Day Trading

Day Trading

Day Trading
The Ultimate Work-From-Home Job?
by Harvey Walsh

Ever dreamt of giving up the daily grind? Want to strike out on your own and work from home, but don’t know what you could possibly do to make a living? Full time Nasdaq trader Harvey Walsh wondered just that, and now he asks “Is day trading the ultimate work from home job”?

We’ve probably all had the same thought at some time or another, as we trudge off towards another day at work – the same work we’ve been doing day in day out for years – “surely there has to be a better way?” Slaving away to make somebody else rich just doesn’t seem right somehow, but what alternative? Setting up a new business, or buying an established one, are both expensive and risky prospects. So how can the disenchanted employee ever hope to make the switch from wage-slave to total independence?

Those are thoughts I had almost every day, before I quit the safety of full time employment and decided to strike out on my own. I asked myself the same question day in and day out; surely there has to be a better way. What about the internet, I wondered, isn’t that supposed to be bringing new and exciting opportunities to all? I researched a lot of so-called work-from-home opportunities that promised untold riches, apparently mine for the taking just by sitting in front of my PC. Needless to say, in reality those schemes turned out to be about as fulfilling as, well, filling envelopes for a living. No, I knew there had to be another way – something real – something where I could be in control of my own destiny.

And then one morning on the train to work, I read about a couple of Wall Street boys who had struck it rich thanks to some huge bonuses, and were now going it alone setting up their own day trading shop. That was when I discovered day trading, and I realised that this was exactly the opportunity I had been searching for. I decided there and then that I was going to make a full time living from the stock markets, whatever it took to succeed.

The advantages of day trading as a job are numerous to say the least; there is no boss to answer to, no customers to satisfy, no suppliers to let you down, no waiting for invoices to be paid, I could go on. In fact, I will: trading is a location-independent activity – I can work from anywhere with an internet connection, which effectively means anywhere in the world with a telephone line. I regularly trade from my laptop whilst travelling. I can trade when I feel like it, and take time off when I like, which means I can spend quality time with my family.

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Now let’s get this straight, trading can be a risky activity, there is no doubt about that. So is driving a car to work, but the risks of getting from A to B on four wheels are well understood and are managed accordingly, to the point where we don’t think twice about getting behind the wheel. And in the same way, provided a trader is disciplined in their approach to the job at hand, and understands the associated risks of the work, so those risks can be managed.

On the subject of risk, day trading is almost unique in that it can be learnt and practised with absolutely no financial risk at all, by means of paper-trading – that is - trading using freely available simulation software. Thus in the same way a trainee airline pilot won’t be let loose into the skies without having learnt and rehearsed their skills in a simulator, so a new trader can employ the same technique before they start trading real money. I “sim-traded” before I gave up the day-job; it made it easy to leave the safety-net of a monthly pay check knowing from my simulated trading sessions that I could already make money in the markets.

And that brings me to the most satisfying aspect of trading for a living; money. On an average day trading the Nasdaq, it is not unusual to make more money in a couple of hours than I used to make in a whole month working full time as a wage-slave. There are bad days of course, days where things just don’t work out, but they pale into insignificance over the course of a week or a month. It certainly took some intensive studying and a lot of practise before becoming a consistently profitable trader. But the end result of that hard work is an immensely valuable life skill that nobody can take away, and which allows for incredible freedom.

Since I first started trading, the learning curve has become even easier for the aspiring day trader, with a multitude of new websites, training courses, and books all covering the subject. I envy anyone starting out in this business today – they certainly have many more learning aids available to them than I had at the same point in my own career.

So is day trading the ultimate work-from-home job? No. I firmly believe it’s the ultimate work-from ANYWHERE job!

About the Author - Harvey Walsh is a full time Nasdaq day trader, and part time trading tutor. He trades from his home, or indeed wherever he happens to be when travelling.

