market data of the forex market and, you can put some efforts into anticipating future price movements.
A line chart joins the sequential data points using a line and this chart is utilized by forex traders to keep track of closing prices of the currency. This chart is one of the most preferred charts used by forex traders and is formed by connecting a few successive closing prices together. In addition, line charts can be utilized for any time-frame. A line chart provides the forex traders with a distinct image of the price movements of a currency over a period of specified time. As the closing prices are considered as the most important price of the trading day, it can be seen why line charts are so often used by traders in the forex market.
Bar charts are the charts that display the movement of prices of a currency over a specified time period. Bar charts are used for technical analysis in order to measure the performance of the currency in the forex market. A bar chart comprises a few elements:
A single bar covers a predetermined time-frame, which is usually one day. Nonetheless, a bar chart can at times also cover the time-frame from one minute to a week or more.
Candlestick is very much like bar chart as it also shows the opening price, high price, low price, and close price for the trading day in the forex market. Usually, the candlestick shows the data for one trading day. The candlestick has a broad body, also referred to as the real body. The real body shows the range of currency prices which lies between the opening and closing price of the currency for a day's trading. When the closing price is lower than the opening price, the real body will be black, and when the closing price is higher than the closing price, the real body will be empty.
There are thousands of traders who trade in the forex market on an everyday basis and it can be difficult to make trading decisions. Chart patterns are one way to identify the future price movements. They focus on the bigger picture and help the traders in recognizing the future price movements.
Chart patterns have pre-defined distinctness and criteria, but no pattern can guarantee 100% accuracy or certainty when it comes to price movements in future. The most favorite chart patterns are reversals and continuations. A reversal pattern shows that the price movement will reverse at the end of the pattern and a continuation pattern shows that the prices will move with the same pattern even after the pattern gets completed.
Given below are some of the most popular chart patterns that are used in the forex market:
The Head and Shoulders is a reversal kind of chart pattern that shows that the price movements might follow a reversal trend once the pattern is finished. It has two types, standard head and shoulders top pattern and head and shoulder bottom pattern. The top pattern shows that the price movement for a currency pair will move downwards when the pattern is completed at the highest point of an upward trend. The bottom pattern shows that the price of the currency pair will rise after a downward pattern is completed.
The cup and handle pattern can be both, reversal and continuation chart pattern. For reversal pattern to occur, the price must be moving downwards. As the cup has the rounded bottom, that is where the reversal patterns take place as prices start moving upwards from the bottom of the cup. When a cup pattern is formed, the price should take a pause and move sideways or lower to create a handle. For a continuation pattern, the prices must be moving upwards. The price movement will form a cup shape patterns and creates a handle, and then breaks out of the handle to keep moving upwards.
The Double Tops and Bottoms chart pattern is easy to identify and also one of the most dependable analytical tools in the forex market. A double top is formed when the price reaches a high point in the upward trend and then moves downward to a new low point. Then again some time in near future price touches a new high point, very close to the previous high point and then falls below the previous low point. It is recognized as double top as the price reaches the high point twice in the same zone, incapable of moving ahead of that zone.
A double bottom is formed when the price reaches a low point during the downward trend and then pulls back and starts moving upwards to a high point. When the price movement once again faces a decline, it touches the low point near to the previous low point, and then move upwards and touches the point higher than the previous high point. It is recognized as double bottom as both times price reached a low point in the same area and was not able to move below that.
Triangle chart pattern is one of the most known patterns employed in the technical forex analysis as they appear more frequently as compared to other patterns. The three regular kinds of triangle patterns are ascending, descending, and symmetrical. The triangle patterns can last from a few weeks to many months.
In symmetrical triangles, two market trend lines meet each other and indicate that a breakout may take place. Ascending triangles has a straight upward trend line and a lower trend line which is moving upwards, conveying that a breakout might occur. In descending triangles, there is a straight lower trend line and an upper trend line which is moving downwards, conveying that a breakdown might occur.
Flags and Pennants are a form of continuation patterns. They show a sharp price movement, upwards or downwards, then there is a short sideways or downside movement and then the prevailing trend continues. This sideways movement usually creates a rectangle form, known as flag pattern, and when it creates a triangle form, it is called a pennant pattern.
Candlesticks patterns are formed when the price movements are represented by a candle body. Candle body It is a solidified area existing between the opening and closing price of the currency, and the wicks display the high and low points. Given below are some of the popular candlestick patterns:
Let’s take a look at four of the most popular candlestick patterns along with several actual stock chart examples in order to show their worth.
