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

[DDI]

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


Paul

True i usually dont risk more than 1% myself. Of course sometimes you get a broker tip and on top of that you like the chart so you may do more. For eg I bought Valueclick at $29 (2% exposure) as i liked the chart and rumours are that it could be a murdoch target. If the murdoch story picks up i may add further and expose myself up to 5%. But this is a one off. for FX I never do more than 2%

 

[searchlight]

An easier/better AND GARANTEED way to earn money than trading is to sell; trading tools/systems/courses to aspiring traders.
I read somewhere that all those years ago, the person became filthy rich wasn't the person who found most gold in the gold rush, but person who sold the pickaxes and shovels.

 

[rols]

An easier/better AND GARANTEED way to earn money than trading is to sell; trading tools/systems/courses to aspiring traders.
I read somewhere that all those years ago, the person became filthy rich wasn't the person who found most gold in the gold rush, but person who sold the pickaxes and shovels.

Yes. The man selling the tickets always wins.

 

[TWI]

Trading is a lot of hard work. It pays, but there are many people who do other things living around me with just as much material wealth. Sometimes I have wondered how long I can continue with the amount of hours it takes out of every week. Then the weeks go by and the buzz stays alive, so I suppose I am not burnt out yet.
I think the easier life may be in allocating funds to other proven traders, the problem is finding them and more importantly trusting them.
A friend of mine spends most of his days with his familly and has built a business by subcontracting everything and exists as the point man for the technology product he sells. The cash rolls in for perhaps 3-4hrs work per week. Not a bad deal. I should note however that the first venture he tried went bankrupt and cost him his business, his house, all his toys and also had him throwing up with worry every morning for months....

 

[firewalker99]

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...

Fantastic post. I love it.

I've read an article recently about Tom Hodgkinson, seems like he's got a couple of interesting books: How to Be Free and How to Be Idle

http://www.amazon.co.uk/How-Be-Free...5671909?ie=UTF8&s=books&qid=1183856620&sr=1-1
http://www.amazon.co.uk/How-Be-Idle...5671909?ie=UTF8&s=books&qid=1183856613&sr=1-2

Furthermore you might like this "manifesto" too:
http://www.amazon.co.uk/Hello-Lazin...078344?ie=UTF8&s=books&qid=1181472204&sr=8-12

 

[rathcoole_exile]

How-Be-Free- How-Be-IdleQUOTE]


how to be free ? - write a couple of crappy self-help books, sit back and watch the royalties roll in .......

how to be idle ? - plagiarise a couple of crappy self-help books, sit back and watch the royalties roll in .......

 

[chump]

"How to Be Free and How to Be Idle "
If this is it, the dream ,be wary that you might actually get what you wish for. It's not, in MY experience,a natural state of play to be in. The lack of an intellectual challenge creeps up on you. You can try to fill it with 'games' ,but it is not the same.

 

[Pat494]

Most of the posh areas of London I think it is true to say were built on th proceeds of vice - hence the local song

?????????
My little sister Lilly has a stand in Piccadilly
And my mother has another in the Strand
etc etc

Or the old joke

It was reported in the press today that the go-slow by the ladies of the West End has ended - they are now working flat out again !!

 

[trendie]

you could make a fortune helping the relatives of deceased rich people get their money out of corrupt countries.

(today from my yahoo email)

"To whom it may concern.
Please excuse me if I have infringe into your privacy. This may be strange
any way, but I have no option than to mail you. I am Mr Ali Malik, an
Sudanese citizen residing in the Capital called Khartoum where you can
find alot of Natural Resources like Petroleum; small reserves of iron ore,
copper, chromium ore, zinc, tungsten, mica, silver, gold. I am presently
trying to secure a move to Dubai. I am conveince that you are the right
fellow to confide this to.
It is my pleasure to contact you for a business venture of which I intend
to establish in your country. Though I have not met with you, I believe
one has to risk confidence in someone to succeed sometimes in life.
I have all relative documents amounting to Thirteen Million, Two Hundred
Thousand United State Dollars($13,200,000.00 Million) which my late Father
deposited with HSBC Bank in one of the Asia countries, of which he wanted
to use for his political compaign under this party named: Sudan People's
Liberation Army/Movement in our Country before he was assassinated. Now as
his son, I have decided to invest these money in your country for security
and political reasons and as an islamic nation.
I will like to invest part of the money into these three investments in
your Country, but if there is any other business that is better than what
I am suggesting, I will be very glad to follow your advice.
1)Real Estate Investment
2)The Transport Industry
3)Five Star Hotels.
If you can be of an assistance to me, I will be pleased to offer you 20%
or more when discussions continues and any profit made in the investment
and if you wish, you can be a share holder in the company.
I await your response soonest and please include your direct phone number,
full name and contact address for easy communication.
Regards,
Mr. Ali Malik."

 

[roguetrader]

Do you reside in Dubai Trendie?

 

[trendie]

Do you reside in Dubai Trendie?

no. as per my profile, in picturesue Shropshire, on the North Wales border.
why?

 

[counter_violent]

Fantastic post. I love it.

I've read an article recently about Tom Hodgkinson, seems like he's got a couple of interesting books: How to Be Free and How to Be Idle

http://www.amazon.co.uk/How-Be-Free...5671909?ie=UTF8&s=books&qid=1183856620&sr=1-1
http://www.amazon.co.uk/How-Be-Idle...5671909?ie=UTF8&s=books&qid=1183856613&sr=1-2

Furthermore you might like this "manifesto" too:
http://www.amazon.co.uk/Hello-Lazin...078344?ie=UTF8&s=books&qid=1181472204&sr=8-12

Errr hang on a min...the point I was making was....giving ourselves time to think about ways of maximising income v reducing spending in order to become cash or asset rich...debt free....and once on this road, never accepting second best in the remuneration stakes.

Chump is right...too much lazing around can become the norm....wasters...lot of them around also.

Take a typical accountants advice...they deal with say self employed people regularly...they almost always say...your busy right....you say yep...they say ok well put your prices up....you say errr but i'll lose customers...he says yep thats the idea, drop 20% of them off who won't pay the higher prices leaving the other 80% paying more and also leaves you 20% more time to take on more profitable clients or time to think about more profitable ways of doing business etc etc and so it goes on year after year

Well I thought long and hard when I was in such a position...eventually persuaded myself that i'd give it a go...needless to say i never looked back...it is sound advice and well proven...of course you need to be good at what you do otherwise you may lose a lot more than 20% of your clients lol

So for me it's not about being lazy and wanting something for nothing...it's about working smarter...not harder...having said that...if you can work smarter and harder...then there is no upper limit...

 

[roguetrader]

no. as per my profile, in picturesue Shropshire, on the North Wales border.
why?

Hehe sorry Trendie, the e-mail scam you received was aimed at people living in Dubai, one would have thought they would have aimed at addresses eminating from that region, even a scammer should aspire to be good at what he does

 

[Priceman]

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.

Good post bluetipex but with FX you can have a sort of passive income as it's 24hours (not quite 24/7 unfortunately or fortunately as some wouldn't take the break ) This means that if you've got the right position open during asia you can wake to some nice profits... I understand where you're coming from though.

 

[Jofstar]

Make money / don't trade

One of the simpler steps I've seen taken is packaging investments for others. Property types do it all the time (in fact it's one of the only ways to make a bit of cash right now in property).

Find an asset class that your comfortable with and then package your investment vehicle by finding partners to:

1) Do your legal work
2) Do your compliance and operational work
3) Place investors for you

That done structure in some fees and take a bit of time off! Easy huh (Jof looks in his pockets and finds a few moths...).

Jof