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In this episode, you’ll discover how you can create multiple sources of income from trading (without trading).
So listen to it now…
Trading Psychology: 6 Practical Tips to Master Your Mind and Money
Hey, hey, what’s up my friend?
Welcome back to today’s episode, where we will do things a little bit differently.
Today, we will be discussing how you can create multiple sources of income from trading, but without trading.
Tip #1: Be an affiliate for products or services that you use
What do I mean by an affiliate? You can think of it as a middleman. Let’s say you’re using brokerage XYZ and you think that brokerage is good because their service is awesome, withdrawal is fast and you want to recommend it to a friend.
If your friend signs up with brokerage XYZ and they put in some money to trade in a live account, you can get paid for it. So you could get paid for recommending something that you believe in.
Another example could be, let’s say you’re using TradingView as a charting platform. It has a Pro version where you have to pay for it. If you recommend that to your friends or family, and they sign up for the Pro version, you’ll get paid as well.
All you need to do as an affiliate is to share your unique affiliate link. And when people purchase through that link, you get paid. Simple as it is.
The upside of being an affiliate is that there’s little to no work involved. All you need to do is copy the link and paste it and if someone buys great, you don’t have to worry about the technology part or whatsoever.
The downside to this is that for an affiliate to make decent money, you need to have an existing audience who already knows you. Because if you’re someone who just got into trading, then probably you only have your family and friends to share your link with.
Once that small network finishes, who are you going to share your link with? So the downside to being an affiliate is that you must have a sizeable existing audience.
Tip #2: Offer trading courses
You can offer trading courses especially when you become a consistently profitable trader. There is a market for people who want to learn how to trade, be it forex trading, options trading, or stocks trading.
They want to learn your strategy, your methodology, and they’re willing to pay money for it. So you can create an online digital course to explain your concepts, how you do it, how you trade it whatsoever.
The beauty of those courses is that your margin is higher because you don’t have to share the profits with anyone. But you have to pay for other expenses, like a website for your blog, etc. Once you pay for all those expenses, the rest of the profit is yours.
The downside to courses is there’s a lot of work involved, you have to build the pages of your website, you got to know your stuff, you got to upload videos, you got to do a lot of work behind the scenes. Bear that in mind.
Tip #3: Provide private mentoring or group coaching
If you want to do courses but you don’t want much workload, what you can do is to provide private mentoring or a group coaching session. You can do it over a Skype call, or even in person if the person lives in the same country.
The upside you’ll have a high profit margin, as pretty much all the profit is yours. You don’t have to share with anyone, there’s little to no expenses, you overcome the issue on the technology, like creating a seven-page website.
You don’t have to know all that because you can just do it one-to-one. However, the downside is lack of scalability. There’re only so many people that you can do one-to-one coaching with, given the fixed amount of time you have each day.
Tip #4: Advertise products or services online
This is for those who have a sizable audience. Maybe you’re someone who has a huge following on YouTube, Twitter, or Facebook, etc.
Maybe your website gets X amount of visitors per month, so you can put an advertising banner and get paid for it. On YouTube, if you have a certain number of subscribers, you can put advertising banners and if people watch them, you’ll get paid as well.
The upside to advertising is there’s little to no work. To turn on that advertising feature, it’s practically little to no work. But to build to that level where you have a huge audience, there’s a lot of work involved.
The upside is it’s pretty easy, you don’t have to worry about the technology, it’s all pretty much done for you. But the downside is that you must have a sizable audience before you can go to that where you earn money from advertisers.
So these are 4 different paths that you can consider:
I’m sure there are more out there, which I missed. But I will say this 4 are the more common ones. And here’s the thing, it doesn’t have to be trading related. You can apply this to any niche out there.
Maybe you’re an expert in playing the guitar, you could create courses on how to play certain notes on the guitar. You can do a one-to-one mentoring with people who want to learn how to play the guitar.
Or maybe you’re good at Excel and you can create those funny looking awesome macros that people want to learn about. You can teach them via a course or private mentoring.
Or maybe you believe in certain products out there, it could be a special guitar pick or some special guitar that has an amazing sound effect or whatsoever. You can be an affiliate for those guitar companies as well.
You can see that the possibilities out there are endless. All you need is to open your mind and you will see that a lot of ways that to make money from trading without actually trading, or from your other skillsets as well.
With that said, I hope it made you think deeper about trading as a means to an end, there are other ways to it.
I wish you good luck, good trading and hey, talk to you soon.