Bullish engulfing candlestick pattern occurs with the combination of two candlesticks of the current day and the previous day. The candle from the previous day is black candlestick and candle of the current day is the white candlestick.
For the previous day, the price opens at an almost highest point and closes at the almost lowest point for the day. This forms the first candle which is the black candle.
For the next or current day, the price opens at price below the closing price of the previous day. It increases the demand for the currency and price begins to move upwards. The day session closes at the price above the high price of the previous day.
Thus the white candle engulfs the black candle completely.
Bearish Engulfing Pattern occurs with the combination of two candlesticks of previous and current day. The previous day candle is the white candle and current day candle is the black candle.
For the previous day, the price opens at a nearly lowest price of the day and at the end of the day, the price closes at a nearly highest price of the day. It forms the first and white candle. For the next or current day, the price opens at the level above the closing price of the previous day and then the price starts to move downwards.
The price keeps on falling and closes at the price below the closing price of the previous day. This forms the black candle, which engulfs the white candle completely.
A hammer candlestick pattern is formed when forex traders turn down the support or resistance levels. When Hammer pattern is formed, it means that the opening price, highest price, and the closest price are close to each other so that the real body is small in size. It also has a long lower shadow, which is at least twice the size of the real body.
Doji candlestick pattern shows the indecision which is felt by the traders when it comes to the price action of a currency. Here, the opening and closing prices of a currency are almost equal. Doji candlesticks look like a cross or a plus sign. A Doji can be seen at the top and bottom of the market trends and can also be seen as a sign of possible reversal or continuation patterns based on the circumstances.
The best way to identify the most suitable forex indicator is to see how it suits your trading style and perspective. There are a variety of forex indicators and you can find that will be right for you. Some of them are:
A moving average is a popular forex indicator which is used in the technical analysis in smoothing out the price movement action by removing the random price swings from the main action. The two fundamental moving averages are the simple and exponential moving average. A simple moving average is calculated based on over a definite number of time periods. The Exponential moving average gives more weightage to the recent prices. Usually, moving averages are used to determine the direction of the market trend and identify support and resistance levels.
Fractals are indicators that help in recognizing the reversal levels in the market. Forex traders utilize the fractals to identify the future price direction and movements.
Most of the trading platforms with chart features provide fractals so that traders can just use the indicator on the chart to figure out the price patterns.
Bollinger Bands is a forex indicator, formulated by John Bollinger. It is used to determine the level of volatility in the forex market. Basically, when the market is unagitated, the bands will shrink in size and when the market gets noisy, the bands will spread out.
RSI stands for Relative Strength Index. It is a momentum forex indicator that determines the speeding and change of the recent price movements so as to study the conditions that might have resulted in overbought or oversold of the currency. RSI is regarded as overbought when the RSI value is higher than 70 and it is considered as oversold when the RSI value is under 30. These values can be modified based on what fits the security in the best way.
You can add these indicators to your chart using the trading software given to you by the Forex Brokers.
If you are interested in learning more about forex market price action analysis, you can refer to ‘ What is Price action trading analysis ? ’ and for getting more information about how to trade forex in Sri Lanka, ‘ Introduction to Forex Trading .
Prathilaba October 18th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, forex candlestick patterns, Forex Chart Patterns, Forex Chart Types, Forex Indicators, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka
Before you start forex trading in Sri Lanka, as an investor, you must understand the some of the technical terms that are used in the forex market as you will be encountering those terms while trading in the forex market:
Pip stands for percentage in point or price interest point. Basically, pip is a standardized unit for the smallest movement that can occur at a price of the pair of currency. Most of the pip values are equivalent to 0.0001 as the price of the currency is measured up to the 4th decimal place.
Usually, many forex brokers in Sri Lanka use spreads to figure out their portions of earnings. In the forex market, a spread is defined as the difference in ‘Ask’ price and ‘Bid’ price of a pair of currency like EUR/USD. A spread is one of the easiest ways to pay the transaction cost to the brokers. For example, EUR/USD has been priced at 1.1499 and the trading broker offer to buy it at 1.1500 and to sell it at 1.1498.
The main reason behind this is the supply and demand of the currency pair. For example, dollars are high in demand so brokers do not need to charge higher spread from the trader as they would have no problem selling off the dollar currency in the market. On the other hand, if it is a currency is not in higher demand and brokers might have the problem selling it off quickly, they might charge higher spread as brokers will be taking the bigger risk. It is recommended for the individual traders that they do not buy or sell currencies with low demand.
