What can a trader do as a secondary job to supplement income.

5

50cent

I am on my third year of trading i trade listed securites my specialty is scalping off the open. I trade from 930-1130 and average about 300 a day. So all in all its not bad since i make about 6k a month but i have so much free time in the afternoon. The problem is that i dont feel like i have much more room to grow so even though its cool making 60k+ working 2 hours a day i dont feel like i am getting anywhere. No raise no promotion not making any contacts (sizing up would no be an option due to liquidity concerns) Anyone in this situation with advice on what i can do with free time. Options ive considered are moving to cali trade mornings get finance job. Work on a degree cfa mba cpa or something else. Or just get some 12-6 job making 15 bucks an hour and maybe getting benefits ( like personal trainer at gym) Im just stuck right now any comments welcome
 
Nah ... you should devote your free time to developing other strategies which will allow you to take advantage of greater time periods ... this way you can grow your capital way beyond the limited 60k a year.

GL
 
If you stop looking at equities after 1130, try looking at other asset classes and start looking for patterns that may develop in these time frames. There's almost always something to be said about trading the ES in the 230-400 hour. Or how about checking out the treasures and currencies from 830-900 when most economic news breaks? Most fundamental trading opportunities occur before equities are even open or after they close.
 
Just for the record the style i trade is more like NYSOB scalping i trade mostly off order flow and i like the eratic moves off the open. Im a piker or vulture or whatever else you want to call it just pick up little scraps here and there mostly because i am extremely fast with my executions. It wasnt exactly what i puctured when i signed up but it is what it is. So in terms of trading chart patterns ect i dont have any system nor do i have a mentor that could teach me. Furthermore my psychology is so fuk'd up cuz they way i was trained was essentially a way to do huge volume making very little but taking on essentially no risk. (if i take a 10cent plus hit that would be considered big) So expanding my trading arsenal is not really one of the options. I consider. Also what does a prop trader put on his resume ifi wanted to get a job in investment banking or finance would sucessful prop trader even mean a damn thing.
 
You would be crazy to give up any gig making 60k for 40 hrs a month. Most people don't make that working 60 hrs a week. I like the MBA idea or even go to law school.
 
Quote from 50cent:

expanding my trading arsenal is not really one of the options.
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I encourage you to reconsider.

You learned one way to trade. You can learn another.

In addition, you could expand your current asset class beyond equities into other trading vehicles, or into other (overseas) markets.

- Spydertrader
 
Over the course of time I learned that increasing net points per week on a consistently basis was not the ticket to fortune. Instead, slowly reinvesting your profits so you can grow steadily while handling the new bigger size, progressively and with discipline.

If income is the problem and you are consistent as you said, I just gave you the solution.

NN
 
Have a second account to trade on 15minute, 30 minute charts. Small position on volatile stokcs, i.e. Rimm, APPL, BIDU etc..

Also, I know the market is tough now, but you could get a real estate lisense, it wont be down forever. Most realtors you cant get a hold of before noon. Even if you close one home a month, you are talking about 2500-3000.00 per closing. If you start closing two or more, now you talking some decent money.

EF
 
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