I have recently received an email from another race driver in discussion about marketing budgets being slashed as the economic slow down continues and therefore a serious lack of potential sponsorship available.
Having considered this predicament a few years ago and making the decision to find a way to fund my own racing I explained how I had learnt to trade online and am now trading the Forex market. This made me think I wonder if other race drivers are looking for other ways (legally you understand) to fund their race career? Another email suggests its a novel idea and its great to know that people think I'm doing some good work but I'm just looking for ways round the problem of funding that many others like me face.
Having said that I do believe that Forex trading is the way to go and am confident this will provide income to pay for some racing and then with some more good results attract the right sponsors. However I am not only trading to make money to race - it should also provide me with the finances to pay off some of my racing debt which I wouldn't otherwise be able to do. I'm not sure if that qualifies for achieving some kind of financial freedom or not!
Well trading is not a chore by any means - I enjoy it, I am good at it and I only need to spend 2/3 hours max in the morning to earn my day's financial goals - thats how to make money fast!! Plenty of time to spend the rest of the day catching up on blogs and running/karting/testing to progress my race career. It enables me to work from home which means no more sitting in commuter traffic hell - possibly the best bit!!
But some people think I am bonkers!
Some new to the concept think its far too risky and won't I loose all my money? But thats the thing I find most intriguing about this concept of how to make money online by Forex trading is yes it is risky but....uumm let me see...oh yeah - so is racing cars! Its not that I am bonkers but that I know how to manage risk and thats what makes trading work. When you get into a race car you know the score - you understand the risks and are prepared for the challenge - to make decisions fast based on preparation and understanding. Well its the same for trading.
As long as you have done your homework, treat trading like the great online business opportunity which it is, are willing to learn Forex trading, making clear decsions based on a well written and well rehersed trading plan then trading is no more risky than any other business decision. If as a business owner how do you know if investing your capital in buying some advertising space is going to make you a return? Well you don't. It's a 'risk' which many business owners make every day - either you will have made a good decision or not - there are only 2 outcomes. Again its the same for trading - only 2 outcomes either you are right or wrong - like tossing a coin. Maybe this is an over-simplified view but thats cool.....the way to successful trading is to keep your trading plan simple!!
I'm sure this is a debatable view and I'm certainly not advocating this as a get rich quick scheme as I have said trading should be treated as a business and given the respect it deserves. But I also think this is a financially viable route to follow if you want to make a second income, generally earn money and have the personal capacity to develop your own business from home.
Let me know what you think....and thanks for reading my ramblings :)
www.tradeforexfromhome.com
16 years ago
