Forex MLM – Generating a Wealth of Income With a Downline
A common question that is asked by many new traders is ‘Can I make money with forex mlm’. The answer to this question depends on you and your situation. You can make good money with this opportunity provided you know how to deal properly and you have a good business plan. So let us begin without any further ado.
Forex MLM refers to foreign exchange multi-level marketing. It looks like traditional MLM in which one can only join as a sponsored member. The companies will pay members for sales made and give good commissions to all the distributors made. The new forex traders are recruited through a number of ways. Some companies recruit through email lists, websites, seminars, conferences etc.
A few companies prefer to recruit people through direct meetings or telephonic calls. This is usually done by those who are experienced traders in forex products or services. These telephonic calls and meetings are usually for selling specific products or promoting a particular opportunity. However, the new forex traders are encouraged to attend these types of events. It gives them an opportunity to talk to leading traders and learn from their experiences.
Another point of difference is in the compensation plan. In a traditional free mlm there will not be any compensation plan as the distributors will earn the commissions on each transaction they make. The new forex traders will be expected to recruit other traders and they will work for themselves Forex MLM. No compensation plan will be provided to them unless they make profits. This means that they will not be entitled to any commissions or any sort of income. They can make money only when they sell a transaction and get a profit from it.
In a traditional forex mlm, you will receive training about the market and about how to generate winning trades. There will be several sessions about entry points, price patterns, support and resistance levels and many other factors that help traders make profits. You will also be taught how to develop a strategy and how to choose more products and services to sell.
The reason why you will not be paid any commission for your transactions during the first few months or year is because you have not yet sold any transaction and earned a profit. You have to complete at least three successful transactions before you can expect to be paid anything. Most people who join a forex MLM franchise program do not follow this minimum requirement and end up disappointed after a few months.
The third leg of the business model in forex MLM is the compensation plan. This is another area where a lot of people fall into the trap of fake or unethical companies by using brokers. Forex brokers earn money by taking commissions for sales of core products or services. It is therefore important that you check the company’s credentials and if possible consult someone who has worked with them.
The best way to be part of a successful and established MLM downline is by developing a downline. This means that as soon as you complete a successful transaction, you immediately send a message to all your contacts that you have made money. Your downline now starts recruiting new people and soon there will be more traders joining your downline than you can manage. A lot of successful marketers today have achieved this level by spending only a few hours every week on a newly built downline. This kind of leverage and downline building is very difficult to achieve with a traditional mlm company or network marketing opportunity.
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