It is imperative that you understand the value of spread before choosing a broker. To understand more about types of brokers working in the forex market, and how to choose the right one, you can refer to ‘ Where to trade Forex Online and type of Forex brokers ?’
Leverage comprises of borrowing ( not actually borrowing something but in order to understand it, will consider it as a borrowing ) a definite amount of the money which is required to invest in something. In forex trading, usually, the money is acquired from a forex broker. Forex trading does not require a bigger leverage as with a small initial margin, a trader can create, control and manage a large amount of money. Forex trading is a lot more popular as compared to trading in other financial instruments because, in the forex trading, you can acquire a bigger amount with very small investment as compared to trading in other securities. With low leverage, new traders can hold up in the forex market during the initial stages.
A margin is a deposit made by traders in the forex margin account as collateral to open a trading position in the forex market. Generally, the investors borrow a short-term loan from the forex broker. In order to be able to do the trading in the forex market, first, an investor must deposit money into the margin account and then start the trading.
The main objective behind a margin account is to increase the borrowing in order to increase the return on investment. The margin accounts are managed by the brokers of the investors and settled in cash on an everyday basis.
When trading in the forex market, commissions are a very important part of it. In general, commissions are paid to the brokers and dealers for their services in forex trading in relation to the spread, which is the difference between ask and bid price of a pair of currency.
When you are trading in the forex market, it doesn’t matter whether you make profit or loss, the first thing that will be deducted from your trading account will be the commission of the broker charged for the transaction. However, the commission may variegate based on the volume of the transaction. Larger the volume of the transaction, higher will be the commission charged by the broker.
A swap is a type of currency swap in forex trading. It is a mutual agreement that takes place between two parties who agree to exchange one currency of a particular amount with another currency of the same amount based on the current spot rate. Then at a specified date in future, the two parties will return the original amounts at a specified forward rate.
In forex trading, the bid price is that price at which market participants are ready to buy a specific pair of foreign currency in the market. Similarly, ask price is that price at which market participants are ready to sell a pair of foreign currency in the market.
In the past, currencies were bought and sold in specific amounts known as lots. The regular size of a lot is 100,000 units. Nevertheless, with technological development in the last decade or so, forex brokers have begun to offer small size lots as well. There are also mini-lots of 10,000 and micro-lots of 1,000. A lot size can be divided into 3 categories, micro, mini, and standard. A micro lot contains 1,000 units, a mini lot contains 10,000 units, and a standard lot contains 100,000 units.
Given below are a few types of forex trading order:
Prathilaba October 18th, 2018
Posted In: forex school
Tags: Bid and Ask Price, Commission, forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, Leverage, Lot Size, Margin, Order Types, Pip, Spread, Swap, what is pip, what is pip in forex
In present-day situation, a forex broker is an intermediator who buys and sells foreign currencies on behalf of the clients in return of for a commission. Before the internet, forex brokers used to operate by phone. Clients would contact their brokers though phone to tell them about what currencies to buy or sell, and brokers would just do that and in return, they would receive the commission. Now, with the emergence of the internet in last two decades, online forex trading has come into existence. The trading could be done through a variety of electronic platforms and computer applications.
You can find many forex brokers in Sri Lanka. However, choosing the right forex broker can be a very daunting task, particularly if you do not have any idea what you are looking for. Given below are a few factors you must consider when choosing a forex broker:
Forex brokers can be divided into 2 categories:
Dealing Desks Brokers or Market makers
No Dealing Desks Brokers - can be divided into 2 parts:
a) Straight Through Processing (STP)
b) Electronic Communication Network (ECN)
A dealing desk broker will offer its customers the functions of both the sides of the market. The broker puts both a bid and asks price for at which they are prepared to buy and sell the foreign currencies. Due to this, the forex broker's customers can always fill up the trading orders. Dealing desk brokers are also known as market makers. Their main purpose is to acquire a share of the spread and to maintain adequate volume on both buyers’ and sellers’ sides of the market to avoid risks.
