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When I first started trading Forex, I took on a very aggressive strategy. I leveraged myself highly so I could exploit relatively short intraday moves. My Forex strategy didn’t work very well for me at first and I lost about a third of my investment in one day.

After the New York market closed I decided to revisit my trades and evaluate why I opened each position and why I placed my stops and take profit orders where I did. I noticed that in almost every instance my analysis was correct and the price of the Forex pair I was trading DID go in the direction I thought it would; but only AFTER I’d been stopped out. I was setting my stops to tight.

The fear of losing money was causing me to lose money.

This realization sparked an epiphany. Like some movie, little snippets of things I’ve read came rushing into my mind:

“Starting passive income streams is a lot of work.”

“97% or MLMers fail.”

“Most Forex traders lose money.”

“95% of affiliate marketers fail.”

Then it hit me. No one fails at trading or developing passive income streams. No one fails in their attempts to build an MLM business or become an affiliate marketer. All these people just quit. They don’t put in the necessary money and effort to make their business a success and then quit when money doesn’t appear from thin air.

It’s unfortunate that many passive income businesses are billed as an easy way to get rich. It encourages people who don’t really want to work to get into these businesses. The truth is that it takes a TON of work to develop passive income streams. Its thankless work too and there’s very little benefit in the beginning.

Passive income businesses require that you “prime the pump.” You have to be willing to put in hours of effort for what can sometimes be months without seeing any meaningful return. You also need the intestinal fortitude to toss your money into a money pit that just keeps taking and taking without giving much back. Most people can’t do this. They assume that their business isn’t working and they close the doors.

But for those elite few who have the tenacity to stick it out, they’ll find that one day their ravenous monster of a business won’t eat any more money and doesn’t want the attention that it once demanded. It’ll burp up a few dollars at first, then start spewing money. At this point, your passive income business becomes truly passive. Once your business reaches this stage it only requires a little time and money to maintain it. But most people never build their business to this point. Most will quit long before their business is profitable.

As you begin to build your streams of passive income, you’re bound hit a few hiccups. My little Forex faux paus taught me not to fear losing money. It also taught me not to give up when I do lose money. Failure, loss; they’re inherent in all new ventures. You can choose to accept your loses as a cost of doing business and learn from your mistakes, or you can pick up your ball and go home. The choice is yours, but only one option will make you wealthy. Choose wisely.

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