Is Trading Stocks/Forex A Viable Home Business

Discussion in 'General Advice' started by residualcash, Dec 15, 2009.

  1. residualcash

    residualcash New Member

    Anyone trading in the stock or forex market as part of their home business cash generating options?

    I find that trading, along with network marketing and affiliate marketing can be very prosperous and give one great diversified revenue streams.
     
  2. ACB123

    ACB123 New Member

    You should definately have a back up revenue stream as economic downturns or specific events and adversly impact this particular revenue stream.

    But if it works, it work. Just be careful.
     
  3. shmeeko69

    shmeeko69 Member

    Hi residualcash

    I stll trade the stock markets & have been on a full time basis for nearly two years.

    The most reliable income stream comes from internet marketing, as It is more guaranteed, where as trading fluctuates & some days you lose money & have to hold onto your discipline, which is mighty tough, as you have to deal with greed & fear & your inner demons.

    I enjoy the business, but I'm trying to gain a full time income through internet marketing, getting there slowly but surely.

    When I get the required monthly amount & will probably pull away from trading altogether.

    Mark [​IMG]
     
  4. residualcash

    residualcash New Member

    Yes, trading takes discipline, but in reality so does online marketing.
    If you can do one, you can probably do the other.
     
  5. VictoriaNTC

    VictoriaNTC Silver Member

    I don't know.
    There is an interesting website JustBeRight that is drawing me in.

    Will need to ponder this one.



    Victoria
     
  6. Yeoch

    Yeoch Member

    Many retirees are trying to make a living from forex and stock market shares, because of very few job-openings for them. Are these people making money from forex/stocks? "Made some, lose some", is usually the reply. Sounds like betting?

    I could really feel for them ... they are using their remaining money on something non-guaranteed. They also tried MLM, Internet Marketing, ... because they have lots of time. Most people fail in MLM and IM, not just the retirees.

    As shmeeko69 said above, you "have to hold onto your discipline, which is mighty tough, as you have to deal with greed & fear & your inner demons" when you live on forex/stocks.
     
  7. residualcash

    residualcash New Member

    What is guaranteed that can deliver on their guarantee?

    Trading works, that's what it's been going on since before network marketing. Best way to get going with is to follow proven systems and traders and don't try and re-invent the wheel. You can definitely have success at it.

    And with penny stock trading it doesn't take a lot of money.
    Oh for those that don't like to recruit it's a viable option. Been working fine for me, but I follow those with a good system that is proven.

    Trading in the markets for 100% plus gains on your money is the overlooked home income solution for cash flow.
     
  8. BobFirestone

    BobFirestone New Member

    I was a broker for 7 years and I can say if you need the money you are trading you are almost guaranteed to lose. The people who win are the people who don't need to win to pay their bills. There is less pressure to chase the market or make $x this week or the mortgage doesn't get paid.

    If you can afford to lose and have other primary streams of income, trading can add a couple of 0's to your net worth if you are right.

    I had a janitor make over $1 million dollars trading gold.
     
  9. yasser

    yasser New Member

    just stay away from forex robots
     
  10. twnuck

    twnuck New Member

    Trading forex can be the most profitable skill you ever learn. It can also be the quickest way to lose money if you don't know what you are doing. I've been trading since 2006 and here's what I've learned:

    1. NEVER trade more than 1% of your total account on any one trade
    2. DO NOT trade until you have found and tested a system that works for you.
    3. SIMPLE systems are better. If you have too many indicators on your charts you can pretty much convince yourself that a trade is available at any time
    4. DISCIPLINE is the key. Quit for the day when you've either made 2% or lost 4%. if you don't do this then you will most likely drain your entire account in one day just from emotional trading.

    Finally, I would not open up a real account until you have at least doubled your practice account. Spend some time looking up a few free resources like Rob Booker or Forex Factory. Lots of good information on both sites.

    Todd
     
  11. Yeoch

    Yeoch Member

    When one is in forex/stocks, one must treat the endeavour as a business. In business, we identify which business, we evaluate profit and loss, we do resources planning, we do exit moves if the business turns bad, ... etc. That's how successful companies are still in business.

    Business mindset is that of an 'investor'.

    But, many who are in forex/stocks either do not know this aspect or short-change this mindset of treating trading as business. We can't blame them because forex/stocks are highly volatile, leading to emotions (fear or greed) taking over planning.

    Thus, many become 'traders' instead of 'investors'. Many become 'speculators' (so sorry if this term hurts you).

