Since we need money to trade, this begs the question of where we are going to get the money to trade aside from trading for prop firms or making money off trading. Sure, we can get just any job to make money but if you’re passionate about trading and want to have a job centered around trading (or something that can help your trading) as you’re building capital, what are some good ways to do it? Here are some ideas I thought of and how to go about it. These are just my guesses, I’m not trying to give advice. Does anybody have any experience with any of the jobs below or have any other ideas?
-building algos for other traders (if you’re completely new to programming, start with free Python courses?)
-doing taxes for other traders (not sure how to go about this, maybe there are community college courses you could take to learn how to do people’s taxes)
-writing for trading newsletters (maybe contact your favorite trading newsletters and see if they need new writers. You’d probably have to show them some samples)
-assistant to a trader (not too sure about this. You’d probably need connections)
-find some other way to generate trading content (some traders do podcasts, blogs, etc. But you’d probably have to already have a good trading record before writing for the masses)
-sell a trading course (jk because Babypips already has the best and it’s free!)
Nope. Get a 2nd job, get a 3rd job, save money, trade your account and build from there. If you cant make money from trading, you have no reason to be trying to sell something to others. That’s why there are so many online marketers selling BS scamming people.
I tend to agree with @tradeforex077 cause if you havent had any success as a trader why would someone want to employ you to build algos or contribute to a newsletter or to advise other traders or even sell trading systems for a profit.
And with respect to @Johnscott31 reply, i actually believe that experiencing bad times is a part of the process and if one approaches trading w the right mindset these setbacks shouldnt be a negative but on the contrary are a blessing in disguise because its the markets way of telling you that you need to adjust your trading methodolgy.
It honestly just comes down to how you interpret certain situations…good or bad
@Johnscott31
Granted, i agree with that in general. I would however counter with the fact that at 1st the bad times come so often that it can at 1st seem perpetual in a way.
But without a doubt your right, some positivity along the way is a great thing and at times can be the only thing that keeps you going, especially thru ones 1st few years as a trader
The original poster mentioned writing newsletters or even trading courses - of course this is completely fraudulent if you are not a successful trader - not to mention it will come through in your writing.
I do think though skills like python, a deeper understand of stats or Vba for excel are all great additions to trading.
One of my biggest issues with trading was that there simply was not that much to do once I had mastered technical analysis.
This left me twiddling my thumbs much of the time and when I couldn’t handle the boredom I would go looking for trades.
That’s not such a problem if you trade intraday but as an end of day trader having to wait for trades was and still is a killer.
I wasted so much time concentrating solely on trading (and waiting) that much of my life was flying by.
Eventually I figured for me the best thing to do was develop other skill sets - it was at that time my trading improved dramatically.
I would always advocate that approach and consider it one of the best ways to counter trading discipline and patience problems.
@Johnscott31
I completely understand where you’re coming from.
I dont think there is anything wrong w the way you have been spending your “down time”. The way you explained it makes perfect sence to me.
Just to play devils advocate i would say that lately i’ve spent the majority of my “down time” during open positions analyzing the metrics involved in my desicion making and trying to identify potential areas of improvement as it pertains to my entry criteria and even more importantly the way i actively manage positions that have entered positive terriotory.
But other than that i dont think there is anything wrong with your approach.
I look forward to any additional thoughts or insights your willing to share.
Selling a skill is fine as long as you have that skill to sell if not then its the world of the scammer.
If trading and want to add to income stream use profit to prop and help run another business ie property for rental. This is a good investment and tax efficient way to gain income,away from the screen
As far as I know, that is traders who don’t want to trade anymore for some reasons. Such traders become investors for other traders, who are more successful and profitable in the market. But again, the choice of a trader in which you will invest should be taken very seriously, because scammers can be found everywhere now. It would be good if such broker has some license and documents.
You can also conduct fundamental analysis for traders. Fundamental analysis is hard to conduct, but really experienced traders requires it to trade. This is a little bit synonymous to your idea to just be an assistant of a trader, but more challenging. Also, selling trading signals may be good business. Another way to earn is just by a master trader to let other people just to copy your trades.
Great point. There’s lots of financial data out there, and sometimes its difficult to understand exactly what you’re looking at. I’ve seen an increase in financial dashboards services, even outside of trading that hope to take some data and add a visual aspect to it, more context, to make that info more valuable. Not so different from heat maps and screeners that help traders identify potential trading opportunities.
If you’ve got data skills and maybe web or app dev skills, I think there’s a niche there.
most failed traders go into education as they spend loads of time learning then give up ! But as the spent so much time learning they want to get something out of it !
Then they start affiliate marketing and earning money through a corse and sending bad signals
It looks like you have been around a long time in Babypips and I wanted to ask your opinion on this subject about making extra money centered around trading.
I was thinking of eventually having a Youtube Channel and making money from Youtube Visits. I do have a trading journal here and once I feel I can explain My Proof Positive Strategy better it’s something I was thinking of doing.
Youtube can be great for sharing your strategies. There are plenty of traders doing exactly that. It’s super easy to do, but because the barrier is low, there’s a ton of competition for eyeballs. And anything financial brings out the scammers and con men and women. But don’t let that deter you.
You should actually chat with @Lang15 Langers. He’s doing what you want to do I think. He’s got a YT channel and website.
I do the channel for fun as videoing my trades is is part of my trading journal & as soon as the fun ends so will the channel , I have no interest in making money or teaching from it as 95% of youtube vids are just sales funnels and deserve the bad reputation .
