New Blog Up and Running

I have spent the past two weeks working on a new blog according to the techniques suggested by "Blogging for Dollars". I decided to create a blog about Forex trading. It will include information to help newbies, veterans and those just interested in investing. It will also chronicle my daily trading adventures. I am still in the process of setting up my revenue streams through different related avenues. Other than that it is ready to go. The web address for the blog is www.projectforex.blogspot.com . Check it out and let me know what you think.

4 Step Success Program

I finished reading the 4-Step Success program a couple of days ago. It consists of four very informative e-books specifically about blogging, including blogging ideas, tips, topics, how to make money blogging, how to start a blog, and exercises to help you get started as a successful blogger. Although each of the steps provide great deal of insight, step 4, "Building a Blog Empire for Profit" is by far the most informative. Not only does step 4 give you specific examples to utilize, it also gives you a questionnaire to complete. The questionnaire assists you in really getting your ideas together so that you can get your blog up and running in a profitable manner. If you are serious about becoming a successful blogger, it is a MUST READ. I must admit, I have learned a great deal about blogging over this past week.

I started the Mommy Mogul blog on a whim, as a resource for moms and women that were looking for real work at home businesses. I never did any research on the who, what when, where, and why of blogging, much less the profit side. I saw a need and wanted to do my best to fulfill it. Everyday, people would ask me how they could start working from home, start their own business, or just supplement their income. I really couldn't help them. Even though I have worked at home for over seven years, all of my ventures were start up service based businesses. I could tell them the numerous ways to invest in real estate, start a tax preparation business, broker mortgage loans, incorporate as a LLC and even build business credit. But outside of my niche, I had no clue. So I decided to create a blog discussing legitimate online work at home opportunities that I was aware of, as well as try some of the most popular ones and give an honest thumbs up or thumbs down.

So with my new found knowledge, I will not recreate Mommy Mogul and make it something it was not intended to be. Instead, I will start from scratch with a new blog using the techniques that I have learned. This will allow me to truly gauge the profit side of blogging and the BlogToolKit.

Under the Microscope: "Blogging for Dollars"

There are multiple sites, articles and blogs that promote blogging as a legitimate home based business. You can find multiple success stories of people that make thousands of dollars a month via their blogs. Blogging for Dollars is one such site that has multiple tools to get you started as a future successful blogger and "everything you need to get started on your path to financial freedom with your money-making blog". It claims that "5 minutes a day, 5 days a week is all you need to make up to $5,000 a month.

WHAT'S A BLOG?
A weblog or blog is a website where entries are made in journal style and displayed in a reverse chronological order. Blogs often provide commentary or news on a particular subject, such as food, politics, or local news; some function as more personal online diaries. A typical blog combines text, images, and links to other blogs, web pages, and other media related to its topic. Most blogs are primarily textual although some focus on photographs (photoblog), videos (vlog), or audio (podcasting), and are part of a wider network of social media.

source: wikipedia

HOW DO I MAKE MONEY?
The basic premise is to create an interesting blog, place some ads and other useful information on the site and build up a following. The more readers you get, the more money that comes in.

GETTING STARTED
Blogging for Dollars includes BlogToolKit which includes a 4-Step success program and additional tools and resources designed "to help you instantly get started on your path to unlimited income." It starts with "Blogging Made Easy", an e-book which is described as the one and only quick start tutorial for blogging that you will ever need. Feel free to email me for a copy, it comes with master resale rights.

So on to Step 1

Under the Microscope: "Overnight Cash System"

The "Overnight Cash System" is a cash gifting activity which promotes the ability to generate hundreds to thousands of dollars daily simply by returning phone calls. Cash Gifting is definitely not a new concept. Actually it is something all of us have done and do on a regular basis for birthdays, graduations, weddings, etc, just on a smaller scale. So the question is not in the concept, but whether or not cash gifting can be considered a legitimate home based business.

