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Forex OR Winter Jacket Company?!

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Yungviet

PARKED
Aug 21, 2018
3
0
3
Hi All,

I’m new to this forum and this is my first post. A little background about myself is that I read MJs books when I was 21 and im 23 now and recently graduated from university. During my university I attempted to do a private labelling brand on Amazon selling back braces. The idea ultimately failed ($1000-$2000 revenue per month on average) because even though there was a need it was highly saturated and the top competitors were doing $500000 in revenue per month. I took a break for couple of month and after graduating from university I’ve been running a YouTube Channel for about 7 months but I haven’t been able to get any traction.

instead of jumping into new ideas and not doing proper research and market analysis ive been compiling a list of ideas I would like to do for a business. The final ideas I came up with are become a day trader in Forex since I personally know someone who makes on average $30000USD Per month doing this. Or I’m debating to start a winter jacket company.

my question is it possible to do both at the same time and be successful with it? I have a 9-5 job from Monday to Friday as well so most of my evenings can be used to work on either one of them or both of my ideas. Should I learn and become a day trader and quit my job then once I have time again I can pursue this winter jacket company which can be a fast lane bussiness?

thanks in advanced for any advice you guys can give me.
 

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Last edited:

Champion

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My advice is to keep the 9 to 5 for cashflow until you have a solid strategy thats getting you cashflow every month, whichever you think is more viable.
 
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OP
Y

Yungviet

PARKED
Aug 21, 2018
3
0
3
My advice is to keep the 9 to 5 for cashflow until you have a solid strategy thats getting you cashflow every month, whichever you think is more viable.
What do you think would be more viable? Both have their pros and cons
 

MoreVolume

Bronze Contributor
Read Millionaire Fastlane
Speedway Pass
Oct 6, 2016
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Most people who get into Forex lose a lot of money. These are people who eat, breathe and sleep it, so don’t think that being determined will bring you success.
As for the Winter Jacket company, you’re going to face the same struggles you did with your Back Braces idea. Saturated market, high costs for production, marketing

Just keep earning with a regular job. At you’re age, you’re most likely not going to be able to “put it all together”. Work your job, educate yourself and eventually you’ll find a right business path. The ideas you’re working with currently won’t get you to where you need to be

in all honesty, you shouldn’t expect to get there in the near future.
 
OP
OP
Y

Yungviet

PARKED
Aug 21, 2018
3
0
3
Most people who get into Forex lose a lot of money. These are people who eat, breathe and sleep it, so don’t think that being determined will bring you success.
As for the Winter Jacket company, you’re going to face the same struggles you did with your Back Braces idea. Saturated market, high costs for production, marketing

Just keep earning with a regular job. At you’re age, you’re most likely not going to be able to “put it all together”. Work your job, educate yourself and eventually you’ll find a right business path. The ideas you’re working with currently won’t get you to where you need to be

in all honesty, you shouldn’t expect to get there in the near future.
Can’t I take the same idea and live, breathe, and eat Forex as well to become a good trader? My future plans is to eventually turn this into a fast lane business by making a forex robot to automate the trading or creating a online course for this
 

Reda99

New Contributor
Jan 6, 2020
5
5
11
Hi All,

I’m new to this forum and this is my first post. A little background about myself is that I read MJs books when I was 21 and im 23 now and recently graduated from university. During my university I attempted to do a private labelling brand on Amazon selling back braces. The idea ultimately failed ($1000-$2000 revenue per month on average) because even though there was a need it was highly saturated and the top competitors were doing $500000 in revenue per month. I took a break for couple of month and after graduating from university I’ve been running a YouTube Channel for about 7 months but I haven’t been able to get any traction.

instead of jumping into new ideas and not doing proper research and market analysis ive been compiling a list of ideas I would like to do for a business. The final ideas I came up with are become a day trader in Forex since I personally know someone who makes on average $30000USD Per month doing this. Or I’m debating to start a winter jacket company.

my question is it possible to do both at the same time and be successful with it? I have a 9-5 job from Monday to Friday as well so most of my evenings can be used to work on either one of them or both of my ideas. Should I learn and become a day trader and quit my job then once I have time again I can pursue this winter jacket company which can be a fast lane bussiness?

thanks in advanced for any advice you guys can give me.