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Playing With Money

If you have money, there are options other than complicated businesses or bank C.D.'s. Also, if you have credit cards which you can get cash advances on, there are ways to pay 18% interest and still make money with the cash. Mostly these are ways that aren't quite a business because you can do them once or only when you feel like it.

Loan Sharking

There are people that occasionally need money for a short while. A friend for example, that got a good paying job because I loaned him $300 to get drywall stilts. I never charge less than a $5 / week loan fee (don't call it interest). If you have any qualms about this, check the laws in your area and put it all in writing. Also, if you want total security, take collateral.

Investing In The Expertise Of Others

My buddy John had to show me several car magazines before I understood why an old fiberglass car was a good deal at $2,300, because I know nothing about cars. He eventually convinced me to put up the money, and after a new transmission for $900, he sold the corvette for $4,300, netting us about $1,000. I took half the profit ($500) for putting up the money for the two weeks.

I've done this several times with friends that know cars but don't have cash. By the way, if I had paid 18% interest and a $50 cash advance fee to raise the money with a credit card, my profit would still have been over $400, and John did all the work. I love playing with money. Do you have any friends who know everything about boats?

Buying And Selling Estates

We recently met a couple who buy out estates, sell some of the things at flea markets, then run the rest through auctions. They've made a living doing this for years. They load up a trailer after negotiating to buy a whole house full of stuff. Then, if they don't want to do the flea market thing, they just auction everything on Sunday afternoon for a nice profit.

If you are a good judge of value and have a regular auction nearby, you could do the same with rummage sales. Just offer $100 for everything and then auction it off piece-by-piece. The auction near us lets anyone sell their stuff, with no fee to enter. They just take a 25% commission.

Playing With The Casino's Money

I worked at a casino for years and I saw a lot of people foolishly writing down the numbers that came up on the roulette wheel. Foolishly, I say, because their their theories were nonsense. Casinos will always welcome these players and even hand them the pen and paper.

One guy, however, was actually scientific about it. By finding a bias in the wheel, after "charting" it for 5,000 spins, he made thousands betting on just one or two numbers. When a number comes up, it pays 35 to 1,

but one of the numbers, because of manufacturing imperfections or whatever reason, was coming up 1 in 27 spins, instead of the average 1 in 38 spins.

So all he had to do was bet $10 a spin, and he profited $80 for every 27 spins of the wheel in the long run. That's about $100 per hour. The ups and downs are dramatic though, so this is not for the faint-hearted. In this case, I saw him lose as much as $700 in a night. Also, not all wheels have biases (they eventually replaced that wheel). So have you ever tried "card counting" in blackjack...?

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Easy Ways To Make Money

Yes there are easy ways to make money, but this means different things to different people. Do you want easy ways to make money right now, or ways to make the most over time with the least effort. These are two very different things.

Easy Ways To Make Money Now

-Get a job. Or work more hours at your present job. Don't believe that starting a business or learning to invest successfully is easy. A job is much easier. Go to work, and get a paycheck every week or two guaranteed - that's easy!

-Sell your things. Another easy way to make money quickly is to sell whatever you don't need. Get rid of the second car, the snowmobile you never use, etc.

-Cut your expenses. Cancel cable TV, and learn how to spend less for all the things you buy. If you can spend $14 less each day on unimportant things, it adds up to over $5,000 annually. That's like making $7,000 more, since you have to earn that much to have $5,000 after taxes.

-Buy a lottery ticket. Hey, it's easy if it works, right?

Easy Ways To Make Money - Eventually

Okay, I said that the job is easier than a business, and that is true in the near-term. On the other hand, if you define easy as "the most money over time for the least effort," you need to invest or start a business. I'll tell you two stories in regards to that idea.

First, I bought my first home when I was in my twenties. It was just a mobile home on real estate, but I discovered that I could easily rent rooms. I lived for free as well as banking some of the money. This was no "get rich quick" scheme, but I made as much as $7,000 per year extra from my investment. I had to work to pay off the mortgage, but in the end I was working much less than my friends were.

