Will you consider trading as an income source?

RaduV Level 1

September 25, 2016, 9:17 pm

9

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Will you consider trading as an income source?

I know that there are great ways of doing some money around here but I'm recently interest in stock market. I've started while ago to play with virtual currency and I had some results. Not the best one but i was keeping on the positive side of the balance. However, my mistake is that i haven't read anything related, just some articles here and there but that's it.

I know that you can trade a lot of things (metals, currency, oil, grains) but i tried only with currency. I can't say that tomorrow i will invest my savings but in the future i might consider it.
Will you consider trading as an income source?

Have you traded? Do you have any experience with any platform? Will you invest your money in any of it?
If you did, do you have any recommendation on what to read to get better acquainted with domain?

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TommyCarey

TommyCarey

I've always thought about getting an office set up for trading, but I wouldn't really know what to do after I have an awesome set up lol

I had some friends dabble in forex and did great with their practice accounts but then began tanking as soon as they went live. This just shows me that the platform they were on had little to no competition in the back end practice area and they could do whatever they want just so they got to know the ropes. If the back end were to show real time trades and rates then the could have played with the system like it was real and updating in real time so that they could see if they were cut out for it. Now one of my friends who went in hard on this spent around $30,000 on all of his trades and walked away with $6,000 after a few months, so he only lost $3,000. But investing that much time into something to just lose $3,000 isn't very appealing and turned me away pretty quick lol. The only thing that is getting me more attracted to the trading systems is that he isn't the type of guy to invest a lot of time learning something and just looks for the quick profit. I wonder if I set up the same system he had if I could turn a decent profit by studying trends and applying knowledge I gained after reading up on types of resources like oil, gold, silver, etc.

I've read a few articles about people investing into tech startups and cashing out for millions, but that's pretty rare since not everyone is cut out to make a superior product. A lot of tech startups are just a spin on something that is already making millions but there's not advancement in their product so it tends to flop, that's what scares me.

In the end, I guess if you research a lot before you do a trade there is less of a chance of you eating ramen noodles that night and taking the family out for steak dinners lol

8 years ago

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RaduV

RaduV

I completely understand what are you saying. I promised myself that i will start learn trading soon ( this was 5 years ago) and yet, every time I try to read something about forex or how the stock market works or even how to get familiarized with the system, my phone rings and i get distracted or I jump from one tab to another and lose interest.

I really believe that if you have 5K to play with on forex and you have the proper know how, you can turn some profit. I traded 50 Euros as a test on the parity of EUR / USD and in 30 minutes I remained with 15 Euros just because I was not paying attention and i didn't set any alarms in case of loss and so on.

It's not a big amount but... I won't put any money until I'm informed enough on how should I do it and take all my precautions.

8 years ago

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Lynne

Lynne

My husband got very interested in trading a few years back and he used eToro which he said was a great platform because there is training and you can have a practice account plus you can follow what other people are doing too.

He had a few really good months that gave him a really nice additional income for a while... and then he says he lost focus, got greedy and well lost a nice lump sum which hurt like hell.

He says if he had money that he could afford to lose he would most definitely try it again but for now he is going to play it safe.

My personal opinion is that while there is a chance of earning good money there is no sure way to predict what any market will do. Even if you are very experienced you can make a mistake and lost everything in the blink of an eye.

I prefer things that are a little more reliable and sure. I don't like gambling with my money and I see trading as a gamble.

8 years ago

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RaduV

RaduV

Hey Lynne, indeed it's really hard to keep focus and maintain yourself within the limits you've set for your spending. Anyhow, it's hard not to get greedy once you've had couple of good months and cash flows through your hands. I know few guys who lost all their savings because they didn't followed their plan and start over biding. The thing with the stock market is that is volatile and today you can earn 500$ on one bid but tomorrow you can lose 5000$ on another.

It's hard to predict what will happen so that's why you must create a spending plan and do your best to follow it.

8 years ago

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Cristian

Cristian

I've made some tests in the forex arena and I also played with "betting" on oil and gold gains or losses.
But I never invested serious cash in this stuff, I would love to learn more abut that stock market and turning a profit around there.

But the truth is that I don't really have the cash to make it in that industry and as far as I know, starting slow and growing over time isn't really happening in that business, so I would rather invest in things I know and can handle that risking all my economies.

I'm also kind of a very big risk taker, so I will probably indeed risk at one point everything I have in some sort of win-or-lose everything situation.

8 years ago

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Barida

Barida

Sure! trading of stocks are great ways to make income, but the tip of the matter is that, if one does not really care about how this is done, there are possibilities of losing huge sums of money as well. So, it is kinda risky for beginners without the experience of the work.

7 years ago

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Corzhens

Corzhens

Don’t take this comment as a letdown, I just want to share our sad experience. In the 1990s, we were offered stocks of Piltel, a telco for pagers. We bought shares worth more than $350. But after a year, the cellphone was emerging and the pagers are slowly sliding together with the value of our stocks. In the year 2000, the value of that $350 worth of stocks had gone down to a little over $3. Until now we still have that shares of stocks but it’s just a souvenir. On the brighter side, I have a shares of stocks granted by my employer worth $30,000 but I have no intention of selling because the value is constantly rising.

7 years ago

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augusta

augusta

Trading on stock and not losing money needs the expertise of an expert or a stockbroker for a start, just reading up articles might not just be enough, one needs to a practical approach to succeed.So yes I can try any stock or trade but I will need to work with an expert for a while.

7 years ago

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