Better start winter jackets and take it slowly with forex. 80/100 of people lose their capital . And it requires lot of discipline. Technical and fundamental analysis. Most people do money in forez they can see what the other can t see in market ,and they see the risk first before profit.risk management. I tried forex i lost money i moved to invest/not to trade/ Invest in stock market . Still slow line as aome stuck are slow but you have to buy the panic so can mortage the profit. Its all about patient and be ready psychology of any thing can follow the trend. Learn and read books . You Will be better .
 

Mono

New Contributor
Aug 2, 2019
4
7
11
Better start winter jackets and take it slowly with forex. 80/100 of people lose their capital . And it requires lot of discipline. Technical and fundamental analysis. Most people do money in forez they can see what the other can t see in market ,and they see the risk first before profit.risk management. I tried forex i lost money i moved to invest/not to trade/ Invest in stock market . Still slow line as aome stuck are slow but you have to buy the panic so can mortage the profit. Its all about patient and be ready psychology of any thing can follow the trend. Learn and read books . You Will be better .
Well... most new businesses fail too. But that doesn't stop anyone here to start a new business.

I think it's never a bad thing to gain financial knowledge about investing, It can come in handy later.
 

Mainstream7

Beauty is Truth
Jan 1, 2015
375
412
226
30
Can’t I take the same idea and live, breathe, and eat Forex as well to become a good trader? My future plans is to eventually turn this into a fast lane business by making a forex robot to automate the trading or creating a online course for this
Millions of people think the same thing about forex. Don´t do it.
I will list the reasons here:

1. Become a loser who sits on the computer all day watching charts
2. You will lose a lot of money learning
3. You will lose a lot of money because you can´t manage your emotions and take a loss
4. Time waster, it´s better to create value
5. Only the top 1% make money consistently. Big money will always screw you over.
For example. You let´s say you make 10k within 6 months. Then you lose 10k in 1 day because of one stupid mistake. Can you manage that emotionally?
No. You just wasted 6 months of your time watching charts.

Don´t waste your life, do something worthwhile.
 

kelvinfernandezm

Some Profound Quote Goes Here
Read Millionaire Fastlane
I've Read UNSCRIPTED
Jan 26, 2016
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Fort Worth, Texas
I would go with the winter jackets.

But...

How good are you at math? And do you enjoy math for the fun of it? That's the only way you'll make it in forex just like programming. Unless you have the patience of dealing with abstract analytical concepts for very extensive periods of times Forex won't work out for you. You have to be willing to spend 8+ hours in front of a computer without getting distracted. Most people myself included that's torturous.

Did you know North Face and other puffer jackets use down feathers from geese for their jackets?

Basically they pluck the feathers until only the skin of the bird is left while it's still alive. When the goose regrows the feathers they do it again. Up to 3 times a year.

If you can find a way to make puffer jackets without feathers and cruelty free material you may have a chance at breaking new ground in the outdoors industry.
 

Kevin88660

Silver Contributor
I've Read UNSCRIPTED
Speedway Pass
Feb 8, 2019
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Can’t I take the same idea and live, breathe, and eat Forex as well to become a good trader? My future plans is to eventually turn this into a fast lane business by making a forex robot to automate the trading or creating a online course for this
Let me make your job easier by removing the option of being a pro forex trader.

If you have the ability to be a full time forex trader and making very good money consistently, you should go do a business and make ten times more. Because trading in financial market as a BUSINESS is ten times harder.

Trading is by and large a zero sum game. After factoring trading commission it is a slightly negative game. Basically you are playing poker against other players. You are fighting against well established companies with PHD in math and computing running HFT algo and armed with latest machine learning techniques, after spending millions of dollar purchasing high quality historical data inputs that could affect market pricing.

World class hedge fund make 20-30 percent return annually. If your friend told you he makes 360k annually, either he is running his trading based on a capital of one million plus (minimum) or he is a one in a million genius.
 

Reda99

New Contributor
Jan 6, 2020
5
5
11
Let me make your job easier by removing the option of being a pro forex trader.

If you have the ability to be a full time forex trader and making very good money consistently, you should go do a business and make ten times more. Because trading in financial market as a BUSINESS is ten times harder.

Trading is by and large a zero sum game. After factoring trading commission it is a slightly negative game. Basically you are playing poker against other players. You are fighting against well established companies with PHD in math and computing running HFT algo and armed with latest machine learning techniques, after spending millions of dollar purchasing high quality historical data inputs that could affect market pricing.

World class hedge fund make 20-30 percent return annually. If your friend told you he makes 360k annually, either he is running his trading based on a capital of one million plus (minimum) or he is a one in a million genius.
This man is hero
 

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