The Forex currency market is a $4T market and the largest market on the planet. Due to the liquidity of the Forex market and the fact that this market is open 24 hours a day, the currency market should be considered by anyone pursuing alternative wealth creating strategies.
Also, the Forex currency market can offer a hedge as you can trade in currency pairs, such as the EUR USD (which is the value of the Euro currency compared to the value of the US Dollar currency) where as the USD weakens, the Euro currency strengthens.
There are also currency pairs, such as the GBP JPY (which is the value of the Great British Pound currency compared to the value of the Japanese Yen currency) providing investment alternatives in totally non dollar-denominated assets … a great way to hedge against the potential demise of the USD.
If you like this alternative but not sure where to begin … let me provide in this article a few pointers for consideration.
Be aware that there is a lot of “junk” and misleading information on the web related to training and trading the Forex market. Be sure to do your homework before you go too far with any one training provider, trading platform, or broker.
A company that I found and use provides 35 free training lessons on their website and the lessons are of the highest quality. They also discourage you from signing up for their trading service until after you have reviewed the 35 lessons and paper traded their big lights and trend trading approach. This way you get a lot of free material and a low cost way to learn about the Forex market to determine if their approach will work for you.
Also, consider attending a training session.
I recently attended a very inexpensive seminar where the material was in an instructor lead format (which is rare these days) with significant face-to-face interaction however all of the materials were delivered during the seminar online from their website and associated blog. There was a significant amount of supporting materials such as detailed lessons and trading tips to read and study, pictures of trading screen setups highlighted on Flickr, and Youtube videos of previous training sessions that can be accessed in the future, as a refresher.
As a student, I was able to bookmark the material for access and review a future time.
The seminar was organized around 5 key topics:
- chart reading
- support and resistance
- parallel and inverse pair analysis
- writing trading plans; and
- entry management and verification
In addition, there were several topics on mindset, building confidence, and determining when there are good times to trade … and, when are times to avoid trading.
I trust this material has provided you insight and an overview … as you consider the Forex currency market as a hedge to the potential demise of the US Dollar.
One more suggestion would be to read an excellent “state-of-the union” message on the hubpage of the instructor that taught the seminar I recently attended. It can be found at http://hubpages.com/hub/Spot-Forex-Trading-The-State-of-The-Union.
You can find out more about the Forex marketplace and this Forex Early Warning seminar by reading updates that will be posted at Farrell’s blog over the next few weeks (see blog link below).
Friday, October 30, 2009
How to Make Money & Double Your Income in 90 Days
A very rich man once told me that it’s not all about the money. My response was “that’s easy for you to say. You have the money.”
He then went on to explain the difference between value and money.
Before we get into that, let me explain:
I was the opportunist sales guy always looking for the next transaction
. My sales techniques were a little unpolished but it didn’t matter because I was doing the numbers. We all know that sales is a numbers game so no matter how bad you suck, if you just do the numbers you will get some results.
Well, I was getting some results as a matter of fact they were above average results but who wants to be just above average anyway. I wanted more than I was getting so I worked harder at chasing the sale and closing the transaction. I learned all of the closes and mastered the art of handling objections. From this my numbers improved but still were not getting me where I wanted to go. My goal was to get over the $100K/year mark but I just couldn’t crack it. How could I work harder? How could I leverage my time? There were only 168 hours in a week. I needed more.
In my first year in the recruitment industry I did 1532 face to face meetings with decision makers. 90% of those meeting were first time meetings which should tell you that I didn’t do a lot of follow up. I was looking for the transaction. If someone didn’t have business for me, I would move to the next person and so on.... After reviewing my 1st year numbers, I realized that I had to do something different but I didn’t know what. This is where the very rich man comes in.
His advice was, “forget about the money, forget about the commission, forget about the sales awards. Focus on bringing value to others and all else will follow.” Again I thought that it is easy for someone to say that when they already have the money. You’ve heard the saying “Money isn’t everything.” I didn’t believe that until this point. I always thought that money is the solution to everything. If I’m going to be miserable, I may as well be miserable rich (I still believe this just in a different capacity).