The second story has to do with this internet business. I spend a lot of time writing little articles now, and distributing them. People read them, click through to my web sites from the link at the bottom, and maybe they buy a product that I get a commission on, or I get paid for the advertising there. It really is pretty easy now, but that's not how it started.

I worked at this full time from the start, and six months into it, I was making a net profit of about $2 per day. It was a bit discouraging, and I had a lot to learn. However, as it turns out, I was making something closer to $30 per hour for my time. It's just that I wouldn't be paid for the first year. I just kept building the business, and now it is pumping out the money I made from those earlier efforts. Not only that, but I can ignore it for weeks at a time and it keeps making money.

You see, that's the way it is with money. If you want more than a job will provide, you have to start a business or invest and get your money working for you. That might mean you work for free, or for a dollar per hour to start, so that you can easily collect $100 per hour down the road. If that sounds too discouraging, then so will this : Maybe there are no easy ways to make money.

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Best Affiliate Program?

Which is the best affiliate program? In this article, argues that it is the one you own.

Affiliate Programs... Who's Really Making The Money?

There will be a million and one affiliates out there who will tell you that the affiliate program they promote is going to be the best one for you.

But have you considered who is really making the money and who gains the most out of affiliate programs.

Let's take a step back and look at the AFFILIATE.

What exactly is the role of the affilate?

* The sole purpose of the affiliate is to PROMOTE the product and/or service

What are the benefits of being an affiliate?

* Get paid a minimal commission that is regulated by the owner of the product/service

In short, As an affiliate it is your responsibility to make someone else rich whilst doing all the hard work. You take on the expenses of advertising, you are the one who usually misses out on subscribers if you haven't first made them your client before they buy the product/service you are promoting.

And all this for what??? Maybe $20 per sale if you are really, really lucky.

You also need to remember that when you are an affiliate, YOU are not the only person promoting that very same product/service.

So what will make your offer any different to someone else who is promoting the exact same product, usually using the same sales technique, offering it at the same price.

To be in the top 5%, which is the amount of affiliates who make more than $100.00 per month, you need to first have a really good, clean, targeted subscribers list of more than 50,000 subscribers, know exactly how to gain targeted traffic, and have a huge advertising budget.

For the other 95%, the only way you are going to make alot of money from and affiliate program is to OWN YOUR OWN.

It really isn't as hard as you might think to set up.

So in conclusion, the best AFFILIATE PROGRAM, obviously is the one you OWN.

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Ways To Make Money Fast

Are there legal and ethical ways to make money fast? Of course there are, but they're primarily short term solutions. Use them for to raise some money quickly, but don't think these are get-rich-quick plans. With that in mind, here are a few ways to make some money fast.

Sell More Of Your Time

I likethis way least, but it is one of the most reliable. Work longer hours at work, or get another job. This way to make money fast has the added benefit of taking away time you might otherwise use spending more money. Get shifts from other employees, stay late at work (if you are paid hourly), volunteer for holidays. If you don't like this plan, keep reading...

Sell Your Time For More

This is a slightly better way. To sell time for more money, do one of three things. Look for a higher-paying job, negotiate a raise (this works best after the first option), or get paid for what you produce, if you are a productive worker. This last one could mean getting paid by the piece in some jobs, or getting paid commissions in a sales job.

Arbitrage Based On Your Expertise

What is arbitrage? Buying low and selling high in markets that have pricing inefficiencies. Suppose a used car of a particular model and year normally sells for $4,500 - and you know this. Watch for an opportunity to buy this car for less, and you can resell it for a quick profit. I know people who regularly make $1,000 to $3,000 per vehicle buying and selling cars out of their front yard.

It's not about cars, though, but about the principle. Where is your expertise - what can you put a price on and find a buyer for? I knew someone who regularly bought used restaurant equipment for half of what others were paying. Even engagement rings and dogs are "turned" for a profit in this way.

