by ron225
17 replies
Hey folks,
Right now, I'm currently in the editing stages of my first ebook. It is a book on forex trading that is aimed at beginners. At the same time, I'm hoping folks who trade will use it as a reference. After searching this and other forums, I've seen that the forex niche is quite profit. However some say it's a waste of time or perhaps a dead niche.

So which is true about the forex niche: Profitable or dead?
#ebook #niche #question
  • Profile picture of the author imeasysales
    You should have looked into the market itself first, then wrote an eBook for it Not the other way around. The niche is quite profitable, however there is a lot of competition for it and a lot of products already out there on the market so you may find it hard to sell it.

    What's your plan of marketing the product?
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  • Profile picture of the author mohsinmallik
    Not a dead niche but it is highly competitive niche for sure. You should choose the keyword carefully before getting started. Also, you should post and become familiar some forex trading forums.
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  • You have to be careful of what you read here on forums. A lot of times the opinions are subjective. People try something, fail at it and now it doesn't work or it's dead. So take what you read here with a grain of salt.

    Do your research like imeasysales has suggested? What really pains the folks in your market? That's what your ebook should be based on. Do you have experience in this niche, are you able to provide some unique value or content that isn't already being offered. Are you participating in forums related to your niche to get a better feel of it?

    So all things to think about and consider. Forex is definitely a profitable niche if you're able to make it work through all the competition. But so is IM and folks make that work all the time. So it's worth a shot! But test for yourself. Hope this helps.
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  • Profile picture of the author Meir
    "So which is true about the forex niche: Profitable or dead?"

    The Forex market is very very competitive. I don't think it will be worthwhile for you to enter this market. Sorry pal.
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    • Profile picture of the author ron225
      Originally Posted by Meir View Post

      "So which is true about the forex niche: Profitable or dead?"

      The Forex market is very very competitive. I don't think it will be worthwhile for you to enter this market. Sorry pal.
      Meir, I'm sure if you said that to someone else they'd think you're just too damn harsh. But I understand where you're coming from, and I respect that. But as the previous poster stated, it's worth a shot.

      So far, I plan on marketing using social media. I may set up a website/landing page to market the book. I have experience in trading in the forex market hence why I wrote the book in the first place. Write what you know, as I am told.

      I will admit, I did look into the market before writing. I'm not expecting to be an overnight millionaire, I just want to get the book out there. So my initial question was simply "did I write this book for nothing?"

      Anyways, thanks for the advice.
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    • Profile picture of the author Rod Cortez
      Originally Posted by Meir View Post

      "So which is true about the forex niche: Profitable or dead?"

      The Forex market is very very competitive. I don't think it will be worthwhile for you to enter this market. Sorry pal.
      About ten years a very successful marketer told me to stay out of the dating market, specifically, the dating advice for men niche. His reasoning was that it was very, very competitive and you had to do coaching and/or have bootcamps to make any money at it.

      After all, he tried and he failed at it, so he must be right......right?

      My gut told me that he believed in the advice he was giving me, but that maybe, just maybe he didn't do enough research. So the only way to truly find out was to perform my own research. I wanted to prove to myself if this was a viable niche that a one-man operation can jump into.

      I spent weeks researching the market, buying products, making notes of the sales process, which tools they used, if they had an affiliate program, I joined their e-mail lists, subscribed to their RSS feeds, I checked to see if they had a back-end product or service strategy, and I did my best to find out how they got their customers.

      It took me about 3 months of testing with ad campaigns to find out which products had the best conversions. I also discovered that very few of the top competitors used press releases. The ones that did only used them sparingly and didn't use them consistently.

      I also found longtail keywords that were profitable that they weren't aware of.

      So my advice to the OP is simply this: do your own research and take what you read here with a grain of salt.

      RoD
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      • Profile picture of the author Devid Farah
        Originally Posted by Rod Cortez View Post

        About ten years a very successful marketer told me to stay out of the dating market
        I laughed so hard at this


        To @op you need to test a market/niche to see if its profitable or not.

        Well in this case you dont need to do it cause Forex is extremely profitable. Just look at all the softwares that are being sold on clickbank.

        Btw use clickbank to see what's hot and selling. See the category related to your niche and you'll see all the products sold there. Look what's the trend now and popularity and profitability.

        You can use also amazon, commission junction, all the other affiliate marketplaces, magazines. etc.

        In general, always do the proper market research and see if its profitable.

        For example, who would have ever said that attracting hummingbirds to your garden would have been profitable? Yet a guy sold an ebook on how to do that and made $500,000 in profits. I think you can still find his story around.

