The Retail Forex Trader
A blog about the strengths and weaknesses of The Retail Forex Trader.
Written by Jonbert Davidsen ∴ Monday, January 7, 2015, updated December 17, 2017
I'm Jonbert Davidsen, welcome to Davidsen Consulting
I’m glad you’re on my blog about Retail Forex Trading and other topics that I find interesting. I'm a Philosopher blogging about Retail Forex Trading, books and business, especially small online business based on Affiliate Marketing ideas. Two blogs are connected to my company Davidsen Consulting: One is mine, the other is my wife's, who blogs about Christian Affiliate Marketing.
I blog about Retail Forex Trading from a critical, but non-bashing, perspective. I used to promote a London-based broker, but stopped this promotion in June 2017. I have participated in the International Forex markets at retail trader level since December 2015. Why did I stop promoting brokers? After all, they pay sky-high commission to those who know how to get people to sign-up. Why am I not advertising any hype around famous traders such as George Soros, Stanley Druckenmiller or Bill Lipschutz?The answer: I'm a Philosopher. Here's the trick of the trade. The Retail Forex Industry is filled with unrealistic claims. It's easier for me to say what's on my mind when I'm outside the Retail Forex Industry myself. One of the ideas I want to promote strongly on my blog is this:
Trading is not for people who need money.
Another money-related topic I've studied while I've learned to trade at retail trader level is Affiliate Marketing. My main-motive for getting into Retail Forex Trading was because I wanted 100% control over my income source. For me, it's an appealing idea to trade (at Retail Forex Trader level) to get rich slowly. This is only possible if I trade without taking an income from my trading account. I see Affiliate Marketing as a huge opportunity to create an income where I can be 100% in control of the income source, while I trade to get rich slowly. By combining Retail Forex Trading and Affiliate Marketing, I don't have to take an income from the trading account. It's also helpful for me that my wife is a Christian Affiliate Marketer. We both wish to gain 100% control over our income source. It's helpful for us that both of us work for the same goals. It's easier to be realistic about our approach when it's a family project. My wife and said we were willing to work three years working for free before we would evaluate if this works for us or not. My wife blogs about Christian Affiliate Marketing for a Christian audience. I blog about Retail Forex Trading and Affiliate Marketing in general. We target different audiences, but our principles how we do it are the same. The first thing I'd say to a newcomer in the Retail Forex Industry is:
Don't trade for income.
Instead of advising how to trade, I write about the most trading traps. The first step towards becoming a profitable Retail Forex Trader is stop doing the wrong thing. I've written a blog post about the possibilities and limitations in Retail Forex Trading called FX Trading: Trap or Ticket to a Better Life? (2018 version). It's an example of a blog post about Retail Forex Trading that someone who is affiliated with a broker wouldn't publish on their site.
I'm not affiliated with any broker
Focus on ONE talent
The be-everywhere-idea hurts new bloggers and online entrepreneurs. It’s useless as a traffic building idea. New bloggers who follow it get stressed. Focus on being everywhere later. Chose FOCUS instead of being everywhere. Why is the be-everywhere-idea trendy? New bloggers copy prominent bloggers like Gary Vaynerchuk, Rand Fishkin or Pat Flynn. But they lack momentum. It’s useless copying Gary Vaynerchuk, Rand Fishkin or Pat Flynn. It’s unrealistic to concentrate on video-creating, paid advertising, search engine traffic, writing Kindle books, recording podcasts, creating social media content, get ideas for webinars, planning online affiliate marketing at the same time. You’re not Gary, Rand or Pat. Copying them is OK, but can you imitate successful people’s context and situation? Your situation is different. They have skills you need. Learn them before you copy. Be proud. Avoid the be-everywhere-idea. Learn successful traffic strategies. Improve your skills. Gather knowledge about Facebook, Twitter, Google Plus. Keep it at a manageable level. Work hard. If you work full-time, your abracadabra-word is focus. The be-everywhere-idea is impossible with a 9-5 job as a sales person. Maintain your blog. Manage your Facebook, Twitter, Google Plus platforms. Manage your Gmail-accounts. This requires time. You have 24-hours per day. Use few social platform. Manage them well. Share your content. Build relations. Keep it simple.
Do it Yourself
The online advice is: Outsource to expand. The truth is: You’re the new blogger. Do everything yourself. 1. You learn everything about your business. 2. You’ll face bigger managements- and money problems than you can handle when you outsource. How can you educate those who work for you when you’re new? Your credit card numbers get red when the outsourced activities take longer time than you planned. You lack the extra $295 to pay for the additional time. If you suppose the outsourcing idea will give you more time, you’re wrong. You’ll have less time. Work on your business and blog, alone. You’re free from teaching other Fiverr-freelancers what to do. You’re free from Messenger-interruptions sending you unproductive yellow smileys. You’re free from E-mail-questions several times a day. Outsourcing slows you down. Wait until you are in the Gary Vaynerchuk-, Rand Fishkin- or Pat Flynn league. Until then, creating cash flow through ONE traffic channel.
Is it Possible to Be Everywhere?
Gary Vaynerchuk, Rand Fishkin and Pat Flynn are everywhere. How? They use several traffic-related platforms. In reality, they don’t. Their traffic comes from one, two perhaps three platforms. The 80/20 principle applies for Gary, Rand and Pat. 20% of their social platforms brings 80% traffic. My website traffic comes from one source, my retail trading/affiliate marketing blog posts. People who read my blogs, recommend my text editing service to companies and friends. People who buy solutions through my Tools for Lifestyle Freedom page know I’ll help them. My limited traffic channel builds DavidsenConsulting’s brand. The takeaway: Traffic comes from few limited resources.
What’s Your Talent?
The 80/20 principle applies to everything. Also traffic situations. Focus on being ONE place. Write, create, organise as good as possible. You need ONE method. You need ONE Twitter, Facebook, Google Plus, whatever works best for you. You’ll have enough income and knowledge to expand your business. Your focus: Create cash flow. Sequential work propels you forward. Do your best with ONE task before you continue. Focus is the game’s name. It’s what brings you reader- and customer traffic. It’s what brings you the bread and butter.
Your ONE Activity
My ONE business activity is writing blog posts at Jonbert's Blog | DavidsenConsulting.com. You should find YOUR one talent. Develop that talent. Then, marketing your splendid website through Facebook/Twitter/Google Plus depending on what marketing channel works for you. Expand and diversify once you have the stable reader- and customer traffic. It’s unwise to keep focusing on just one traffic source. It brings your blogging adventure business into trouble if you lose the reader- and customer traffic source. The ONE traffic source you initially focused on brings you your bullet. Catch the bear. Sell the skin. Buy a new bullet. Catch more bears. With a tested cash flow system that’s proven profitable, you’re ready for the big blogging adventure. It’s time to establish more traffic sources. At this point, you’re a boss. You lead people. Hire people. Teach how your business operates. Lift your business to the Mount Everest top.
How do you set up cash flow with affiliate marketing? Which steps should you take creating reader- and customer traffic? How do you find HOT products? How do you establish the blog business around these favourite products? How do you create the website? How do you configure your blog? Go to the Tools for Lifestyle Freedom section, read the books. They’ll give you a bulletproof blogger-fundament. You have advantages, skills and talents. Use them to build your online business. Design an excellent website. Find ONE traffic source. Leverage your talent. Create cash flow NOW!