I don't see anything wrong with what cornboy said. Strategies do change. Like for instance breakouts use to work great and then stopped working. It is not like it all changed in one week and everyone adapted to it at the same time. It usually takes a little while before realizing a change has occured after seeing a strategy either not perform as well or stop working, otherwise there would be no need to change. It seems a month and a half rally has made many traders forget the bad streaks. Then again maybe everyone here is a worldclass trader that never has down weeks because the TA is always working. Corn I thought about the mortgage thing too but have the same feelings as you do. If I come up with some ideas I will let you know. Are you looking to trade half days or for jobs after the close? I guess working fulltime hours after the close would make for a pretty long day.
I would beg to differ on that, but anyway. I think people get way too caught up in setups. Three day pullbacks used to be all the rage. But, they never stop to undersand the concept behind why something works. If you take the time to think about that you can always make money. If you dont you have to be spoon fed or go broke.
Amen. Again, if you don't beleive this, why would you be trying to trade for a living? What Brandon said is true, and the quote above is true.
It seems despite your recent posts that you too think about having other sources of income when trading is not great.
Secondary Sources of Income: - Real Estate Agent - Mortgage Broker - Car Salesman - Consultant - Trading Coach - Online store: contact lenses, prescription drugs, etc. - Debt Counselling - Immigration Services - Alarm Systems - Water Filtration Systems - Long distance phone cards - Landscaping - Freelance writer/photographer - Personal Trainer - Computer repair/servicing - Coffee shop in a corporate area - Golf Instructor/school - Selling Advertising space - Cyber Cafe - Organize tours to your city's hotspots. - Sushi delivery - Waiter, Bartender, Stripper - Actor, Model and agent - Model Scout P.S. Just doing some brainstorming here. Your options are greater if you trade End of Day. Feel free to add to the list.
I never suggested not having other sources of income. In my chatroom we talk about this too, having something else going on be it bonds, real estate etc. It helps a lot. But, I also think the idea that setups stop working so that is why you need other sources is silly.
I agree with you very very strongly. The consistency of the markets as a place to make money is always there. coupling the proper strategies to the market is not rocket science. I cannot envision anyone not reaching an income crossover in any more than three years no matter what the profession for comparison. Anyone in the market place over three years just has to be pulling more money from the market than his profession.
Hi Brandon, Just a few questions for you about your educational services: How financially rewarding is it to provide quality education materials to traders? Six figures+/per year? Do you feel that this business takes away from your trading? Are start-up costs and expenses really high to enter into this field? Which competitor (providing the same service) do you admire most? What's one thing that you'd like to offer in your site that you currently don't? Is the effort that you put into your business worthwhile? Thanks. Of course no need to answer if you think that these questions are too personal. I'm just curious about your industry.
It is not like he came on here and said pullbacks no longer work, double tops are no longer valid, and TA is bullshite. Basically he was saying that he would like another souce of income outside of trading and was looking for suggestions. All he got was that TA always works and responses sounding like no one on here every goes into trading slumps or has a difficult time because of the TA. Maybe he makes 10K a month trading but wants to smooth out or enhance his income stream.