Does your Remote business pass the litmus test? Could you actually leave the country for weeks or months at a time and still count on the business to grow on its own and produce income?
In this article I am going to share with you some of the most important questions that you should be asking yourself to avoid a career that is going to keep you chained to your desk.
When I am approached with a business or come up with an idea, I ask myself these following questions to help me decide if I should even consider pursing the business.
These days, if they do not get passed these questions with a yes, then I am probably going to go a different direction.
Now for the smell test questions:
This may take some introspection and some deep thinking about what the business is, who it would involve and what you would need to figure out to get all of the pieces together. This type of think and evaluation will become paramount when assessing situations for your business in the future, so play the tape out and visualize as best as you can where you would see yourself and the business in a year or two.
If you can do it on your own, great, do it! Unfortunately, most enterprises, even small ones, will need to depend on others to accomplish whatever it is your business will do or provide for people. The question you need to concern yourself with is can you effectively manage then from a far, or set the business up in a way where employees or partners can or would be self-serving and motivated to accomplish tasks day to day to keep the company running smoothly.
(0%-60% is no good / 60%-80% is ok / 80%-100% is ideal). Automation is going to be key for you to managing efficiently from a far. It will allow you to batch work, and delegate important work properly. Also it really allows you to step away from the business, or parts of the business, for days or weeks at a time, and then come back to spot check at a later date. Most importantly automation usually takes the place of what human used to do and will allow you to perform more high value activities for the business.
For more on this topic check out my blog I wrote on Time vs. Money! This will really put this step in to perspective for you.
Once you have completed all of these steps, then you will have a solid understanding about what you could potentially be getting involved in. I can’t stress the importance of the exercises!
Because, I have been working as a management consultant for a number of years, I have a keen ability to understand what is going to make a business succeed, or a failure. Unfortunately, most folks don’t even think about these things when starting a business. Instead they get excited about the idea, or one aspect of the new business, and run with it, throwing caution to the wind and ignoring, or simply not shifting through the idea and all the endeavors they would incur first.
Be smart, be savvy, and get the business that will give you the life you desire. But don’t ever be afraid to give your idea a litmus test! It will save you time, money and heartache in the future. These simple actions will keep you on the right track helping you to avoid a business or an idea that will stand in the way of a better suited business or opportunity that will give you everything you need.
So you’ve been trading for a while? Are you making any money yet? Really?
If you are earning consistent gains in your account and have figured out a personal frame work to grow your account, then disregard this writing. If NOT, read on.
Looking at compounded account growth on a spreadsheet seeing how lucrative it would be to ‘lot up’ weekly and bypass small withdrawals seems like a no brainer. Why then do the vast majority never accomplish this?
Remember how here at the Forex365Institute we teach that trading is 90% psychological? Let’s look at a psychological effect that can take place if you are of the mindset that you are going to compound a small account. Take for example Trader A and Trader B.
Trader A makes his initial deposit. This is usually between a few hundred and a few thousand dollars. Game on. His account grows. At this size of account, he is trading between a $1 and$5 pip. He has an amazing month. He pulls over 200 pips. This nets him a profit of over $500.
He tells himself, ‘I am on my way to the big bucks!’
The next month the market ranges out for a few weeks. Trader A enters a slump and eats up most of his profits by trading aggressively on a lot size higher than month 1. He is fueled by the excitement of running up his account, and soon by the frustration of not repeating month 1’s performance. The losses are overlooked because, ‘Hey, at least it was the houses money.’ Months of this purposing follows. Friends and family ask about trading. He’s embarrassed. His subconscious mind starts to disconnect from the money he deposited initially, and worse, from the hope that fueled the journey to learn to trade.
A year goes by. Trader A has lost his enthusiasm, his confidence. Life is frustrating.
Trader B trades opens a $1000 dollar account and expects very conservative growth. 45 net pips/month is AMAZING to her. She easily achieves this and WITHDRAWALS her small profit. She takes her $150 dollars and treats her husband to a fun date, courtesy of her FOREX profits.
