Seeking advice on "multi-stream" income

[DeElement]

Good evening all ,

To start off , I shall make it clear that I am not asking for fun , I am really seeking for advice and tips from veterans and experienced personnel regarding this.

I am in currently in my mid 20s , holding a day time job with an income of about 3k monthly. Having said that , I am currently seeking for option for side-stream income such as forex/stock trading etc. No , I am not looking for sit-there-shake-leg-count-money option , that is a fooking pipe dream for alot of people. and no , I am not looking at passive income because the only viable passive income that I really see it with a good potential is going into property investment , which right now , is not open for consideration in my case. In point form my mindset would be :

1. I KNOW I need to work for it , be it regularly checking the market or doing homework.

2. I am NOT looking for or asking for stupid advice such as "how to earn money without doing anything ah?"

3. Reason why I stated forex/stock is because this 2 are the mainstream trading and it is something that someone can do without having to put down every single thing on hand during work to perform.

4. I am aware of the risk and reward that might or might not occur . I have seen both success and failure cases in both of this trade but , if I am going to decide anything because of all this failure or not-so-smooth cases , I might as well don't get anything started , stick with my daytime job and die.

Having said all that , I am honestly seeking for option and advice such as where should I start , decent capital to start out with , what are my option? (currency/stock/bonds etc.

I mentioned bonds but honestly , I don't find it worth my time waiting for 10 years or so to get 6% return on a high roll scheme , especially when the capital is low.

I am looking to start out small and go along with progression. If it is regarding capital , please advice on a affordable amount to start off with.

Any advice or tips will be very greatly appreciated ! Thank you all !

 

[tekster]

good for you.

you will need to find a financial vehicle which is suitable for yourself and schedule. but most importantly, invest in financial knowledge.

other than stocks, u might wanna seriously consider internet marketing. being an affiliate will require you to do some work, but over time, it will help you to build a pipeline of passive income.

it's very much like stocks except that you have to be creative and do some selling.

 

[wahkao3]

[GPGT]My brilliant stock market selection method! Combine their power together surely will give me a lot of edge over Mr Market

Here is my brilliant stock market selection method.

My method is like this:

For me , i ish combine both TA+FA
both say buy, then i buy. Brilliant idea isnt it? Combine their power together surely will give me a lot of edge over Mr Market. How to lose money like that?
see I even made a cool banner for it

What u all think? Good method or not?

 

[DeElement]

Unfortunately , I am not a sales guy or a "sell-to-other-people" guy. Which is basically why my job is not related to sales. Thus , I am interested in stuff that doesn't require me to market my stuff basically because I know I am going to do badly in that field , and yes , I have tried sales and internet marketing before but it didn't work out , that's just the card that I've been dealt with.

 

[alexchia01]

Good evening all ,

To start off , I shall make it clear that I am not asking for fun , I am really seeking for advice and tips from veterans and experienced personnel regarding this.

I am in currently in my mid 20s , holding a day time job with an income of about 3k monthly. Having said that , I am currently seeking for option for side-stream income such as forex/stock trading etc. No , I am not looking for sit-there-shake-leg-count-money option , that is a fooking pipe dream for alot of people. and no , I am not looking at passive income because the only viable passive income that I really see it with a good potential is going into property investment , which right now , is not open for consideration in my case. In point form my mindset would be :

1. I KNOW I need to work for it , be it regularly checking the market or doing homework.

2. I am NOT looking for or asking for stupid advice such as "how to earn money without doing anything ah?"

3. Reason why I stated forex/stock is because this 2 are the mainstream trading and it is something that someone can do without having to put down every single thing on hand during work to perform.

4. I am aware of the risk and reward that might or might not occur . I have seen both success and failure cases in both of this trade but , if I am going to decide anything because of all this failure or not-so-smooth cases , I might as well don't get anything started , stick with my daytime job and die.

Having said all that , I am honestly seeking for option and advice such as where should I start , decent capital to start out with , what are my option? (currency/stock/bonds etc.

I mentioned bonds but honestly , I don't find it worth my time waiting for 10 years or so to get 6% return on a high roll scheme , especially when the capital is low.

I am looking to start out small and go along with progression. If it is regarding capital , please advice on a affordable amount to start off with.

Any advice or tips will be very greatly appreciated ! Thank you all !