If you have no cash saved for this plan, get a credit card advance or cash advance. Paying $100 in fees and interest is unimportant if you make $1000 buying and reselling a coin collection, right? No credit? Get a partner. If my friend who knows boat prices ever tells me he can get a $5,000 boat for $3,000, I'll put up the money for half of the profit. I love making hundreds of dollars in just weeks just by playing with money - and others do too.

Flip A House or a Contract

Essentially, you offer a low price for a home (often a fixer-upper), and put in the offer the right to assign the contract. You also put a clause in there letting you cancel the contract if you can't get financing - your risk-free way out.Then you find an investor who will buy the contract from you for, say $8,000 (he expects to make even more when he fixes and sells the home).

Your risk? Mostly time. I have known people who have done this repeatedly, making as much as $20,000 at a time. Education and experience helps a lot here, because without it you can waste a lot of time - your own and other's.

More Ways To Make Money Fast

Sell your things if you aren't using them, or if you just value more the other things you'll do with the money.

Have a business? Sell accounts receivable. The buyers call the process "factoring." I have a friend who often has $15,000 owed to him by various clients, and is always facing cash-flow problems. He could sell these accounts receivable tomorrow to raise cash, but I don't tell him. They do sell at a discount, after all, and this constant reducing of long-term income to raise short-term cash can be a bad habit to develop. It is a way to raise money fast, though.

Cut your expenses. Cancel the movie channels. Buy a cheap used car for cash and get rid of your car payment. list every single thing you spend money on, and find ways to spend less for half of them. If you are surviving now, and can spend $500 less per month, you can bank that money and effectively make money fast.

Use whatever you've got to make money fast. Have a home? You could rent rooms. If you are single, you could rent a room instead of an apartment, and bank the difference. Extra time? Start a business on the side. If I want to make more money fast, I can mail an offer to my lists. Of course, this is because I put in the time to build my internet business, which brings up an important point.

If you think you'll start a business today and be rich in a few months, you're probably doomed to struggling forever. It's not that it's impossible. Take away a rich man's last penny, and chances are he'll have more money than you three months later. But this is because he has spent years learning about money, and making contacts.

Some of these ways may seem too mundane. Perhaps they are, but then, how much do you want that money? If you were to move to a cheaper apartment, get a raise, work Saturdays, sell your unused things, and buy and sell something for a profit once each month, you could bank a lot of money relatively fast. Enough to start a real business for longer-term wealth building.

Ironically, those looking for ways to make money fast and easy are least likely to make it. Opportunity seekers chase easier ways instead of making strategic plans and commitments. You can use these ways to make money fast, but don't think you'll attain real wealth without some kind of commitment to learn do what is necessary.

For many more ideas, see the following collection of pages on our blog

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Treasure Hunting

What is treasure hunting all about? It can mean different things to different treasure hunters, but the bottom line is always the search for something of value that is hidden from the general public. With that in mind, here are four of the more unusual secrets of successful treasure hunters.

Treasure Hunting In Snow Dumps

Shopping malls in the north often have an area where they dump all of the snow that is removed from the parking lot. The snow contains all the things dropped in it, ranging from coins to rings and sometimes dollar bills. All of these things are concentrated into a small area in the spring, once the snow dump melts.

A lot of part-time treasure hunters have known this secret for years. I stumbled on the idea when I walked past a melting snow pile in a Walmart parking lot and saw a necklace and five coins on the pavement at the edge of the snow pile. County snow dumps are another possible place to look into, at least the ones where snow from parking areas is dumped.

Estate Auction Treasures

Watch an estate auction sometime. Some of the people may not be bidding for the items you see, but for what is inside these items. In the past people commonly stashed currency in their books. When such a person dies, their secret likely dies with them - nobody is aware that there is money in those books. In fact, a relative of mine found thousands of dollars in the books of a departed uncle.