He encourages her to continue waking up early and is happy to help. The next month, she looks patiently for set-ups she trusts. Her account grows again. This time, she treats herself to a car detail. Now she is rolling in evergreen scented bliss courtesy of her efforts in FOREX. Her subconscious mind loves trading.
Trader A is looking on scornfully, because after all, he didn’t come here to make $150 a month. After a year of achieving her $150/month profit, Trader B receives a nice $5000 dollar tax return. She trusts herself completely to use this money to trade. Immediately, her profits go from $150 to $700+ dollars/mo. This affords her the ability to take a vacation and she hasn’t taken a vacation in years. Her friends want to know more about that FOREX thing. Life is good, and the future looks bright.
End of story.
The point of this story is not to tell you how to manage your money. It is however, something worth considering if you have been trading for a while and feel like Trader A. Maybe, just maybe, the tortoise who isn’t consumed by the greed of the lot ladder, is the one who ironically wins this race.
For more, follow us on instagram @forex365institute, and visit www.forex365institute.
In the world of investing, foreign currency can often times be viewed as the Wild West. In general, people from the ‘financial planning’ world who often use, and promote long term investment instruments that use trends and dollar cost averaging, generally have a scornful view of the FOREX market.
While this can be understandable, usually it is as a result of a general misunderstanding of how the FOREX market works and why it is different. Approaching it with the same strategy as say the S&P 500 is akin to showing up to a horse race with a greyhound dog.
The ‘ah hah’ moment for most comes when they realize and understand that the FOREX market is unregulated, and as a result, is a completely manipulated market. Manipulation scares most because it creates a level of perceived unpredictability, until they realize that manipulation occurs systematically. It occurs systematically because the people who manipulate the market are those with enough buying power to temporarily affect price direction, which causes fear amongst the general public, which then causes them to close their temporarily losing position. The ‘Market Maker’ can take the other side of that same position and now go and win with it.
Anybody who has ever dabbled in FOREX trading likely has 1st hand experience with market manipulation. They are sitting in a winning position for hours, maybe even days… Slowly their profits are increasing, and then suddenly (usually in conjunction with an economic news event,) the market races against their position and takes them from profit to loss, sometimes even hitting their stop loss.
Above is an hourly chart from the EUR/USD that illustrates several examples of market manipulation. You can see that there is a clear trend to the short side. The circled candles are manipulation ‘snaps’ that occurred inside of an hour, probably in minutes, that took out hours upon hours of previous areas that retail traders were likely entering trades short.
What is important to know about market manipulation and how to successfully trade it, is exactly what we teach to our student traders at www.forex365institute.com.
Once you learn the step by step formula that the ‘Market Makers’ use repeatedly week in and week out to make money, you can now wait for manipulation to take place, and take your positions with confidence along side of the big banks because you will know how and why they are doing what they are doing to make money.
‘It’s not what you don’t know that will get you, it’s what you think you know for sure, that just isn’t so.’
Until Next time, Happy Pipping!
By Payton Parnegg
If you are thinking about trying your hand at currency trading, then there are a couple natural talents and or interests that people who make great traders have. As you read through the 7 signs and find that you are a match, then that natural ability coupled with the correct training will give you a clear advantage when it comes to trading the markets!
Here is the list:
Now if you found that you met 4 out of 7 signs, don’t fret, you are still in luck. Things like emotional stability, work ethic, and humility can be learned over time as long as you are willing to put in the work to learn.
Here at the FX365 Institute, we specialize in teaching everyday folks how to become ninja traders in the market. We have found that when a student is willing to do what ever it takes to learn to trade, we as an institution can help get them across the finish line.
Think of it like this, if you are trying to get in shape, hire the best trainer and nutritionist to plan your meals and help you work out correctly you will have all of the tools you need to get in shape. If you never show up to the gym and eat correctly, you will never see the results.
Learning to become a profitable trader is exactly the same. We can provide you software, instruction, mentorship, access to our trading community but at the end of the day, if you don’t show up and put in screen time, you will never make it even if you have matched all 7 signs!