    I think, only 'investors' who study and plan will grow their money ... will get to see their money growing.
     
  12. residualcash

    residualcash New Member

    Yeoch, I see your point, but a whole lot of traders make a whole lot of money, while a bunch of investors (which is what the general public is encourage to do ONLY) get burned because the don't know how to trade the markets.

    The concept of approaching trading as a business is paramount to success.

    Trading the markets makes the most sense. I've never seen a chart that didn't have some ebb and flow. Small gains, can produce big rewards long term.

    If one struggles with trading then finding good sources to following trade recommendations will probably work best.
     
  13. Yeoch

    Yeoch Member

    residualcash: If one struggles with trading then finding good sources to following trade recommendations will probably work best.
    Well, one also must be well informed in financial news and what important announcements are going to be made by who and when. I know many traders stay up late to listen to Fed Chairman making speech and to watch what are the aftermath effects. [​IMG]
     
  14. idventer

    idventer New Member

    Yes, but you will need to learn technical analysis to be successful. Forex can be very rewarding.
     
  15. residualcash

    residualcash New Member

    generally when one is paying for an alert type service for trading then there isn't a need for the individual to "stay up late" and all the other stuff that may go with individual work when trying to go it solo. This is the beauty of being a member of a good trading recommendation.
     
  16. dougster77

    dougster77 New Member

    I tried forex trading but the quick moves combined with the huge leverage caused me to lose my money quick.
    Trading stocks with a discount broker like sogotrade or tradeking which charge under $5 trade can make you some quick money if you know what your doing. I just put in stop loss orders to contain my losses while letting the winners ride.
     
  17. Yeoch

    Yeoch Member

    dougster77: I tried forex trading but the quick moves combined with the huge leverage caused me to lose my money quick.
    Trading stocks with a discount broker like sogotrade or tradeking which charge under $5 trade can make you some quick money if you know what your doing.
    Hi,

    One impression that I have of trading in forex/stocks is for and by quick gains. Look for a few hundred dollars gain per day and quit the position.

    For those who could not take the quick excitement or of weak heart, I prefer the steady but substantial gains type.
     
  18. pincpassion

    pincpassion New Member

    If you don't know how to trade in Forex, stay away from Scammy "Forex Brokers" who say the will do it for you. They come and go - with your money.

    I had a "close friend" who traded in Forex and collected huge sums of money. Now he is nowhere to be found leaving 50 plus poor investors.
     
  19. shmeeko69

    shmeeko69 Member

    The statistics for making a long term profit in any of the Financial markets are not very good.

    According to a couple of top traders I've spoken to & the general consensus is that, 90% of all new traders quit, before their first year is out with a loss, 5% struggle by & produce a small profit & the other 5% clean up, that is why these companies are always looking for new business, as the drop out rate is incredible.

    You've got to ask yourself the question - how am I going to hopefully join the 5% club & not become another statistic ?

    After speaking to someone regarding discipline & how his trading boss, was from an ex military background & very srict on rules & he successfully applied that to his trading & how after reading a couple of great trading books, changed the way in which I looked at the markets & now produces a steady profit, but not a great amount.

    To stand a chance of making a long term profit from the financial markets you wll need - A good charts package with your chosen indicators, although not to many, understanding of the market your in & if any of your positions are correlated & complete discipline of your betting bank, apply a risk factor of 1 to 3% of your betting bank, by way of a stop loss, have a set of plans in place & stick to them no matter, what other influences say & always keep your discipline - don't double up on a loss & try to get even with the markets, or it will come back & bite your backside - fact !

    As Richard Dennis from the famous turtles group said that, people have a psychological discomfort in a methodology that produces more losses than winners, but if you keep your wins big & take all the profit you can from the markets & keep your losses small, then net net, you will make a profit, the problem is most people can't do it,as they're not programmed that way.

    If you want to join the elite 5%, then you have to clear your mind & start thinking for yourself & trade what you see & not what you hear.

    Cheers

    Mark [​IMG]
     
  20. residualcash

    residualcash New Member

    It's all a game of discipline. Some markets like penny stocks demand that you take small profits to make it successfully, while options can work opposite of that.

    Forex is awesome if you get your discipline down, and don't over leverage. I've got a 4 hr system that is an awesome profit maker, just working to keep my discipline in tack and not over leverage. When I follow the system and don't over leverage I do extremely well, it's the other times that I do the opposite that kill me. But there is great money to be made in the financial markets as a trader.
     

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