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Income while learning to trade
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Income while learning to trade

  #1 (permalink)
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Income while learning to trade

Something came up in another thread and didn't want to go off-topic. So, I started this thread.

The comment was made @wgreenie that she was looking for a part time job while learning to trade to bring in some income. I paraphrased but believe that captures the main point she was making.

This is her exact comment
"Yes Soumi71 you can read my mind. For the past 2-3 weeks, I sent out dozens of applications for part-time and contract clerical/customer service jobs in the neighborhood. I am certain that I over-exceed their personnel expectation yet I have not been getting any calls for an interview .. I am talking about min $10/hour job here .. I even considered kitchen help and got strong opposition from UKNOWHO as I am physically not built for it.

Well, I don't understand why a potential employer will not consider me when I can type over 100 wpm + years of admin/operation experiences. Bear in mind that I applied when they had the hourly compensation written out .. meaning I am fine with the offer!!"

How many of us have been there and done that so to speak or at least something similar? I went through that as well just trying to get a job. I'm 58 and a pretty good computer/network consultant. Been doing it for 25 years. The rejection I received was very surprising. I figured I would be snatched up very quickly. Never got a reason why I was rejected for all those jobs. I made it clear that I would be there and wasn't looking for an interim job. I also felt that I had another attribute that very few other prospects didn't have. I don't need their insurance. I have my own and don't care to replace it. I thought savings to them would mean something in addition to my better than average skills. Apparently neither were important to them. Maybe it's my age or that I'm overqualified for the jobs I was applying for or maybe both. I tried to address both of those in my interviews. Didn't work. So, I gave up trying to "work" for a living and started up my consulting work again (computer/network support and programming/horseback riding lessons). That's doing ok and feel that I'm in a position to expand that if I decide that I need to. So, things have worked out so far and my trading is beginning to do better as well. Hopefully both will merge where my trading will become more profitable than my other income producing activities and won't have to continue the other activities with the exception of horse related activities.

Not sure if this kind of thread is desirable but thought it might be. Please share your experiences as well as anything you found in the way of income producing activities that others might be able to do. This could almost become a classified ads type of thread where you share something you need done and are willing to pay for it.

Comments?

Mike Winfrey


Last edited by Big Mike; November 18th, 2010 at 05:15 PM. Reason: moved from off topic to traders hideout
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  #2 (permalink)
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Thanks Mike for creating a new thread. We may get creative ideas that work!!

For my case, it's more geographical and not "age" yet .. smile. Cambridge is a small city .. not very developed IMHO. We live in an eco region with no public transportation makes me immobile as I do not drive. Considering 2-3 hours spend everyday for a low-pay job in a near-by city is not very appealing.

For one with my skills (not counting the management experiences), he/she will be a hot cake in a bigger city like Toronto. Years back upon returning to Toronto, I went to 2 recruitment agencies and spent over 6 hours to complete all computer/typing/gramma tests etc. Started a temp assignment the next day.

Soooo, I will stay with the trading venture while scratching my petite head really hard and see if I may create an investment-free business to generate some non-trading income. Wish me luck!

Note: My saving account is having a hole to cover the monthly operating expenses. The monthly interest (close to a quarter ($0.25) a month) does not help LOL!

Beth

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  #3 (permalink)
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wgreenie View Post
Thanks Mike for creating a new thread. We may get creative ideas that work!!

For my case, it's more geographical and not "age" yet .. smile. Cambridge is a small city .. not very developed IMHO. We live in an eco region with no public transportation makes me immobile as I do not drive. Considering 2-3 hours spend everyday for a low-pay job in a near-by city is not very appealing.

For one with my skills (not counting the management experiences), he/she will be a hot cake in a bigger city like Toronto. Years back upon returning to Toronto, I went to 2 recruitment agencies and spent over 6 hours to complete all computer/typing/gramma tests etc. Started a temp assignment the next day.

Soooo, I will stay with the trading venture while scratching my petite head really hard and see if I may create an investment-free business to generate some non-trading income. Wish me luck!

Note: My saving account is having a hole to cover the monthly operating expenses. The monthly interest (close to a quarter ($0.25) a month) does not help LOL!

Beth

Yes I agree. Maybe we CAN do something creative even if it's just people sharing what they do to generate income that others may be able to do as well.

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MWinfrey View Post
Yes I agree. Maybe we CAN do something creative even if it's just people sharing what they do to generate income that others may be able to do as well.

with 90% failure ratio (at least most people fail), I don't think trading is a good income generator for every one, it might need expensive education process before one can get consistent income from it.

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RiskControlMaster View Post
with 90% failure ratio (at least most people fail), I don't think trading is a good income generator for every one, it might need expensive education process before one can get consistent income from it.

I believe the purpose of this thread was to talk about supplemental income outside of trading while a trader is going through the education process and expense of 'tuition'. I think it's a great idea to maintain or create a supplemental income outside of trading, as it will help reduce the psychological stress associated with "paying the bills" from your trading.

It is part of setting yourself up for success instead of failure... Many try to depend on their trading to pay their bills, and it is just one of many ways you can doom yourself in this business. I think the creator of this thread agrees with that, and wanted to encourage people to have an outside income while learning how to trade.

Mike

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  #6 (permalink)
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Hi Beth,


wgreenie View Post
Considering 2-3 hours spend everyday for a low-pay job in a near-by city is not very appealing.

Thankfully this isnt an option ... as Id imagine it would be pretty soul destroying and boring as hell.


wgreenie View Post
Well, I don't understand why a potential employer will not consider me when I can type over 100 wpm + years of admin/operation experiences.

Given your background ... have you thought about jobs that can be done from the home that maximise your existing skillset .. and more importantly which can be worked around your trading . Such as a home typist or a virtual assistant.

For example,

transcribing audio tapes for a large law/legal firm,
typing essays for university students
typing documents for doctors, time-poor professionals.

No doubt with a bit of lateral thinking you could come up with lots of potential situations that could benefit from your typing ability alone. Once youve done that Id look to approach these people directly rather than applying for an advertised position.

sleepy

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typing skill should be in high demand during final season, 'borrow' a fax machine then drop flyers touting your service and watch bad hand writing papers start streaming in.

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wgreenie, i can understand what u mean...

just a scenario here, the other day i ordered pizza(im in toronto), i asked the lady looks like u are not busy today as i dont hear any other operators in the background, she replied u wont cause i work from home, i didnt get the details but for sure u could look into it.... again just a suggestion!!!

thanks

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the best jobs aren't advertised

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  #10 (permalink)
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Big Mike View Post
I believe the purpose of this thread was to talk about supplemental income outside of trading while a trader is going through the education process and expense of 'tuition'. I think it's a great idea to maintain or create a supplemental income outside of trading, as it will help reduce the psychological stress associated with "paying the bills" from your trading.

It is part of setting yourself up for success instead of failure... Many try to depend on their trading to pay their bills, and it is just one of many ways you can doom yourself in this business. I think the creator of this thread agrees with that, and wanted to encourage people to have an outside income while learning how to trade.

Mike

Thanks for the clarification Mike. That's exactly what my intent is. You articulate concepts very well.

Something I was thinking of is for people to list their service they can offer to the community and keep this list in the quick summary for others to easily see. However, this thread doesn't have a quick summary for some reason. Looked around to see if there is an option for creating one but don't see it. If you think this is ok, please let me know how I can set up the quick summary or something similar.

Thanks,
Mike Winfrey

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