1. You must understand the differences between trading and investing.

2. You must decide if you want to trade or invest.

3. You must decide what type of trading or investing you want to do.

4. You must derive a strategy for your trading or investing.

5. You must backtest your strategy to find out how effective it is.

6. Repeat Step 4 and 5 until you come up with a profitable strategy.

7. Start trading with the minimum amount to build your discipline and emotional control.

8. Increase the amount as your discipline and emotion control improves.

9. As times goes by your strategy will improve and so do your emotion discipline.

10. Once you reach a stage where you know whatever happens in the market won't affect your success, you know you have made it.

PS: To reach stage 10 took about 5 years. If you have a mentor, maybe can cut down to 3 years. Please don't think you can take a weekend class and achieve it. Some courses that teaching trading or investing techniques are good, but you'll still need time to digest, understand and develop them into your own.

 

[Shiny Things]

A few tips:
* Don't trade FX; it's for muppets.
* Do look at stocks.
* Don't expect to make huge bundles of money trading stocks, though. You probably won't make much more than about 10% per year. The average punter does worse than they would if they'd just bought and held stocks.
* Buy and hold works. It feels boring as hell, but it works.

 

[Dyhalt]

Hi Bro,

Since you are so young with lots of potential, have you first thought about how to make your salary grow from 3k to 5k by enhancing your expertise & work value? In my humble opinion its easier to achieve this than to excel in FX market.

Brother Alexchia01 & Shiny Things have already gave very good advice. In short its hard to win in FX when you are betting against the market setter by playing under their rules, they have all the information of how much buy/puts in the world while you try to win by personal instinct & judgement.... its like playing poker with someone who can see the cards before they are dealt.

 

[focus1974]

Unfortunately , I am not a sales guy or a "sell-to-other-people" guy. Which is basically why my job is not related to sales. Thus , I am interested in stuff that doesn't require me to market my stuff basically because I know I am going to do badly in that field , and yes , I have tried sales and internet marketing before but it didn't work out , that's just the card that I've been dealt with.

Care to share why your internet marketing did not work out and what are the stuff you did on internet marketing?

 

[focus1974]

Focus on your #1 money generator - Your Job.
Focus on learning a 2nd skill, Sales. I've seen most SMEs which can survive are staff with at least 1 good sales person who brings in the bulk of the revenue(usually the boss and if he's lucky, another empoyee). Most people who get promoted in life are also people with sales skills...
Buy a HDB BTO early on in life and pay it off (using your CPF).
Learn to trade(with small sum) , most likely you will discover some truths about the stock market and your own mentality. Then you decide whether your mentality suited for Value investing, Buy and Hold Index(rebalance it) or Trading(day,swing,positional). When you have more money, you can actually try both.. Core Portfolio of value investing/indexing and a satellite for trading.


You can actually do all these simultaneously as long as you dont eat into your #1 money generator time and energy.

 

[DeElement]

Hi all ,

Very thankful for all the inputs provided. I've realise that many people are against forex to a certain degree. As I am new to all this and have yet to get any exposure with the real thing , can experienced personnel care to actually point out the difference between forex and stock? what are the option for each of their own sub-category and their difference and where should I start off from?

 

[wahkao3]

to me, forex seems like 1 big mess to analyse
for stocks, much easier. You only have to analyse 1 company. you can use TA and FA to identify low risk, high return opportunities

 

[alexchia01]

I'm not against trading Forex, as long as you focus.

If you choose to trade EUR/USD, then stick to it.

If you choose to trade USD/JPY, then stick to it.

Don't want to trade every pair you can think of.

Focus is the key.

 

[Knight_Rider]

I love forex . My philosophy "Never take a loss". I dun like stocks though.

 

[wahkao3]

Hi all ,

Very thankful for all the inputs provided. I've realise that many people are against forex to a certain degree. As I am new to all this and have yet to get any exposure with the real thing , can experienced personnel care to actually point out the difference between forex and stock? what are the option for each of their own sub-category and their difference and where should I start off from?

just be careful dont get burn
newbies get burnt

 

[aoptionwriter]

I like what you said: Never take a loss. I am doing it with Oanda but with very small position each time. Small gain, huge paper loss but never lose.

I love forex . My philosophy "Never take a loss". I dun like stocks though.

 

[Shiny Things]

I love forex . My philosophy "Never take a loss". I dun like stocks though.

The corollary of "never take a loss" is that you're going to end up riding a lot of bad trades down to zero. (Or to epsilon, since FX rates can't go to zero.) What would you be doing now if you'd bought AUDUSD above parity back in 2012?