Forex Trading, Bitcoin Mining, and Cryptocurrency are the talk of the town. Everyone knows about investing in Forex Trading, Crypto. But should you invest in it?
This is one of the most common questions we get on social media, and it’s from you. It’s like –
- Should I invest in cryptocurrency?
- Should I buy bitcoin?
- Should I get into forex trading?
What do you recommend? Do you do forex trading? Do you buy cryptocurrency? So, today I am going to answer it all.
Should You Invest in Forex Trading, Bitcoin Mining, And Cryptocurrency?
If you’re asking me, Shitanshu, should I invest in cryptocurrency or should I get into forex trading?
The simple answer is you shouldn’t. Because when you ask me this question it means, chances are you don’t know enough about them.
Maybe you see it on social media, or your friends told you about this, or you hear somebody making some money doing this.
And you thought, “It’s a good idea.”. The problem is you think of forex trading or even cryptocurrency. They’re not a business. They are just investments.
So, in case you don’t know what forex trading is. It is in simple terms you buy currency at a certain rate, and hopefully, you buy low.
And you sell currency at a certain rate. Hopefully, you sell it high, right?
That’s all that is. You buy low and sell high. That’s how you make money in forex trading.
For Example – Say you have a lot of revenue coming in, in U.S. dollars.
Then, you would see when is a good time to hold on to a certain amount of dollars of U.S. or, a certain time you know that, hey, it’s gonna go down probably.
Then, you are gonna sell some U.S. and convert it into Canadian dollars. So that, to pay for the company expense and all of that stuff.
You are trying to utilize the capital more efficiently.
When it comes to money there are three things you need to know.
- Making Money
- Keeping Money
- Multiplying Money
A lot of you guys, you’re trying to multiply. You’ve got nothing to multiply!
You’ve got a couple of money may be 10K, 20K, or 50K. That is nothing!
It’s not enough to multiply. You’re not going to 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, assuming you don’t just blow it all, like an idiot, and you keep most of it. Not to be frugal, but you keep it, you accumulate it so that you could invest.
Now you can invest in something that is sustainable. Something that will provide you with a good return.
But, first, you need to develop what I call a ‘high-income skill’.
You need to have a skill set that can earn you, continuous, money – Income.
If you think about it, even cryptocurrency. So, you buy a little bit of bitcoin, you buy a little bit of cryptocurrency? So what?
You still can’t pay the bills. You still can’t put food on the table. You need a continuous income stream, that allows you to do that.
You need the ability to earn. To earn money on a regular basis. To pay for your bills.
Otherwise, you’re trying to speculate. See, the most dangerous thing is this If you go into something, and you’re speculating, and you think to yourself, “This is a business.”…
It’s not a business. At best, at best, it’s speculation. I don’t agree, and it’s not what I invest in.
So, the most dangerous thing you can do is, go into speculation, thinking it’s gonna be an investment.
Remember speculation is not a business. It is a virtual game.
Speculation never generates continuous income flow.
Where your money grows virtually, but it does not help you. It is like a fun thing. It’s just entertainment.
So, don’t count speculation as making money. You shouldn’t count on that to make money.
The only thing you count on making money is you. See, real estate doesn’t make me money. The stock market doesn’t make me money. Business doesn’t make me money. I make me money.
Those investments work because I work. Your investment would work only if you work.
The only thing, the only person to count on to make you money, to make you successful? It is you. Learn to think independently.