Trading: Is there an easier/ better way to make money?

[Charlton]

I
Anyway that's the gist of the thread...Can anyone think of better, preferably legal :cheesy: ways of making a living other than trading?

Priceman

I would say not. I cannot think of any other way of making money where:

(a) you do not have to answer to any other person i.e. assuming you are trading privately your own account you have no boss, no subordinates and no equals

(b) you do not have to "suck up" to any client or customer. Even property development/rental, which is another source of so-called "easy money", you have to answer to tenants or try to satisfy buyers

You only have to answer to yourself (and perhaps to your broker if you make a hash of it and have to answer a margin call)

So IMHO it is the only totally truly independent "profession" - you against the market

Charlton

 

[JTrader]

Priceman

I would say not. I cannot think of any other way of making money where:

(a) you do not have to answer to any other person i.e. assuming you are trading privately your own account you have no boss, no subordinates and no equals

(b) you do not have to "suck up" to any client or customer. Even property development/rental, which is another source of so-called "easy money", you have to answer to tenants or try to satisfy buyers

You only have to answer to yourself (and perhaps to your broker if you make a hash of it and have to answer a margin call)

So IMHO it is the only totally truly independent "profession" - you against the market

Charlton

Very true.

 

[Trader333]

There are loads of ways to make money, personally I have about 6 and have always taken the approach that it is good to diversify income streams and not rely on just one. Some are completely passive and by that I mean that I don't need to manage them they just give a return each month. Others, such as trading, do require much more of my time but at the end of the day you can make money by any number of ways.


Paul

 

[bluetipex]

There are loads of ways to make money, personally I have about 6 and have always taken the approach that it is good to diversify income streams and not rely on just one. Some are completely passive and by that I mean that I don't need to manage them they just give a return each month. Others, such as trading, do require much more of my time but at the end of the day you can make money by any number of ways.


Paul

I agree with this post completely.

To be really wealthy you need multiple income streams - fact. A really shrewd way is to have a vehicle which derives passive income, i.e. you earn money in your sleep (people are buying your product/service in Australia whilst you snore), or the venture provides income at a future date on a regular basis (e.g. you sell insurance policies which pay small commissions on each annual renewal).

One of the things I dislike about trading, as you say, you have to actively manage your position. The profit is NOT passive at all.

After having run a business with 100 employees, I now am now firmly of the opinion that the best way is to either be on your own in your venture, or with a very small group of people you trust implicitly; 2 or 3 maximum.

If you start a venture with a few people, always think about your exit strategy. This is very important.

 

[gedward3]

Why not repairing computers. The sh*t at my pc shop said he would sort mine out for £55 yesterday and after explaining the diificult problem he said his partner or himself could definately do it. Anyway 3 hours later he phones saying it cant be done and i can pick up my PC on saturday and the charge will only be £35 as they cant fix it. Anyway ive taken a box of beta blockers and a bottle of calms tablets and the rage is still coming. If im not posting for a while its because HMP (not sure sure where i'll go) havent got internet access.

Have to go now as my girls arms are tiring holding these pad mitts.

Wish me luck !!

PS: Gonna ask on a new thread if it can be sorted. Rossored thanks for your help last time and i hope you may have some guidance again.

 

[chump]

"you against the market"...it's always you against the market...it doesn't matter whether they are specific clients with a name ,or faceless nonenties on the other side of an electronic fence...in essence for you to gain you are always pitting your wits against someone...if you differentiate between those you actually have to meet as opposed to the ones you don't then
time is the issue..it's the one resource you can't stretch without involving others so when you talk about multi income streams it comes down to GBP perhour spent obtaining same up to the point that you have to start getting other people to generate income for you....electronically is clearly potentially faster than having to 'physically' interact with people ,but even then that can be sabotaged.

 

[counter_violent]

Many years ago now I adopted the philosophy that unless a job or venture or whatever would pay absolute sh!t loads o money....then it's much better to stay in bed..I value my time...not some employer imposing a value for me.( thats what the market pays )...bollox, it's not enough...staying in bed has it's advantages..gives you time to properly think things through and dream...dreaming is important as in picturing what you might like to do...what avenues need to be explored....

people who become slaves to the system deserve their lot...living the dream is not about having everything and owning nothing....it's all about no debt....forget the fancy wife with fancy ideas about new house new cars grind grind...pass her up ...let some other mug have the hassle...keep feet on the ground but dream what your future could be like...then make it happen...it's really quite easy

hard working successful people in One field are usually capable of transferring this skill set to another field...so it aint luck....the harder I work the luckier I am...it's true btw...

just some rambling thoughts...cos i'm tired...

 

[gedward3]

Good thoughts counter and some good points

Everybody has a choice of what they want to do and maybe how much they wanna earn. It may not be when u want it but counter has a point. Whether you dig roads or your a top accountant or trader. Maybe you have £100 and you wanna trade to get out of the sh*t your in. 10 years down the line you may have £10k and a better job and your circumstances change and your in a better position. Dont just concentrate on trading as there are many other things you can do. I made cardboard boxes at 16 years old for 2 years thinking that there was more to life but i couldnt see it at the time. Ive been through at 60+ plus jobs trying to find what i want to do. Trading is what i want to do but im now realistic and know that i can do it when my skills and experience are earned. I have mentioned on 1 thread what i do. I work 3 days a week and have loads of time to spare and wished i had done my profession many years ago. I only qualified 2 years ago and will tell you my yearly salary and what i do when you pm me. And no i dont have anything to sell. Just willing to pass advice as i would have liked it when i was making those f*ckin cardboard boxes

 

[Splitlink]

,

bringing on a whole new discussion, where does the beauty stop and the money start...

