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Posts Tagged ‘automation’

Timothy Ferriss, author of the 4 Hour Work Week, is a self described “serial entrepreneur and ultravagabond” who lives a lifestyle that most of us could only dream about — until now. This exciting book has been number one on three different best seller lists: Wall Stree Journal, NY Times and BusinessWeek.

Ferriss presents a step-by-step guide to his free-wheeling lifestyle, allowing us to follow in his footsteps and realize lifelong dreams. Some people consider Ferriss to be an “Indiana Jones for the digital age”.

The Rules of the New Rich usher power and choice into our lives.

Online Businesses need to replace limiting assumptions and learn to enjoy life now. In particular, we need to replace assumptions that waste our time and force us to live in a particular location; we’d like to be able to manage our businesses from anywhere, anytime.

Value your time and your mobility as you learn to join the ranks of the New Rich (NR). Ferriss’ Lifestyle Design (LD) process includes both art and science.”

His model provides us with a roadmap for realizing our own lifelong dreams. He shows us how to:

• Live like a millionaire
• Free time and automate income
• Outsource your life to overseas virtual assistants for $5/hour
• Travel the world without quitting your job
• Eliminate 50% of your work in 48 hours
• Trade a long-haul career for short work bursts and mini-retirements

He uses the DEAL acronym to describe his model, where:

• D = Definition
• E = Elimination
• A = Automation
• L = Liberation

According to Ferris, the Rules of the New Rich include the following:

• Retirement is Worst-Case Scenario Insurance
• Interest and Energy are Cyclical
• Less is Not Laziness
• The Timing Is Never Right
• Ask for Forgiveness, Not Permission
• Emphasize Strengths, Don’t Fix Weaknesses
• Things in Excess Become the Opposite
• Money Alone is Not the Solution
• Relative Income is More Important than Absolute Income
• Distress is Bad, Eustress is Good

He encourages us to use “Dreamlining” to design our own luxurious lifestyles. Elmination, simplification, and outsourcing to virtual assistants are the building blocks to a luxurious lifestyle among the New Rich (NR).

Automation is another key component of the Lifestyle Design (LD) process.e.building systems and processes that remove ourselves as bottlenecks. But he cautions that we should never automate something that could be eliminated, and we should never delegate something that could be automated or simplified.

Use these guidelines to recognize opportunities and sieze them – Carpe Diem. Having options.e., the ability to choose, is the real power in life.

Tim Ferriss shows us how to apply our courage and self-confidence in realizing our lifelong dreams – easier and cheaper than we ever thought possible.

Ferriss’ 4 Hour Workweek book is compelling as proven by its #1 ranking on three different best seller lists. I plan to implement many of his ideas into my own life and am presently automating my income using the Infinite Income Plan.

I highly recommend this book – as well as Ferris’ website and blog.

This is a great book that I recommend to every online business owner I know. Ferriss provides a detailed roadmap, including extensive lists of resources, in this book and on his website.

Automation is in the world of currency forex online trading truly the lazy mans way of trading the forex. And it’s a very clever thing to do it this way. Why? Because it nearly eliminates the biggest enemy you have to conquer in this process: Yourself!

But be careful, after 6 years of FX Online Trading, I’ve been probably through all the pitfalls that this industry has to offer, which was sometimes a very hard lesson to learn. And if you don’t want to experience all this trial and error yourself? So what makes the difference between the winners and the loosers?

There are some points that are absolutely key to your success!) at currency forex exchange trading or short FX. So here they are:

How to become a successfully currency forex online trading expert

The 5 basic rules

1. Never trade with money you can not afford to loose. Never!

2. Do not have more than 3% of your current account balance at risk. Make sure you have always a Stop/Loss in place that takes care of this. Crucial!

3. Always start with a demo account for at least one month if you are testing something new (Most Automated FX Trading Software requires a minimum of 3-6 month testing to get familiar with the software and the trading “habits” of it.)

4. Before you ever go live with your forex trading, I recommend that you have experienced a minimum of 2 month of profitable trading.

5. After finding a profitable FX Trading Software, always take portions of the newly earned capital out of the account and let the rest accumulate. I would recommend to take out 50% of what you’ve gained each month.

That’s all there is for the basics to get started. If you only follow these simple rules you are well ahead of so many others and on your way to the Top 5% who are making serious money with fx online trading.

How to find a profitable FX Software?

That’s no easy thing to achieve. The case is that you have to test many of these automated fx systems only to come close to one that might be profitable in the long run. To make this perfectly clear. Sure, everyone claims to have one that is profitable and will make you tons of money, but the reality can be very sobering. Bad ROI (Return of Investment), Bad RR (Risk to Reward Ration), these are my results after testing 74 over these automated FX online trading systems.

Metatrader 4 is the mostly used platform for the automated FX Trading Software Systems. Inside the Platform those Forex robots are called Expert Advisors or short EA’s. EA’s are simply some piece of Software that tell the MT4 Platform when to trade, which currency pair and how to trade it.

You can find tons of material on that subject on the internet. But I don’t want to overwhelm you with too much info. That beeing said, I will go straight to the point of interest:

5 Rules to find an automated FX Trading System that really works

1. Any advertising for an EA that only shows you so called “back test results” isn’t worth any closer look at. The back tests are only an indication for the system creators if their development is heading in the right direction.

2. Only rely on the so called “forward testing results”.

3. The Trader/Advertiser should have a live stream that you can follow and look at all trades whenever you want to.

4. The robot should be easy to use with predefined settings with an integrated update service. If you don’t want to get burned out, you have to have a system that is already optimized.

5. And finally: A Money-Back-Guarantee for the Trading Robot.

That’s it. If you only follow these guidelines, your way to the top of the fx traders is well planned.