No Dealing Desk brokers do not process their customers’ orders using a Dealing Desk. It means that they don’t take the other side of their customer’s dealing as their main purpose is to just connect the buyer and seller together. Usually, no dealing desk brokers charge a small commission for their trading services or just increase the spread by adding their own net income into it. No Dealing Desk brokers can be divided into two parts, STP and ECN
a) STP Brokers
STP stands for Straight Through Processing. In this, the STP broker directs their customers’ orders straight to those who bring liquidity to the market such as banks and larger brokerage firms. It is called straight-through processing as the broker does not operate through a dealing desk and brings down the frequency of delays and requotes while trading is taking place. STP has been developed to enhance the speed at which the transactions in the forex trading market takes place. This is done by letting the information that has been filled using electronic means to be passed from one party to another during the settlement procedure without actually re-entering the same information repeatedly at every stage.
b) ECN Brokers
ECN stands for Electronic Communication Network. An ECN forex broker utilizes the electronic communications networks or ECNs to offer their clients an opportunity to have direct contact with other participants of the forex trading market. The ECN provides the buyers and sellers with an electronic system where they both the parties come together in order to execute trades. This network has been designed in such a way that it can match the demand and supply of the currencies at the prices customers want to pay or want to receive for the currencies. Basically, this network match buying and selling orders available in the exchange. Through ECN, customers can also check the ask and bid prices of the currencies listed in the open market.
Online forex trading is similar to any other trading platforms which are used to buy and sell the securities. The forex trading platform act as a mediator between the forex broker and the trader. Platforms also provide the customers with both current and historical data pertaining to a particular foreign currency and provide the customer with an access to all types of orders available in the forex trade market. For forex trading in Sri Lanka, you can use MT4, MT5, and cTrader ( Your chosen broker will provide one or all these platforms ) to enjoy a smooth and easier trading experience.
If you want to know more about Forex markets, you can visit our article, Introduction to Forex Trading for more information.
Prathilaba October 18th, 2018
Posted In: forex school
The currency market is the largest and enjoys the highest level of average daily turnover amongst all the financial markets. Forex market serves many purposes, but its main purpose is to cater the currency requirements of importers, exporters, and travelers from around the world. However, forex trading in Sri Lanka is enclosed in a circle of mystery and confusion. However, here in this article, you will learn what is foreign trading and how the forex market provides a number of opportunities for investors around the world.
Forex stands for foreign exchange. Forex market is the market where all the interested parties can purchase and sell the currencies. The forex market includes banking institutions, non-banking commercial establishments, investment management companies, and retail forex brokers and individual investors. The forex market is regarded as one of the largest financial markets with more than $5 trillion value of transactions on an everyday basis. The foreign exchange market is not just one market exchange. Instead, it comprises of a worldwide system of computers and brokers from all over the world.
The forex market operates in two ways, the interbank market, and the OTC (over-the-counter) market. In the interbank market, large banking establishments buy and sell currencies with the aim of hedging, making adjustments in the balance sheet, and also for their clients. In the OTC market, individuals buy and sell currencies directly through online platforms and forex brokers.
When it comes to the forex market, all you have to do is switch on your computer, open a forex account with a brokerage firm, deposit an amount, and start trading with currencies straightaway. However, in the past, it wasn’t this easy. In the last few decades, the forex market has changed significantly.
At the end of World War II, major currencies around the world were measured against the economic value of gold. In the beginning, this helped in bringing stability in the exchange rates. However, as economies began to develop after the war, gold became more and more costly. In the year 1971, the gold system was eliminated, allowing the exchange rates to work independently.
In the 1990s, the internet era had begun and many companies were adopting it to create their online networks in order to generate quotes and allow instant trading. Advancement of technology allowed the individuals to buy and sell currencies in the foreign exchange market. Today, foreign exchange market is the largest financial market in the world and every day a large number of investors operate in this market exchange.
The traders and investors who trade in forex market come from a wide range of backgrounds, and fields. Some of the key players of the forex market are commercial banks, central banks or countries’ national banks, hedge funds, corporations, and individuals. Let’s have a look at how forex traders are categorized:
The biggest participants in the foreign exchange market are institutional investors and traders. A majority of forex trading money comes from institutional investors and traders, about 94.5% of the market volume.
Retail traders and investors buy and sell currencies from their own private Forex trading account, using their own money. They invest in two ways, short and intermediate term trading, and long-term trading or investing.
You must be already having loads of questions to ask as follows most probably ;
How to make money online ?
How to make money from home ?
How to make money on the internet ?
What are the online part time jobs for Sri Lanka ?
What are the online jobs in Sri Lanka ?
What are the Ways to make money online ?
