It’s one of the most popular ways to try make an income lately.
With the high cutting-edge technology of trading and charting platforms, like TradingView and MetaTrader, it’s becoming a less taboo way to make a new stream of income.
Now there are different ways that traders are going around it…
And yet still, over 98% of traders are losing – very quickly.
I thought about the three ways that traders are approaching the financial markets.
We’ll use Mc Donalds as an example with all three…
#1: Working a part time job at Mc Donalds
Part time is always problematic in any job. You don’t get a secured contract. You work every now and then which means some months you get nothing and other months you get a measly salary.
There is just too much uncertainty as a part time trainee or worker.
This like trading for MAJORITY of people.
They learn how to trade on their own, they join something like WallStreetBets, Trading Discord or follow a financial markets channel.
They then occasionally get rewarded by following some average joes recommendation. Or they lose money from listening to Bloomberg or taking trades based on instinct, gut and feeling.
Where is the security and safety in that? I don’t know any multi-millionaire trader who’s followed this sheep approach.
The second way, has a bit more legs with being successful.
#2: Investing in Mc Donalds shares and getting dividends
Right, so now you are committed to ONE company.
You buy shares, when the markets move up you profit. When they drop, you loss increases and incurs.
However, there is some type of consistency. You are following 1 company, you know you’ll be receiving dividends on a quarterly or bi-annual basis. And you get to enjoy the benefits when the company does well.
This is similar to when you follow a successful trader or trading service. This approach involves subscribing to a service that provides trading signals or ideas, and then following those signals to place your trades.
If you know the trader’s track record, style, methodology and ways – you’ll pretty much know what you’re in for and what to expect.
You’ve done the research. You’ve made sure he has traded for AT LEAST 10 years. You’ve made sure he has shown to be profitable and gives MORE value than what the service provides.
Also, this can be a good option for traders who do not have the time or expertise to study the markets on their own, as it allows them to benefit from the knowledge and experience of a successful trader.
Great! But remember, your results are determined on your mentors progress.
This brings us to the THIRD way we earn an income from trading.
#3: You run a Mc Donald’s restaurant
You call the shots.
You can decide who to employ, how to run your business and ensure security, efficiency and success.
You monitor, track, analyse and make sure all is moving smoothly. That’s similar to you running your own trading strategy.
This is where you develop your own trading strategy and stick to it consistently.
This approach involves creating a set of rules for entering and exiting trades (with Entry, Stop loss, Take profit and Volume), and then following those rules consistently.
This can be a good option for traders who have a strong understanding of the markets and are confident in their ability to develop and follow a successful trading strategy.
Also, traders who follow a successful trader’s ideas or signals and in the background runs their own strategy – is an excellent way to diversify their trading.
Sometimes, their strategy will work out and other times their mentor’s system will make up for the losses.
Overall, there are many different ways to earn an income through trading, and the best approach will depend on your individual skills, knowledge, and goals.
Whether you choose to learn how to trade on your own, follow a successful trader, or develop your own trading strategy, the key is to stay consistent and disciplined in your approach.
This way you’ll increase your chances of success and achieve your financial goals through trading.
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