Are You Ready To Make Money From Home?

  • 6
How to become an Entrepreneur

Are You Ready To Make Money From Home?

 

Making Money Online From Home – Fantasy or Reality?

You are probably one of the millions of people that have long dreamed about and are ready to make money from home. It probably has seemed like an unattainable goal in the past; but no more. Anyone with a laptop, tablet or smartphone can do any number of activities online that can earn them side income, and in some cases, match or surpass their existing job income. This is no pipe dream. People are doing this daily. They are firing the Boss. They are punching out for the last time. They are kissing the long daily commute goodbye. They are working from a different room in the house each day, or the garage, or porch, or park or coffee shop or…anywhere where there is a stable WiFi connection, but even that is not required if you use your smartphone as a Hotspot!

These days you just need to type a few keywords into Dr. Google, like “how to make money online” or “how to make money from home” for example, and you will be amazed at just how many “offers” are listed.

The first steps in learning how to make money from home is to do your homework! There are many opportunities you may be offered, but you will need to be armed with the knowledge to weed out the con artists from the legitimate prospects. The only way you can do this is to read, read, and read some more. Visit many websites, read reviews and use your common sense. Anything that seems too good to be true is probably just that. You can save yourself a lot of time and money by researching how to make money from home extensively. This will only take your time and may save you hundreds of dollars down the road.
wheretobegin

Where To Begin

You have decided you are going to give attempting to make money from home a try. Now you must decide where your talents and strengths lie. If you truly want to become successful and make money from home, your best bet is to use the skills and abilities you already possess. You can make money from home by writing a blog and generating revenue, you can set up an online store where you can sell specialty items or a wide range of goods. You can create a website that offers your services if you have an area of expertise; the possibilities are endless when you decide you want to try to begin a career from home.

Avoid The Pitfalls

Lots of people say they want to make money from home, but many are not willing to work for it. It is not enough to want to make money; you have to be willing to invest not only your hard-earned cash but your time as well. Those who think they can make money from home using some type of marketing scam or pyramid are in for a rude awakening. The only thing they will be making is space in their wallet where their money used to be.

Once you have settled on a plan for a home career, learn all you can and be ready to spend hours getting yourself set up and on the road to success. You can’t expect to make the big bucks if you are only willing to devote a few hours a week at best. The people who are making the real money from their homes are the ones willing to work hard and learn from theirs and other’s mistakes. They are not afraid to take a risk and devote their energies to a program has been proven to be a successful venture that can be run from the security of their home.

But Take Off Those Rose Coloured Glasses

Although it might not be what you want to hear, every successful Entrepreneur has a few traits in common, such as:

  • They believe in themselves 110%
  • They invest money into their personal development by buying/attending courses by experts in that field, and/or getting mentored
  • They are willing to take a risks and invest in business opportunities where they could use someone else’s hard work and system, and just expand/improve upon it

One skill you have to learn fast is time management. Another is working smarter, not harder. You have to learn and live the 80:20 rule. By that, I mean focusing the bulk of your time and energy on the 20% of activities or customers for example, that make you 80% of the profit. I’ve used a product that focuses on teaching you the 80:20 rule, should you be interested. Click here to be redirected to that product page.

Look For Ways To Use Someone Else’s Proven System

One of the best ways to ensure that you create a way of making money online from home that is successful over the long-term, is to do what many people have done that have made money from home and that is, they have invested in a “Franchise Like” business opportunity. What is “franchise like” I hear you ask? We all know what a Franchise is, right? McDonald’s is probably one of the best-known proponents of the Franchise Business System/Model. What is it exactly? It’s a complete “How To” system/guide that effectively means that anyone who qualifies can be trained to operate a McDonald’s – profitably. That’s a big boast, right? It’s true. In this case, the “System” is everything. All powerful. To be followed religiously.

Well, just as there are Franchise businesses that you can’t run from home, that require more investment than the average person coming from Employment can afford, there are also what I like to call “Turnkey Business Systems” out there that have systematized a way of doing business, pretty much to the same degree as a Franchise would, except they don’t have all the formal Franchise Agreements in place, and the person who wants to use the system is not bound by restrictive conditions.

turnkeybusinesssystem
I wrote a blog about one such product, funnily enough, called Turnkey Business System. If you’d like to read my review, click here.

Conclusion

In 2018, there’s nothing stopping anyone researching, selecting, establishing, operating and eventually even selling a business, if they are ready to make money from home. Traditional businesses that operate in the physical realm are less likely to lead to long-term success, with the trend favoring digital products as the basis of making money online from home.

All businesses require some amount of capital to start, and a home-based business is no exception. Whilst the owner and major stakeholder (you!) might be prepared not to draw a wage at the start (which I don’t recommend), you will need to set aside some capital to pay for structure, stock etc., and also some capital to pay for advertising and marketing. Businesses need customers, and although there are ways to attract them without spending money on advertising. You should have a budget for this in reserve, in case you can’t or don’t want to take the time to learn how to establish a website and optimize it to attract customers.

If you have already made a successful transition from employment to owning your own home-based business, I’d like to hear about your challenges, highs, and lows.

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Cheers! Jim

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Trade FX and become a millionaire

Can I Make Money Trading Forex

The Secret of Currency Trading

Rule No.1: Never lose money. Rule No.2: Never forget rule No.1.  – Warren Buffett

 

By James Spurway

A guide to currency trading, or in other words, Making money by investing in or trading forex (short for foreign exchange)

Are you ready for some large numbers?