        So, you don't know until you "test"
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  • Profile picture of the author Meir
    Ron,

    You asked a direct question: "did I write this book for nothing?"

    And I answered to the best of my knowledge. I may have been a little bit too harsh but I am used to be direct and honest.

    I have some experience with gambling and Forex and I must tell you this market is really tough, there are some big fish there that invest big time on link building and other marketing activities. I have also several eBooks under my belt so I know this side of the market too.

    I don't think you should quit, you should by all means go forward. just know what you are up against.

    I wish you all the best.

    P.S consider building an email list by giving away your ebook - and then marketing to the list. This might be a viable rout for you.
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  • Profile picture of the author Vector Graphics
    There is a lot of money to be made in the Forex niche. Like stated above it is a pretty competitive niche to get into. If you want to profit in a competitive niche then you have to really focus on your USP (unique sales pitch) or in other words focus on what you are going to do to make yourself stand out from the crowd.
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  • Profile picture of the author RogueOne
    So far, I plan on marketing using social media.
    If you have something that works and you can prove it, and if other traders don't already know it, then get in touch with the big Forex promoters. They all cross promote each others products and they have huge lists. They also sign up a lot of newbies. If your product will make money you may get them to promote it for you.
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  • Profile picture of the author Randall Magwood
    All boils down to marketing strategy, and advertising budget. I honestly believe that you can reach your target audience with a good advertising budget, and by branding yourself all over the web using free marketing outlets. Try it man, you never know if it'll work unless you test... .nothing wrong with testing.
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  • Originally Posted by ron225 View Post

    Hey folks,
    Right now, I'm currently in the editing stages of my first ebook. It is a book on forex trading that is aimed at beginners. At the same time, I'm hoping folks who trade will use it as a reference. After searching this and other forums, I've seen that the forex niche is quite profit. However some say it's a waste of time or perhaps a dead niche.

    So which is true about the forex niche: Profitable or dead?
    Hugely profitable niche man, people who tell you it's dead probably have no clue about marketing.

    The other good thing about the forex market is that is has the capability to be sold very high ticket training because the folks in that market are typically not broke mofo's looking to get rich quick, that is IF you target the right people.

    I would be targeting people who are already in the forex game (meaning they have money to spend) and are looking to improve their results.

    If you focus too heavily on beginners you ARE going to get the broke mofo's who are just trying anything and everything to get rich quick.

    Hugely profitable market and if you have any experience with FB ads you can literally target your ideal client and sell them expensive stuff
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  • Profile picture of the author seobro
    FOREX is a great niche, but I want one that is more narrow. There are many areas. Most traders like to get more books to get ideas on how to make money. Look at your competition on kindle before you jump in. I have seen great success on amazon.
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  • Profile picture of the author hustlinsmoke
    Very Very profitable and very hard to rank for.
    Good luck.
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    • Profile picture of the author dotdash
      How good is the information in your ebook?

      The FX niche is very competitive but 99% is crap and IM people (who don't trade themselves) selling get rich quick. If your stuff is good then you'll get a good response and it should spread.

      Serious traders are always on the lookout for ways to improve and get into profitability if they're not. They also have a very low tolerance for BS. As previously mentioned they will invest in high ticket programs as well. If are targeting these customers and can walk the walk then you have a better chance.

      If you're going for the "muppets" (as they're affectionately known on the FF forum) who buy signals and robots then the IM/clickbank crown have got that segment pretty much locked down and you'll have a tough time.

      If you have good info that can genuinely help people achieve a very hard and very sought after goal then your competition will not be a problem. Start out by helping people out on forums, get a following and grow from there.

      Also if you trade yourself I strongly advise you NOT to publish your live trading results, regardless of what anyone tells you. You don't want to compete against fake MT4 statements (HTML files with losing trades deleted out) and as any real trader knows - getting and staying profitable is hard enough without having added pressure to perform. Pressure, stress and being aggressive will kill your account.
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  • Profile picture of the author EPoltrack77
    Very much so alive....

    Numbers don't lie and the google keyword planner say's there is a huge demand. People are always going to invest their money whether is a high risk investment or not! I personally feel forex is just getting going....
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  • Profile picture of the author KittyPoo
    The niche you have taken is quite competitive there is a no doubt that Forex niche is profitable. It means that you have to come out with something that others do not have or have no idea. Your books will be taken as reference automatically. This is for sure that Forex niche is one of the highest CPC as well as best converting niches around. Your book is already setup and all set for you to make profit.
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