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Forex OR Winter Jacket Company?!

Anything considered a "hustle" and not necessarily a CENTS-based Fastlane

Yungviet

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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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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.
 

Yungviet

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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.
What do you think would be more viable? Both have their pros and cons
 

MoreVolume

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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.
 
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Yungviet

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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.
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

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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

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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.
 
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Hai

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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

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.
 

AFMKelvin

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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

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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.
 
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Reda99

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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
 

Muller21QQQF

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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.
Definitely, yes, you can. I think you will be able to do both of them if you want to. This is what a couple of friends of mine are doing. As far as I know, they are trading on CFD using Fondex trading platform, this seems to be the best trading platform and a winner of high-profile awards. As they said, you can use a cBot to automate your trading deals. This bot will trade for you and eliminate mistakes and benefit from higher speed accuracy. Also you can copy hundreds of different strategies used by other traders. I think this is what you were looking for, you might have a look, I am pretty sure you will like it
 
Last edited:

Ben Taylor

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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.

I don't think giving you an answer would truly help you without more context. For example, are you looking to build a lifestyle business/income or are you looking to build a business you can sell 5-10 years from now and retire?

Also, I agree with the above comment that you're going to run into the same issues with the winter jacket business that you did with your last FBA business. With that said though, forex is NOT what you want to get into from the beginning if you want to learn how to trade. While I understand the barrier to entry is lower than equities in terms of capital, forex is the most volatile asset class there is besides crypto. And, while that volatility presents numerous opportunities to profit for an experienced trader, for a beginner you had might as well flush your money down the toilet--and that's assuming you spend the requisite months paper trading and then the subsequent months trading very small positions.

Honestly, the most concerning thing you wrote hasn't even been addressed yet: your lack of focus and dedication to a single venture. Because, while I don't mean to rain on your parade, reading what you wrote about doing both on the side of your 9-5 is a recipe for disaster. It makes me think of a quote I love that goes, "you're not doing anything good, just everything awful."

So my advice to you, even if it doesn't answer your original question, is this: do your due diligence on the ventures you might want to pursue, whatever they may be, pick *ONE*, and ferociously pursue it and commit to making it happen.
 
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newzzy2

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Also, I agree with the above comment that you're going to run into the same issues with the winter jacket business that you did with your last FBA business. With that said though, forex is NOT what you want to get into from the beginning if you want to learn how to trade. While I understand the barrier to entry is lower than equities in terms of capital, forex is the most volatile asset class there is besides crypto.

Ben Taylor, I think you're right on that one. But if person already wants to start his trading career, why should we stop him? Talking of Forex brokers, I would highly recommend this one called TradersWay, here is a brief review of it ( website: https://forex-up.com/brоker-reviews/tradersway-review/ ). It can present reliable MetaTrader 4 trading terminal for anyone, and even more - there is a possibility to trade via "Trader's Way Web Trader" platform, which gives traders an option to keep in touch, no matter of their location and local time.
 

amp0193

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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.

7 months sounds like just getting started with Youtube. Youtube is a long game. Think in years, not months.

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.

Whatever business idea you can think of, there will be people making $30,000 a month doing it. That's not really a valid criteria for selecting a business.

my question is it possible to do both at the same time and be successful with it?

Not likely, especially with the job taking up most of your time.

I can pursue this winter jacket company

What do you know about winter jackets?

How would your jackets be different than any other jacket?
 

ZCP

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@Yungviet instead of chasing money, provide value.

start by providing value to yourself.

Three questions, one task.:
what is your 'why'?
what does that look like in specific, tangible form?
what would it take to achieve that?
now build a specific path doing the three most important things each day to achieve it!
 

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