Forex trading will be one of the best solutions for all above questions but forex market is a financial market and just like any other financial market, it comes with its own set risks and rewards. So let's learn about them before considering forex trading.
Forex market is huge and opportunities are endless. Let's have a look at some of the most successful Forex traders who changed the ways of forex markets with their approach:
George Soros is renowned as one of the superlative investors in history. He is known for his excellent trading move when he made a profit of over £1 billion from the short position in pound sterling. Moreover, he did this successful deed before Black Wednesday of 16 September 1992.
Soros had a strong grasp over risk and reward factors. It was one of the characteristics of his financial mind that assisted in shaping his reputation as one of the leading Forex traders in the world.
Warren Buffet is an American investor and business tycoon and also one of the richest men on this planet. In 2014, Mr. Buffett was estimated to have an overall wealth of $63.2 billion by Forbes. When it comes to working in the forex market, he works on one simple principle. He believes in having patience and gather a proper understanding of the market so as to earn high profits in the long run. Buffett’s investment plan has been the most successful to date.
Bill Lipschutz earned profits from listing the millions of dollars of Salomon Brothers at FX department in the 1980s, even though he had no past experience of the currency markets. Lipschutz believes that market perceptions along with the market fundamentals help in determining pricing patterns in the market.
You can read more about them and more forex success stories here " Most famous Successful Forex Traders " article by us.
Are you interested in finding the right forex brokers in Sri Lanka? Find out here, ‘ Where to trade Forex Online and type of Forex brokers ? ’
Prathilaba October 18th, 2018
Posted In: forex school
Tags: forex, forex lanka, forex market, forex trading in sri lanka, forex trading sri lanka, forexmarket, how to make money from home, how to make money on the internet, how to make money online, Introduction to Forex Trading, Introduction to Forex Trading in Sri Lanka, make money from home, online jobs, online jobs in sri lanka, online part time jobs, ways to make money
Forex trading in Sri Lanka can be a fascinating experience. Traders are always looking to attain the best market prices. These forex traders look into what the market has to offer for them and try to catch the right opportunities that could have great possibilities of high profitability. There are many reasons which make the forex market the best place to trade.
Every trader has different reasons to why he or she wants to trade in the forex market. To trade successfully, traders must know what they want and what to look for. There are various ways to analyze the forex markets, such as patterns, charts, and other analytical tools. They help you read the market conditions and what could be expected in the future. Different traders have different reasons for choosing the Forex market and choose different methods to analyze the market position.
Here are a few of them:
A pin bar pattern comprises a single price bar showing a distinct reversal and rejection of a currency price. It is usually a candlestick price bar. The reversal pin bar is recognized by its extended tail, known as a shadow or wick. The zone that lies between the opening and closing end of the pin bar is referred to as the real body. Usually, in the pin bar, the real body is small and the tail is longer. The tail shows the prices which have been rejected, implying that the price will continue to move in opposite direction to which the tail is pointing.
Pin bar can be categorized as a bearish pin bar and bullish pin bar. In a bearish pin bar, the real body exists at the lower end of the long tail, with tail representing the higher prices which have been rejected for attaining the lower price in near future. In a bullish pin bar, the real body lies on the upper end of the long tail, and here too, the tail represents the lower prices which have been rejected to attain the higher price in near future.
In order to better your pin bar trading results, look for pin bars in trending markets. A trending market is that market where price is moving in a particular direction. It can be moving in an upward direction, downward direction, or horizontal direction. Although you can also find great pin bar opportunities in range-bound and counter-trend trading, they do not occur very often and it can be difficult to trade as compared to trending markets.
Focusing on pin bars in trending markets means that you will only be focusing on charts with market trends or pairs of currencies. To becomes successful in pin bar trading, you should learn about how to trade in trending markets on everyday chart and charts with 4-hour time-frame. To learn more about what are technical tools to learn how to forex trading in Sri Lanka, check out - Forex Chart Types, Chart Patterns, Candlestick Patterns, and Indicators.
It is not necessary that the market will always move in upward, downward, or sideways trend. Once you have learned about doing pin bar trading in trending markets, you can move to trade in other market conditions without trends. You can look for pin bars at the main support and resistance levels in the market. They can be strong points for a pin bar trading. If you want to know what is the support and resistance level and how to find them, you can refer to ‘Forex Trading with Support and Resistance Zones’.
