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Hey everyone,
Today's newsletter is going to be a bit different. I want to focus on showing you different ways to make money online. I may not be able to cover all my ideas about online businesses in this single newsletter, but I'll definitely provide you with some fresh ideas to get you started.
First and foremost, let's address a common misconception that many of you may have. Running an online business is not necessarily easier than a local brick-and-mortar business. It requires hard work and dedication, just like any other venture.
It's important to note that around 90% of businesses fail for various reasons. However, let's begin by exploring the best online business ideas according to a quick Google search I conducted (source: https://www.oberlo.com/blog/online-business-ideas):
Opening a T-Shirt Online Shop
Starting a Dropshipping Business
Becoming a Kickstarter/Indiegogo Advisor
Becoming an SEO Expert
Selling Online Courses
Participating in Bug Testing
Producing Videos
Utilizing Your Skills as a Graphic Designer
Developing Websites
Venturing into App Development
Now, you might think, "Wow, most of these seem easy to start." However, let me assure you that they require specific knowledge that not everyone possesses. Essentially, you would be selling your expertise and time to create the end product.
Speaking from personal experience with some of these businesses, I can tell you that most of them are extremely challenging. Let's take the example of the T-Shirt business. While it may appear simple, it's far from it. To succeed, you need an existing network, a deep understanding of advertising campaigns, or the ability to upload thousands of designs to organically grow your shop.
Now, let's dive into the idea of trading. Why is trading so lucrative for those who understand it? Firstly, trading allows for scalability to a level where you could potentially earn six figures daily. You don't have to worry about other aspects like marketing or reaching out to people—it's just you and the charts.
Secondly, there are prop firms that offer a fantastic opportunity. These firms provide you with a certain amount of money once you pass their challenge with specific rules. Most companies even allow you to scale your capital to $300,000 to $600,000. Imagine earning 3-5% per month on these accounts—it can result in significant payouts. Moreover, you can connect multiple accounts from different prop firms using a trade copier to further amplify your capital.
I plan to explore these topics in greater detail in future newsletters, so stay tuned for that.
In a nutshell, trading is often considered the hardest way to earn the easiest money. Let's break down trading into three categories:
Psychology: This aspect plays a crucial role, accounting for at least 70% of trading success. It's important to understand that trading losses are simply a cost of doing business, not actual losses.
Technical Analysis: This part is more straightforward, constituting around 25% of the effort. You need to find a sound strategy and thoroughly backtest it until it proves effective. If it doesn't work, you can search for another strategy and repeat the process.
Trade Execution: The remaining 5% is dedicated to trade execution. Why is this step so important? When executing trades, you should be in the right mindset. Avoid excessive excitement, anger, or depression. Instead, strive for a balanced and focused state that won't affect your execution.
Finally, I want to invite all of you to join our Discord community. Your feedback is highly valuable to us as it helps us improve our work. We genuinely value your thoughts and ideas, so please don't hesitate to share them with us on Discord.
https://discord.gg/3GXqNM5gvP
Thank you for being a part of our newsletter community, and we look forward to hearing from you soon.