Forex trader and Reseller
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The idea of passive income caught the interest of Joshua, which got him into forex trading. Starting with a small capital of 5k, he now makes an average of 1 – 2k profit per month. He also does reselling of gaming accessories and goods by sourcing online.
Business model: Forex trading & goods reselling
No. of employees: 1
Location independence: Yes
How much time spent working: 2 hr/day
Revenue: 2.5/month
Based on passion: Yes, Gaming
My name is Joshua Goh, and I’m 24-year-old this year, studying in UOL SIM. I’m an active forex trader and do local reselling where I source goods from Chinese sites such as EZbuy and Bang Good.
I got into Forex through my friends when I was still studying in Polytechnic. I was pretty broke, so the thought of earning income passively caught my interest.
I also frequent online shopping sites, which I realized they were selling the same products as local stores at a much lower price. The fact that these stores were carrying the goods validated the demand for it, so I source and resell them to locals. Ie. items such as Nintendo Switch, PS4, and various electronic accessories.
As a trader that relies heavily on technical analysis, it doesn’t require much physical effort on my end, mostly brainpower. All I do is studying the patterns and making the decision whether and when to enter a trade.
The reselling avenue does not require me to have a physical inventory and I can do it anywhere as long as I have access to the internet.
I had a starting capital of 5,000 for Forex which got me to a consistent return on 1-2k a month. Reselling also requires some capital, I funded them with my forex profits.
Forex: 1000-2000
500-600/per month
Trading isn’t for everyone, you have to ensure that this is something that you can stick to. I would suggest that beginners try out with a demo account and get a hang of trading.
Finding a mentor is a must as you’ll cut down your learning curve and fast track your route to success.
Aim to understand concepts of candlesticks, psychological areas like buy/sell zones (supply and demand), and the fundamentals.
Don’t get caught in the hype of the forex lifestyle that you see on the internet, as they are likely to be scams. Also, make sure that you fully understand each trading plan as u move along getting new books and concepts.
I’d highly recommend that you stick to your training plan with a demo account till you’re profitable. Do understand that you’d make losses, and its more about psychology and risk management than finding the golden indicator. Keep a trading journal to reflect on your trades so that you can improve.
For reselling
Start with products that you know and are familiar with, then validate the demand for it before you start purchasing them.
I knew that people needed and wanted my service, but I had no idea how to find my ideal clients. I didn’t have a digital presence and struggled with branding, I simply didn’t exist and people cannot find me, despite having the skills to add value. I had a problem which is not knowing anything about marketing. I spent a lot of time researching, learning, and implementing what I learned.
I had success in building awareness by ranking with Instagram Hashtags so that my ideal clients can find me. The hashtags also let me filter and find leads where I would reach out to.
My approach towards direct message outreach is more of a person to person take rather than asking for the business right away. For example: giving a personalized compliment to their work.
This approach tends to be more genuine as I could add value and build rapport with the prospective leads before pitching my services. I get about 20 – 30% client conversion rate using this method.
The downside is that its very time consuming, the more time spent on prospecting means less time for service delivery and client management.
Trading, in general, is all about controlling your emotions and making rational decisions. I made plenty of mistakes such as chasing the market and revenge trading which resulted in me making even more losses.
If I could go back in time, I’d tell my past self to work down from the top, make target profit goals, and create an action plan that takes me there. I’d stick strictly to the planned trades and not let my emotions get in the way.
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