Protruding pin bar tail means when the tail is jutting out from the key levels resulting in incorrect breakout level. The pin bar is basically an indicator of reversal, and more the tail is sticking out from the key level, powerful will be the rejection and reversal. With the stronger reversal, there are more chances of pin bar trading strategy becoming a great success.
Fundamentally, reversal trading is a counter-trend trading method. In this trading method, a trader enters the market against the direction in which price is moving. It helps in reducing the risks when the price movement begins the reversal trend.
It might seem a lucrative idea to get into the market at very high or very low price points in the market. Reversal trading can be done in two way, bullish and bearish. When the market is bullish, the reversal will occur when the price will start falling from a very high price point attained due to an upward trend. On the other hand, the bearish market, a reversal occurs when the price starts moving upwards after reaching a very low point due to a downward trend in the prices. While reversal can be a good trading position, it is a very risky method and is not appropriate for the beginners of the forex trade.
Types of Reversal Trading based on price movements in the forex market:
As a forex trader, when you are executing a reversal trading strategy, it is better to consider some factors that can help you move your trade in the right direction. They are:
When it comes to forex news trading, it is perhaps one of the most fascinating and exciting ways of trading. The effects could be immediate in the form of quick profits or quick losses. With quick profits come quick satisfaction and with quick losses come quick discontentment. Basically, news trading is about trading in the forex market after a news has been released that can have the impact on the forex market price movements.
When you are getting into news trading, it is necessary that you gather the knowledge regarding which new releases are expected during that week. When trading news, you first have to know which releases are actually expected that week. Along with that, it is important for you to comprehend which information or data you should look out for when going for news trading. Some of the data you must follow from any economy are Interest rate fluctuations, Sales data, Country’s inflation rate, Unemployment rate, GDP, Business reports and surveys, Consumer surveys, Trade balance, and many other economic indicators. Importance of the factors or news releases may vary depending on the current scenario of the concerned economy.
But, what you need to understand is that news trading is not everyone’s cup of coffee. It is especially not a good choice for beginners as it is very risky and can instantly turn the profits into losses. Even many experienced traders avoid new trading during the time when news can have a huge impact as it can be dangerous to trade during those times.
1) It would help you place a trading order, if you know in which direction the market is currently moving, whether it is upwards, downwards, or sideways, and which direction it could move during the news trading. It is also referred to as directional bias when you place an order based on in which direction the market might move in future after the news release.
2) Try to figure out the fundamental reasons for why and how any news release affects the market and why it moves towards a particular direction after the news release.
3) When you are willing to place the trade based on a non-directional bias, it means you don’t care which way market prices move, you just want to place the order. It might be a good move under normal market circumstances, however, if the news released is of high impact, you might want to consider before placing the order.
4) Before placing an order based on the news release, it would be better if you check different reports to get a feel for what really is happening. Look for things like:
5) Entering into the market without proper knowledge and preparation during a high-impact news release can turn out to be a disaster for your trading position. Take your time and get some practice. Do your research and evaluate the economic indicators to recognize how they impact the forex market.
6) Keep in mind that, when a news is released, its effect usually lasts from half n hour to 2 hours, and it can change based on the current scenario of the market. So make your trading plans based on that.
7) In case you have done a fundamental and technical analysis of the market for an expected news release, but when the actual news is released and market moves according to that, and the real movement does not match your expectations, do not go against the market trend. Just follow the market trend. It might be that you might have missed some details while making analysis or might have fully understood what effects might come upon the market on the release of the news.
8) Last but not the least, never be in too much hurry to get into a trade. Rushing into the things might prove to be a damaging move on your part. Look for the strong indicators, and make sure whatever news has been released in the market is genuine and not a hoax, and only then make your move to trade in forex market.
Just keep in mind that, nothing comes easy and you must put some efforts on your part to enjoy the benefits of the market conditions.
To learn more about technicalities in the forex market, refer to ‘ What are the must know the technical terms used in the Forex Industry that I should know ? ’ and if you want to hire forex brokers in Sri Lanka, refer to ‘ Where to trade Forex Online and type of Forex brokers ? ’
Prathilaba October 17th, 2018
Posted In: forex school
Tags: forex, forex brokers, forex brokers in sri lanka, forex brokers Sri Lanka, Forex Trading, Forex Trading Ideas, forex trading in Lanka, forex trading in sri lanka, forex trading sri lanka, News Trading, Pin Bar Trading Pattern, Reversal Trading, Tips for news trading, trader, trading ideas