In the last few months, the world of online trading has undergone a sea change. Gone are the days of simply logging on, buying some stocks, and calling it a day. Now, thanks to the spread of technical analysis, machine learning, and algorithmic trading, there’s way more to do. You can even make a living just from following the market, enjoying the gains from just getting in early.
If you’re looking to make some extra money in 2021, you’ve probably considered trying one of these industries, but may not fully understand how it all works together. Here we’re going to talk you through 10 ways to make money online in 2021, so you can hit the ground running.
1. Hedge Funds
If you want to take the plunge and become a professional trader, you could do so with the advantage of getting paid to learn. Many hedge funds and investment groups, such as Renaissance Technologies and AlgoTrades, are willing to pay skilled traders to help them figure out the market’s ins and outs. You could get paid to learn about market behavior, identify potential turning points, and place orders in the name of a fund or individual client. In most cases, you’d need to be signed up for a discretionary account to be able to take advantage of this type of opportunity.
2. Binary Options
Binary options, or ‘digital options’, are another viable way to make some extra cash. Simply put, binary options are pay-to-play versions of regular options, where rather than owning a stock and hoping it goes up in value, you’re betting on whether or not it will sell for a specific price by the end of the day. Because all you need is a smartphone and a good internet connection, many binary options platforms have sprung up, making it easy for anyone to get in on the action.
The advantage of this opportunity is that you only need to take a short, non-invasive survey to verify your identity. Once that’s done, you can get down to business, placing quick, easy trades that typically last for just a few seconds. Once the trade is settled, you get paid instantly via bank transfer. And since these are online markets, you can access them from anywhere that has an internet connection, which means you can keep your desk job and enjoy the benefits of economic mobility.
3. Forex Trading
The forex market, which runs across the globe, doesn’t require you to have any particular expertise to be able to make money from it. All you need is a good platform that facilitates fast and easy access to financial markets, and the willingness to learn. The most popular platforms for forex trading, such as MetaTrader 4 and TradeStation, require no specialized knowledge to operate, and allow anyone to get started. You can learn more about forex trading here.
4. Become A Market Maker
Market makers, also known as ‘speculators’, are basically front-line traders who take on the responsibility of creating markets where there weren’t any before. You might think of a stock exchange as an example of a market maker at work. These are the folks who make markets for the major stock exchanges around the world, such as the New York Stock Exchange and the Tokyo Stock Exchange, facilitating trades for large institutions and individual investors.
If you’re looking for a more traditional way to make a living, you could also look into becoming a market maker, but with more responsibility comes greater earnings potential. You would need to set your own limits, determine price points, manage inventory, and participate in management teams. However, for those who have a genuine talent for this type of work, the dream of becoming a market maker is definitely within reach.
5. Start Your Own Blog
Blogs are a dime a dozen these days, but having your own blog can take your career to the next level. The number of online platforms designed for creating and sharing content solely for digital nomads is increasing every year. Having your own blog is a great way to connect with potential publishers, secure freelance writing gigs, and even make money off memberships and online stores.
Start a blog for writers, photographers, or anyone else who can put an interesting twist on common topics. The world is your oyster when it comes to creating original content. Remember to build your audience and engage with your readers before you start pitching for projects. By doing this you’ll be able to secure freelance writing gigs and even get paid to create content for big brands.
6. Sign Up For A Paid Coffee Minder
Coffee minders, also known as ‘coffee brokers’, are people who purchase coffee beans and sell them to the coffee shops or manufacturers that they work with. They keep track of what stocks they have on hand and what prices they can get for them, so that when a coffee order comes in they can match it with what they have available at the moment. Without going into too much detail, if you want to make some extra cash in 2021, you could become a paid coffee minder by starting a coffee shop or picking up a weekly coffee delivery service. The great thing about this option is that you can get it running in no time, and with little to no initial investment. Then all you need is a decent coffee machine and a nice sign to hang around the area.
7. Start An Online Store
E-commerce is more popular than ever, especially with the rise of platforms like Shopify and Stripe, which make it easy for anyone to set up an online store. The great thing about online stores is that you can operate them from anywhere with an internet connection and a good e-commerce platform. You don’t necessarily need a big investment to get started (although at the very least you’ll need a credit card of some sort to take advantage of Stripe’s zero-dollar down option).
The drawback to online stores is that, similar to becoming a market maker or forex trader, you’ll need to be skilled in e-commerce and possess the talent to build a good e-commerce store. Plus, there’s the matter of finding the time to build a brand name and attract customers to your store when you’re already making money from other sources.
8. Start An Affiliate Marketing Program
If you’re looking for an easy way to make money online, you could try affiliate marketing. Essentially, with affiliate marketing, you’ll promote products and businesses that you’re passionate about in order to generate revenue. You’ll need to set up a sales funnel and identify potential products that you can promote, whether that’s through blogging, social media, or email marketing.
You could also use affiliate marketing to promote a service, such as a flight school or language school, that you know is good. In exchange for your efforts, you’ll generate revenue from people who are interested in the product or service that you’re promoting. You’ll need to have a good sense of what is and isn’t valuable content when promoting products and services through affiliate marketing. You can use this site to learn more about affiliate marketing.
9. Start An Online Travel Agency
Travel agents handle everything from the mundane (booking flights and hotel rooms) to the extraordinary (arranging luxury vacation packages). The great thing about travel agents is that they specialize in everything from securing the best prices to helping you plan your itinerary. They also handle all the logistics, so you don’t need to worry about a thing.
Travel agents typically require at least a high school diploma and a good sense of customer service, but the benefits of working for a travel agency are many. You could easily make a living just by running a travel agency, and if you’re looking for an economic boost, you could start your own agency or pursue employment opportunities within one of the major travel agencies. For more information, you could contact the American Association of Travel Agents. To get started, all you need is a good web browser, a microphone, and a little bit of dedication.
10. Start An Online Brokerage Account
As we mentioned earlier, the world of online trading has changed a lot in the last few months, and one of the more popular ways to get involved is through the stock and options brokerage accounts. Like with other investing platforms, the attraction is that you can put money in just about anywhere, and since brokers handle all the logistics for you, all you need is a good internet connection and the will to make money. You can begin to make money with just a few clicks of a button, assuming you meet the minimum requirements.