So the lesson is, bring value first and the money will follow.
I was out of ideas so I thought that I would give it a try. I joined a few networking groups as well as the Board of Trade. I went to these events looking for ways that I could bring value to others rather than get a sale. I looked for ways that I could connect other people to help them out so that both parties could benefit whether it was to my benefit or not. I stopped worrying about the transaction and the short term gain and started looking at the big picture and the long term gain. It was no longer all about me but about those around me.
You’ll never guess what happened. Prospective clients became clients. Orders just seemed to drop on my lap from people that I helped previously. Orders came from people who I had never spoken to before but they had heard of my value proposition.
From helping and bringing value to my co-workers I was promoted to manager to senior manager to VP. I was now able to leverage my time and make money from other people’s efforts rather than limiting myself to the 168 hours in the week. I then cracked the $100K benchmark. Wow! That rich guy was right.
I also learned another valuable lesson here. Be careful who you take advice from. If someone has no money, don’t take advice from them on making money. If someone is out of shape, don’t take fitness advice from them (I’ve never understood personal trainers who are out of shape. What credibility could they possibly have?).
So the way to double your income is to bring value to others first. Look for ways that you can increase your value in your community. Do some volunteer work, coach a team, write an article or whatever you come up with.... Be the resource in your industry. Become the expert.
He then went on to explain the difference between value and money.
Before we get into that, let me explain:
I was the opportunist sales guy always looking for the next transaction
. My sales techniques were a little unpolished but it didn’t matter because I was doing the numbers. We all know that sales is a numbers game so no matter how bad you suck, if you just do the numbers you will get some results.
Well, I was getting some results as a matter of fact they were above average results but who wants to be just above average anyway. I wanted more than I was getting so I worked harder at chasing the sale and closing the transaction. I learned all of the closes and mastered the art of handling objections. From this my numbers improved but still were not getting me where I wanted to go. My goal was to get over the $100K/year mark but I just couldn’t crack it. How could I work harder? How could I leverage my time? There were only 168 hours in a week. I needed more.
In my first year in the recruitment industry I did 1532 face to face meetings with decision makers. 90% of those meeting were first time meetings which should tell you that I didn’t do a lot of follow up. I was looking for the transaction. If someone didn’t have business for me, I would move to the next person and so on.... After reviewing my 1st year numbers, I realized that I had to do something different but I didn’t know what. This is where the very rich man comes in.
His advice was, “forget about the money, forget about the commission, forget about the sales awards. Focus on bringing value to others and all else will follow.” Again I thought that it is easy for someone to say that when they already have the money. You’ve heard the saying “Money isn’t everything.” I didn’t believe that until this point. I always thought that money is the solution to everything. If I’m going to be miserable, I may as well be miserable rich (I still believe this just in a different capacity).
So the lesson is, bring value first and the money will follow.
I was out of ideas so I thought that I would give it a try. I joined a few networking groups as well as the Board of Trade. I went to these events looking for ways that I could bring value to others rather than get a sale. I looked for ways that I could connect other people to help them out so that both parties could benefit whether it was to my benefit or not. I stopped worrying about the transaction and the short term gain and started looking at the big picture and the long term gain. It was no longer all about me but about those around me.
You’ll never guess what happened. Prospective clients became clients. Orders just seemed to drop on my lap from people that I helped previously. Orders came from people who I had never spoken to before but they had heard of my value proposition.
From helping and bringing value to my co-workers I was promoted to manager to senior manager to VP. I was now able to leverage my time and make money from other people’s efforts rather than limiting myself to the 168 hours in the week. I then cracked the $100K benchmark. Wow! That rich guy was right.
I also learned another valuable lesson here. Be careful who you take advice from. If someone has no money, don’t take advice from them on making money. If someone is out of shape, don’t take fitness advice from them (I’ve never understood personal trainers who are out of shape. What credibility could they possibly have?).
So the way to double your income is to bring value to others first. Look for ways that you can increase your value in your community. Do some volunteer work, coach a team, write an article or whatever you come up with.... Be the resource in your industry. Become the expert.
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