I’m seeing way more people talking about multiple streams of income (probably because of the current economic conditions). As someone who’s made enough money from trading… enough to buy me 10 lattes lol, I’m wondering if any of ya’ll have multiple streams of income? And if you can share what they are? Just a general source is enough (real estate, business, etc.).
I do not have a second source of income. But, will say this, which is probably more important then having a “backup cash flow,” the pain you feel when you have nothing in the bank, nothing to pay the bills, not even a dollar to put in for gasoline… Is the moment you become a trader. A successful one I hope because you would have done all the reading, all the research, all the charting to ensure that the Last trade of your life makes you a few bucks. You may laugh, people reading might laugh, scoff, whatever… I can tell you that pain makes you money, being numb to it makes you money, the point I’m trying to make is if you are dependent on a source of income outside trading how can you ever make money? the answer is you won’t, never have and you never will be. Challenge me, P&Ls for the past 3 years, and make it public, the real traders understand what I’m saying, the words “you can’t, you never will be,” does not apply to Us. Good Luck ponponwei
No, i dont have other income streams. Unfortunately i am the first from a low income working class family who achieved higher education and got a high paying job. With enough trading returns i plan to build a dividend portfolio as a second income. No real estates for me but my own house. To much work.
I’m still testing strategies in my demo accounts so no income from trading yet so I’m still working my day job. I work in the automotive industry as a Market Insight and Strategic Planning Specialist, so I’m hoping a lot of my current skills will be transferable to trading.
@DownTheRabbitHole and @Worker_Bee , as you’re both only trading may I be cheeky and ask what capital you have in your trading account and what kind of percentage your risking on each trade?
2.5-9%, I do not scale in, or average down ever, my biggest rule actually… but I do scale out. My account (Personal) has 300k give or take. Now, it only recently went up to 9% because of margin increases on the British Pound and Yen, but it used to be max 5-7%. Strategy testing is good, and I will tell you as a man who previously traded stocks, bonds, and futures since I was 17, my prior skills did not work, in fact I have a trading view group and we discuss some of the smartest people who fail. Why? because smart/stupid rich/poor doesn’t matter, I believe the reason people do well is the psychological aspect of trading. I want to add I do have 1 EA I work on for fun, but I do Not use it in trading, I use indicators yes but no robots.
@DownTheRabbitHole thanks for the insight into your trading.
I think the problem most people find is getting enough capital to make a living to trade full time. A lot will start with tiny balances and then take unnecessary risks to try and grow it fast and blow the account quick.
Of course you’re welcome. This is true, and this is how I traded my first year actually. But, taking a $1,000.00 account and turning it into $5,000.00 is possible with quick turn around. The issue isn’t building once you’ve “got it,” the issue is trading with the $5,000.00 and not losing it. By this I mean It’s harder psychologically to see yourself losing 80 pips on a 10 lot order then it is on a 1 lot order. Seeing in real time each tick losing $100 is frightening for many people, which is how many lose. Hope I made sense haha.
Let me add to clarify, if you go short GBP/USD today, you shouldn’t look at how you can gain $6500 Profit because it’s broken support, you should say okay R:R looks good here, I can risk losing 3 grand today with my stop 30 pips above resistance if this thing reverses on me.
We have a booth at a local antique mall and I write short stories under a pen name. Neither of them can really be called an “income stream”, more like an “income trickle”.
I have a small shop.
Hello @Pauley1 i maintain an online trading journal on babypips, where i share all my numbers. All your questions are answered there.
As a student, I am unable to dedicate myself to full-time trading. However, I do invest a significant amount of time into learning and experimenting with various strategies. Whether or not I will pursue Forex trading as a full-time profession remains uncertain and is largely dependent on the time I am able to devote to it. Therefore, I am unable to provide a definitive answer to your question at this time.
Indeed, trading may not be a reliable source of income and carries inherent risks. It is important to approach trading with a realistic understanding of the potential risks and rewards involved.
wow, that must keep you busy?
do you trade while it’s open, or at other times of day?
I am currently a full-time trader, but I am considering exploring other opportunities. I believe that investing in my education and personal development could help me make even more money in the long run. Therefore, I am open to making changes and exploring new possibilities.
Well I have another source of income; an office job. and it’s not just about economy. having an stable job with stable payments is not a bad idea nor something that can be suggested to everyone. it’s all about personal preferences and goals. If you want to be a full time trader, I think it’s better to stay focused on one thing and manage both mental and physical energy and dedicate it to your goal.
i wish i had a job but since i can’t find one; i see trading as a bridge between this gap. Trading is my job and if i will ever find a second stream of income, it’ll be either going into dividend portfolios and real estate or both.
Ooh what kind of shop is it?
How’s your trading account doing? Have you been profitable so far?
What kind of job were you looking for?
I can’t even consider my trading career as a job (it is really making me lose more moneey)
Honestly, I’m still learning and trading on a demo account.