I mean really large.  Blow your mind large. Too big for the calculator to display large!

Here’s a quiz that I can safely predict that most of you reading this would not know the answers to without consulting Dr Google!

Which has the biggest daily volume, all the stocks traded on all the stock markets in the world, or all the currencies traded on the official currency markets in the world?

Who said stocks? Sadly, that’s incorrect. The rest of you who said it’s the currency market, what is the daily turnover of the currency market? How many said around $5 Trillion? Kudos, you know your stuff.

Now, how many times more than the daily turnover of all the stock markets in the world is that? No? Between 15 and 16 times larger!

The total daily volume of all the stock markets in the world that publish numbers, as of the end of 2016 was $77 Trillion, or around $300 Billion a day.

Does that mean that because of the volume of currency being traded there is more liquidity and hence better transaction efficiency and less risk than in the stock markets?

Unfortunately, that depends, however, I’ll discuss that point in the following paragraphs.

I’ve traded stocks through my own brokerage account, can I trade Forex the same way?

“No. “The only similarity might be that you are used to logging into a trading “platform” (software programme that is either downloaded and installed on your computer or accessed via cloud over your tablet or smartphone) and clicking on predefined fields to place orders to buy or sell.

But that’s where the similarity and crossover ends. You’ll need to open a forex brokerage account to trade forex. It might be that the Bank, securities or brokerage house that you have your stock trading account with, also deals in forex and can open an account for you.

Does that mean you should use the same company for both? Not necessarily. Forex brokerage is a specialized business. Everyone seems to offer a trading platform.

And they all seem to advertise that they have the

a) fastest order execution,

b) most competitive spreads (i.e. the difference between the purchase price of one currency and the sale price of the same currency – relative to a second currency),

c) lowest transaction costs,

d) lowest minimum account balance, e) highest leverage and f) smallest contract or “lot” size (i.e. the face value of a SPOT contract where you agree to buy say $100,000 and sell the equivalent in Euros).

Not all forex brokers are created equal. Do your research and make sure you cut through the all the hype and compare several Brokers offerings on a like to like (apples to apples – not apples to oranges) basis.

What FOREX instrument should I trade?

There are many instruments or contractual types traded in the forex market. Spot, outright forwards, foreign exchange swaps, currency swaps, and options make up the bulk of all daily trading volume.

From this list, an individual that is not a trained trader working for a Central Bank, Bank, Non-Bank Financial Institution or Corporation, will start trading in the SPOT Market. That means you’ll be buying and selling currency in pairs.

When you buy USD (US Dollars) you will sell another currency like EUR (Euros) for example.

What strategy should I use?

As far as Trading Strategies are concerned, trading forex is so much more complex than trading stocks.

It’s possible to trade in and out of currency pairs quickly when using a trading platform or App, and in so doing, simply buy and sell on a hunch or a visual cue you believe you detect in the price signals.

This is referred to as “Day Trading”.  This might be okay for someone who is only putting a couple of hundred dollars at risk when they open their forex brokerage account and start trading.  Logically though, apart from giving you an adrenalin rush, it is a poor use of your time.

It might take a couple of hours or more a day every day to create say a return of 10% or even 20% a month. That is using extremely high leverage and placing all of the initial capital at risk.

If you start with $200.00 in your account, even a monthly return of 20% only means a Dollar Return of $40.00 – for maybe 40 hours of work. Is working for $1/hour really a good use of your time!?

What am I saying. Unless you have $10,000.00 or more at your disposal and are willing to be aggressive and risk it all, the dollar returns (you don’t bank percentages you bank dollars!!) just don’t justify the time that you should invest to trade with a degree of professionalism.

However, if you intend to do this remotely professionally, or put another way, if you are going to place more than a few thousand dollars at risk when you open your forex brokerage account and start trading, you really should invest in proper training through a vendor that has live coaching from traders who can show you their trading account and hence prove that they can walk the walk, not just talk the talk.

One final note, it is this author’s personal opinion as someone who has traded his own account and been a fund manager and traded client’s funds, that one strategy that should not be followed by anyone starting out in the forex trading business and that is Binary Options.

This is not a strategy that any novice investor/trader should pursue.

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Is there an alternative to trading my own account?

There is an extremely attractive option to trading your own forex account if you want to have some exposure to currency as an asset class as part of your overall investment portfolio. And that would be to conduct a search for licensed Asset Managers or Investment Advisors that specialize in and have a track record in creating and implementing forex trading strategies.

Conclusion

It’s not the job of this post to deliver an essay on portfolio investing, however, the goal of every investment that an individual makes should be to add to the risk-adjusted return, meaning to increase the ROI on the portfolio by more than the associated increase in portfolio risk (risk of loss).

Currency is an asset class, just as much as stocks, bonds, and real estate, and deserves to be included in a modern day investment portfolio. The only question then is whether to trade your own account of letting a professional trading manager do it for you.

The pros of doing it yourself are that you enter the market and experience the thrill of being a currency trader for as little as a couple of hundred dollars.

The cons far outweigh the pros on this one and include the fact that you have to have a substantial minimum starting capital before the dollar returns you could safely expect to make, would have any noticeable impact on the dollar amount added to your investment portfolio. Also, without proper training and being disciplined enough to follow a strategy all day, every day, the risk of loss of part or all of your starting capital increases over time.

Please note everyone is responsible for their own action, you can win but you can also lose. Go slowly and only risk the money you can afford. Currency Trading is at your own risk.

I love to hear your thoughts and experience please feel free to comment below

Your truly. Jim

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