Get Rich Slowly with Foreign Money
Trading foreign currencies is a great adjunct to blogging for money and other activities aimed at making a living online.
For the past couple of years, I’ve been developing my own forex trading system that seems to be working pretty well as a get-rich-slowly alternative to the usual frenzied ups-and-downs associated with this market.
To briefly describe it, it’s a form of day trading in which I make many tiny (almost microscopic) trades, closing them out only when they hit certain profit targets.
As for losses, I just let them run. Most forex traders would consider this madness and would say there’s no way such a strategy could lead to anything but doom.
Using this system, I am almost always carrying a significant unrealized loss. But so far, this is outweighed by my realized profit. More importantly (to me) my overall account balance continues to grow at a rate of 1 to 3 percent a week.
This crazy little experiment of mine in currency trading is admittedly still tentative. At this point, though, I am fairly confident that if I continue to plug away at it, I will reach a point where I can consistently and safely take a couple of thousand dollars a week from my forex account without lowering the equity in it. That would be enough to live on if I so chose.
According to my calculations, I could let the equity build longer before I started tapping it, and be able to regularly extract $5,000 or $10,000 a week.
Math is a wonderful thing, of course. As someone said about one financial guru’s wildly overstated investment returns, by his calculations the guy would own all the money in the world within 10 years–something that manifestly did not occur, as the guru went down in in the flames of bankruptcies and lawsuits.
So, I won’t start counting unhatched chickens just yet. Still, the method of spot currency trading that I’ve developed seems likely to continue working to the good.
I’ll explain my system in detail in future posts. Call it the Quazboo Forex System. (”Quazboo” doesn’t mean anything; it’s just a word that didn’t exist until now, based on a quick Googling.)
