The most common question on social media is: Should I invest in Cryptocurrency? Should I buy Bitcoin? Should I get into Forex Trading?
You shouldn't be asking these questions. Asking these questions means, chances are you don't know enough about them.
Maybe you see it on social media, or your friends told you about them, or you heard somebody making some money doing in Cryptocurrency, Bitcoin or Forex.
Forex Trading, or Cryptocurrency are not a business, they are an investment. Forex Trading in very simple terms buying currency at a certain rate, and selling currency at a hopefully higher rate.
Buy low, sell high. That's how you make money in Forex Trading.
Dollars. You need to ask "when is a good time to hold on certain amount of dollars of U.S.?" Or, "I heard it is going to go down." Then sell some U.S. and convert it into Canadian. It is not trying to make money on the difference but trying utilize the capital more efficiently.
When you've got no money there are three things you need to know. You need to acquire three skills. Making it, keeping it, and multiplying it.
A lot of people are trying to multiply. But you haven't got anything to multiply! The sad truth is $2,000, $10,000, $20,000 or even $50,000 is not enough to multiply. You can't become wealthy that way. The very first thing that you have to do is, focus on making it. Maximizing your income.
When you maximize your income, it doesn't mean being painfully frugal, but simply that you keep it. You accumulate it so that you could invest. Now you have something to invest that is sustainable. You now have something that will provide you with a good return.
First you need to develop a 'high income skill'. You need to have a "skill set" that can let you earn money continuously. You need Income.
Before you jump in and buy Forex or Cryptocurrency, you must remember that you still need to pay the bills. You still need to put food on the table.
You need a continuous income stream, that allows you to maintain your daily life first. In short, you need the ability to earn money on a regular basis. The most dangerous thing is going into something on just speculation. Again, this is not a business, it is speculation.
Speculation is simply like going to Vegas and putting $100 into a $1 slot machine. You might be up $300. Then $20,000. But because you think this is an investment, a business, you keep pushing the envelope and suddenly, you have lost everything. Or, you think this course of action is going to make you rich. That's how stupid it is, when it comes to you thinking about Forex Trading, or Cryptocurrency as a business. It's just the same as saying you are going to play the slots and it will make you rich.
This kind of thinking is not even speculation, it is no more than a slot game.
Don't count on that to make money. You are the only thing you count on make money.
Real estate doesn't make you money. The stock market doesn't make you money. Business doesn't make you money. You make money using your talents and tools to make money. They are simply the vehicle, the investment. Those investments work only because you work.
This needs to be emphasized. Your investment would work only if you work.
The only thing, the only person you can count on to make you money is you. The only thing, the only person you can count on to make you successful is you.
Learn to think independently. Learn to stabilize your first metric and then continue on with the next 2.
Making it, keeping it, and multiplying it.