Anyone who starts a business, and that is what trading is, is taking the risk that he will go bust and that his family life will come under strain. But, surely, this can happen in other walks of life?

There are a lot of mundane jobs out there. If it takes trading to get yourself out of a rut, what can one do?

In any case, why should trading not be successful, by working within normal hours? Probably, losing or overtrading, being heavily in debt, not telling your wife, generally living and letting your wife believe that everything in the garden is rosy. The fear that you MUST get it right or the future is a black hole is what makes trading a hellish experience. My trading is strictly limited to what I am prepared to lose. I've got enough to worry about without those involving trading.


Split

 

[Trader333]

gedward3,

What was actually wrong with your PC ?
Is it a laptop ?
Who did you take it to for repair ?


Paul

 

[Paul71]

Many years ago now I adopted the philosophy that unless a job or venture or whatever would pay absolute sh!t loads o money....then it's much better to stay in bed..I value my time...not some employer imposing a value for me.( thats what the market pays )...bollox, it's not enough...staying in bed has it's advantages..gives you time to properly think things through and dream...dreaming is important as in picturing what you might like to do...what avenues need to be explored....

people who become slaves to the system deserve their lot...living the dream is not about having everything and owning nothing....it's all about no debt....forget the fancy wife with fancy ideas about new house new cars grind grind...pass her up ...let some other mug have the hassle...keep feet on the ground but dream what your future could be like...then make it happen...it's really quite easy

hard working successful people in One field are usually capable of transferring this skill set to another field...so it aint luck....the harder I work the luckier I am...it's true btw...

just some rambling thoughts...cos i'm tired...

I can't believe you have said this!! This is my whole philosophy these days, Counter Violent.

I realised.....not so long ago...... that i actually don't need a lot in life.

I feel great and happy.

Being in 'the loop'.....it's just an illusion or an ellusion.

Lifes all about just being happy and interested, for me.

Thanks.

 

[rols]

I can't believe you have said this!! This is my whole philosophy these days, Counter Violent.

I realised.....not so long ago...... that i actually don't need a lot in life.

I feel great and happy.

Being in 'the loop'.....it's just an illusion or an ellusion.

Lifes all about just being happy and interested, for me.

Thanks.

To have or to be that IS the question. Erich Fromm

 

[chump]

"To have or to be that IS the question"

well if we're getting deep ..."a woman who is tired of shoes is a woman who is tired of life" ...the till sign at harvey Nicholls

"I shop therefore I am" ....billboard ...Harvey Nicholls

"the good thing about money is it get's easier to make when you don't need it"
Chump 2007

 

[Paul71]

"the good thing about money is it get's easier to make when you don't need it"
Chump 2007

:idea:

Thankyou.

 

[Pat494]

I had an intriguing idea a while ago about starting an unusual business. I haven't the time but someone else might like to give it a go with a few friends and see how they get on.

It is being the classic middleman - a Mr Fixit. For instance if an elderly person wants a leak fixed you know the man who can fix it. Whatever the problem - you can fix it at a reasonable price. This would involve knowing a lot of people in your own neighbourhood, plumbers, carpenters etc etc. And only small expense eg phone, yellow pages, ads in local shop but more importantly talking to companies, restaurants etc etc. who would be willing to give you a commission for the business you put their way.
Suit school leaver with lots of energy and enthusiasm

 

[DDI]

Priceman

I would say not. I cannot think of any other way of making money where:

(a) you do not have to answer to any other person i.e. assuming you are trading privately your own account you have no boss, no subordinates and no equals

(b) you do not have to "suck up" to any client or customer. Even property development/rental, which is another source of so-called "easy money", you have to answer to tenants or try to satisfy buyers

You only have to answer to yourself (and perhaps to your broker if you make a hash of it and have to answer a margin call)

So IMHO it is the only totally truly independent "profession" - you against the market

Charlton

Very true. good post. Thats why i love trading. I dont have to put up with crap from boss/customer/supplier etc...

But IMO the only way one can guarantee returns over the long term in trading, is sticking religiously to a system where u dont risk more that 5% in any trade. IMO this will give you some returns over long term but you wont set the world on fire either. i.e Trading is not the answer to our dreams, unless we have a few million to play with and hope to make 10 to 20% a year based on the above mentioned system

 

[Trader333]

where u dont risk more that 5% in any trade

In my view 5% is a staggering high amount to risk on a single trade. I never risk more than half of 1%


Paul

 

[roguetrader]

Personally I would say that there is always an easier, better way to make money than what you are currently doing, that's just how life works.

 

[JTrader]

I would agree with that 5% risk per trade is far too high generally. =<1%/2% maximum seems much more sensible.

However, if you have a REALLY good system, with proven 90% winners over a decent period of time and over a decent number of trades for example, then risk per trade >2% is more acceptable than with a system with 50% winners.

 

[roguetrader]

Depends a lot on what the reward is, would be too rich form me, but that's me.