Cash Gifting can be defined as: The act of privately or publicly giving another person or entity a declared sum of cash, (as a gift) and giving it freely without coerce or consideration. Cash Gifting is in no way a loan or any type of payment for goods or services received. As an income generating program cash gifting requires like minded entrepreneurs and average people from around the world to implement the cash business system.

Cash gifting programs typically consist of multiple entry levels and are based upon a 1-up cash leverage system to start generating fast cash. Many programs appear to be "hit and miss". However, there seems to be a handful that have been around for years and have a step by step progtam, a solid tracking system, legal documentation, and marketing plan.

A brief overview of the process can be seen here www.youtube.com/v/UCbJYns54Ws&rel=1 or heard by calling a pre-recorded message. After listening to this call, you are to call back your inviter who then gives you access to another call and the website. The entry level ranges from $500 - $3500. There is an additional annual fee for back office support in the amount of $120. Training is provided, access to marketing materials, legal documentation, website set up and a system to follow.

The Overnight Cash System appears to have all the components in place for someone to be able to launch a home based business. So let the fun begin.

Well, during my month long test of Overnight Cash system, I have to say I am quite dissapointed. The income potential is great. However, as a long term home based business, I am going to have to pass. In order to keep the cash coming to your door, you have to have a constant influx of invitees that are willing to put up the cash and invite others. In my opinion, there are better opportunities out there, that require much less work and yield much better results both short and long term.

Cashing In With Forex

Learning to become a forex trader is a difficult goal to achieve. Like any other profession, it will take time to learn the basics of currency trading and even longer to apply the different trading strategies and methods to the live market. Education, training, and discipline are essential to building a trading career. The Off Exchange Retail Foreign Currency Market (FOREX) is the largest financial market in the world with a volume of more than $1.9 trillion daily, dealing in currencies that are traded against one another. Global forex trading is included in the portfolios of the world's richest investors. The Forex Market can be a sound investment if discipline and money management are applied.

RISK WARNING: Trading foreign currencies is a challenging and potentially profitable opportunity for educated and experienced investors. However, before deciding to participate in the Forex market, you should carefully consider your investment objectives, level of experience and risk appetite. Most importantly, do not invest money you cannot afford to lose.

Learning to Trade

Education! Education! Education!

There are countless numbers of books, courses, videos, programs, websites and articles that will teach you about the Foreign Exchange Market and Forex Trading. Although not all sources are created equal and some are just downright bogus, the internet, Amazon, and Barnes and Noble can provide you with all the information necessary to start your trading career.

Suggested Links:

National Futures Association - Forex Online Learning Program
Baby Pips - The beginner's guide to Forex trading
Interbankfx University - A Comprehensive Forex Education website
Daily FX - Source of Daily Forex News, Commentary and Analysis


Create your own Trading System

Trading Systems are a dime a dozen. Although there are many good systems out there, they all come with limitations. The only trading system that is best for you is the one that is designed by you based on your goals, your schedule, and your commitment. When developing your system, you must determine your trading time frame, technical and fundamental analysis strategies, entry/exit points and risk vs. reward ratio.


Create a Trading Plan

“If you fail to plan, you plan to fail.” A trading plan explains how you plan to trade in the FOREX market. It should detail the time of day in which you will execute trades, your forex trading strategy, which currencies will be traded and a sound money management strategy to minimize risk. You must have a forex trading plan to succeed.


Practice! Practice! Practice!

Practice Does Not Make Perfect! Open a "DEMO" forex account so you can put all your knowledge, analysis and planning to practice. The demo forex account allows you to learn about the Forex markets and test your trading skills with ZERO risk. Test your trading system and apply your trading plan to all of your trades. Trade your demo aforex ccount for at least two months and always, always, always trade your demo forex account as if it were real money. This helps you to make better decisions and create good habits for later.


Congratulations!!!!!!!!

You are ready to start trading your own forex account with real money. Start slow and low. Low spreads, low lots, low quota. Remember that losses will occur no matter the education, training and discipline. Be patient and follow your plan.

Suggested Retail Brokers:
Interbankfx
Forex.com

Forex trading involves substantial risk of loss and is not suitable for all investors.