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Is Trading good for earning extra money?
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Is Trading good for earning extra money?

  #51 (permalink)
Trading for Fun
Sydney, Australia
 
Futures Experience: Advanced
Platform: Xtrader
Favorite Futures: Commodities
 
Posts: 78 since May 2012
Thanks: 31 given, 101 received

I think the hardest part when you're starting out learning to trade is just the mental drain that all the focus takes on you.

It's doubly hard when you have a full time job.

It can certainly be done - just be sure to manage your time and mental energy.

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  #52 (permalink)
Elite Member
Hanover, Germany
 
Futures Experience: Beginner
Platform: NinjaTrader
Favorite Futures: Crude Oil
 
Scalpingtrader's Avatar
 
Posts: 1,440 since Apr 2014
Thanks: 1,734 given, 3,075 received

One thing is certain: before making extra money trading gives you a uniquely easy possibility to be losing extra money aside the day job first but if you can get through that without going nuts, it sure as he'll can be a rewarding activity, not and not just money wise that is!

P.S.: Before falling for ANY automated system or indicator, make sure you thoroughly learn the market basics and get your feet wet so that you can understand how the little money machine they want to sell you (sounds paradox, doesn't it?!) works.

Just my 2c

Good Luck to you

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  #53 (permalink)
Trading Apprentice
Pittsburgh
 
Futures Experience: Intermediate
Platform: Not Necessary
Favorite Futures: Stocks
 
Posts: 11 since Apr 2014
Thanks: 6 given, 3 received


It depends

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  #54 (permalink)
Trading Apprentice
Geleen Nederland
 
Futures Experience: None
Platform: Ninjatrader
Favorite Futures: EUR/USD
 
Posts: 7 since Apr 2014
Thanks: 0 given, 0 received

hope this works for extra money

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  #55 (permalink)
Trading Apprentice
San Mateo CA
 
Futures Experience: Intermediate
Platform: ToS
Favorite Futures: Options, ES
 
Posts: 6 since Apr 2014
Thanks: 0 given, 1 received

Trading for extra income won't work unless you treat it seriously. I had to make that mental shift before I started really being a student of the game.

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  #56 (permalink)
Trading for Fun
West Java
 
Futures Experience: None
Platform: MotiveWave
Favorite Futures: AAPL, Bund, FX
 
Posts: 145 since Apr 2014
Thanks: 143 given, 122 received

Yes, you can treat trading as a side job/ for extra income, and if you do then my advice is only trade from 4 hour/ Daily timeframe or equivalent if you using non-time based charts. Because as a "side job" must not disturb your "main job" and more importantly your life. With 4 hour chart, you only need to check your instrument just 4 times /day and daily chart only once a day (very low maintenance ... ). Another options is you can "day trade" on your spare time, but from my experience i'm not recommending it because, after working all day long ... you go home ... and suddenly you working again, if that day was a profitable one, then great, but if its not ...


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  #57 (permalink)
Elite Member
Philadelphia
 
Futures Experience: None
Platform: corded black telephone
Favorite Futures: ticker tape
 
Itchymoku's Avatar
 
Posts: 2,892 since Apr 2012
Thanks: 1,681 given, 3,621 received

Definitely not a way to make reliable accessible money for a starter. I've had a few people come to me wanting to learn how to trade and I'd give them some material or teach them how to download the software and place trades but then a few weeks go by and they just both lose interest and fail miserably. Actually I've never met a single person who got into trading and stuck with it, most of the people who do it have been doing it for a while who just had the knack for it that I've met along the way through common interest. It's a niche activity for those that are usually very intelligent, don't give up easily, and/or have a lot of money to look after. You have to be the type of person that lives, eats, and breathes trading. Someone who is willing to fail over and over again to become better. I'd definitely suggest everyone tries it out because it may end up working out but it probably won't start out well.


Last edited by Itchymoku; May 21st, 2014 at 05:53 AM.
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  #58 (permalink)
Trading Apprentice
Chicago, IL
 
Futures Experience: Intermediate
Platform: Lightspeed
Favorite Futures: ES
 
Posts: 16 since Jun 2014
Thanks: 1 given, 0 received

Trading for extra money sometimes works better for people who trade for a living.

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  #59 (permalink)
Trading for Profit
Birmingham UK
 
Futures Experience: Intermediate
Platform: Meta + TradeInterceptor + FXCM
Favorite Futures: DAX ( GBPAUD if moving )
 
Posts: 336 since May 2014
Thanks: 7 given, 64 received

8 years in for me and only October 2013 area last year I started to get a plan that works longer term ( still tweaking it to suite differing market conditions ), finally starting to make good money, although markets gotten very slow until recently and no suitable to my method so I've been stuck for 2 months area with no growth, but working around it.

It's never easy, but basically treat it as a hobby, keep an open mind to new ideas and how your trying to trade might be 100% wrong and don't be afraid to learn from mistakes and start again from fresh and maybe, just maybe 1 day you'll get there, then if you get there well enough, maybe just maybe Forex will make you rich enough to not have to work ever again, or what ever your dream is.

Better odds than winning the lottery, but also more work.


+500% Jan - March, risking 1/2 a weeks wages on a trade in sometimes minutes, gets kinda scarey.

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  #60 (permalink)
Elite Member
Boston, MA
 
Futures Experience: Advanced
Platform: NinjaTrader
Broker/Data: Interactive Brokers
Favorite Futures: Russell 2000
 
Posts: 2 since Oct 2010
Thanks: 5 given, 1 received


I have to agree with the general sentiments expressed by the community so far. Trading is tough. If you enter the markets for the first time expecting to make a little extra money, then you are very likely to lose most if not all of your money. Can you supplement your income trading? Of course, but you have to know how, and that's the tricky part.

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