Now, if a treasure hunter gets to peruse the auction items beforehand, he can check a few books, and possibly other items that might contain hidden money or valuable things. If there are a few bills or jewelry inside of books and other items, he can then bid on the lots that contain these. The book collection, for example, is often sold as a whole. Who can say many more bills will be discovered once he goes through all the books he bought.

Storage Unit Auctions

If the storage fee isn't paid, the contents of storage units are auctioned off. Individual items might be auctioned, but it is more common to auction off the entire contents of a unit at once, or split it into several "lots" and auction each group of things. Bidders are normally allowed to check out the items before the auction.

I met a man who did just that and found that an old milk can in one lot was full of coins. At $10, his was the winning bid for the lot that included the milk can. He found a few salable items, as well as $75 in coins! He said he regularly found "treasure" at these auctions.

Treasure Hunting In Hotels

Treasure hunters, as well as hotel owners and room cleaners, report that money is sometimes stashed in the bibles in the dresser drawers. The cash is presumably then forgotten by the customer. Next time you check into your room, check out those bibles - and any other books that are there.

Many hotel owners also report finding men's wedding rings hidden in the rooms. This is more common in hotels that cater to business travelers. Maybe the men who are taking off their rings and hiding them before going out for the evening deserve to lose them. In any case, it makes for another interesting way to go treasure hunting - just look in anyplace a ring might be hidden.

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Your Website - A Residual Income Opportunity

A classic residual income opportunity could be an investment in dividend paying stocks, or a licensing fee that you get for decades for something you invented, or royalties for a novel that you wrote. But what if you don’t have that much money to invest, you don’t have an invention to license and you are not a writer? In that case, you might want to look to the opportunities available online. Of the many out there, we will cover one here: A basic review website. But first, let’s look at a basic definition.

Residual income is essentially income that continues to come in long after the initial efforts that created it have stopped (or at least have become minimal). You work as hard as you need to in order to develop the income stream, and then it flows on its own. This is more than a nice idea - it is a real possibility more than ever thanks to the internet.

For example, my wife and I have websites that we essentially stopped any serious work on years ago, yet they still produce hundreds of dollars of income monthly. Granted, we try to update them occasionally, but the work is minimal (and optional if we want to risk a slow decline of the income stream). I might have spent five hours in the last year on one site, for example, and yet it generated at least a thousand dollars for each of those hours.

The basic idea here is to target a niche with decent search traffic. That might be anything from how to train a dog to making money with crafts. Build a site that has a dozen or more pages of high-quality information, each targeting one particular keyword or keyword phrase. For example, if there are a thousand people monthly searching "make money with crafts," you would have a page about just that. It would be optimized by mentioning the search term "make money with crafts," several times on the page, including in the title, the first paragraph and near the end of the page.

Then you would get links to your site. You can start by asking owners of other related sites to exchange links. There are dozens of other ways to get incoming links. You can learn some of them from the e-book Fifty Ways To get Traffic, a bonus that comes with You Can Make Money Writing. The process of properly optimizing a site and marketing it is beyond the scope of this page, but you can learn that as you go and some of it is covered on other pages of this site as well.

To truly automate the site, making future work as minimal as possible, you’ll want a simple affiliate product or program to promote, so you won’t have any need to directly deal with visitors or customers.

You’ll just get a commission whenever you visitors click over to the site you promote and buy something. Even simpler is using any of the pay-per-click programs that pay you for each click on an advertisement.

Finally, it helps to update a site from time to time, but this too can be very minimal in terms of time - if you prepare everything from the start. For example, you can have other write pages for you for less than $10 each, and have a file of them ready to be loaded over the years one at a time every month or two. You also can have the "Tip of the Month" change each month - again from a file that you prepare in advance. Done right, your continuing work can be as little as a few minutes per month, making this residual income opportunity one of the best.

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