Well I guess this topic has been coming, hasn’t it, even though it is indeed a very precarious one. As a trader, you’d need to tread very carefully if you’re going to venture into the world of recruiting referrals as a means through which to make money beyond your primary activity of actually trading and this is primarily because there are some non-traders who don’t make any money trading and yet they want to make money by referring new traders to their brokerage platforms.
There are many other ways of making money beyond trading, which I’ll be discussing today, but I must emphasise that these should only really complement your primary method of generating an income, which is to take up positions and take calculated action.
Referrals
Yes, I did indeed touch on this already, but it’s worth getting into a bit more detail about it because it can make for a very lucrative way to complement your primary income generation method, trading. Most online trading platforms have a very generous remuneration structure through which you earn good commissions referring traders to the same platform you’re using and the likes of Plus500 come to mind. Furthermore, with a platform such as Plus500 in particular it’s a lot easier to refer people and earn commission because they get a welcome bonus which they can trade with, without first having to make a deposit from their own pockets.
It’s okay if you make more money referring people than what you make with your actual trades, but that shouldn’t be the aim.
Renting your property
Renting your residential property can be a lucrative venture and a reliable source of income. Creating a well-maintained and comfortable environment can attract a diverse range of tenants. Many landlords tend to favor families, as they often seek stable, long-term rentals, which can in turn provide a consistent income source for the landlords.
Conversely, if you’re interested in offering short-term leases, you can explore online resources to connect with agencies that can give you direct access to reliable student tenants looking for housing in your locality. Keep in mind, that universities and colleges tend to generate high demand for student housing, particularly in areas near campuses. By ensuring your property caters to student needs and meets safety standards, you can effectively tap into this market and generate an impressive profit.
Online casinos
A great way to make use of free time is on online casino websites. Many enjoy a few rounds of gambling when they have some skills and tricks up their sleeve. And now, there is a plethora of games and sites for everyone to choose from, irrespective of you experience they have. Do a little bit of digging on the web, and you will find a site with a dedicated selection of jackpot slots, poker, runny, blackjack, and so many more. What’s more, these games tend to provide you with bonuses, coupons, and vouchers that enhance your gaming experience by increasing the chances for you to win. So, even if you’re a novice, there is an opportunity for you to make some big wins, and take home some good money.
Sports betting
Sports betting is a great way to make money, and even though it can be looked at as a leisurely activity, it involves bettors taking calculated risks after taking into consideration the stakes involved, much like stock trading. The sports betting market has many parallels to the realm of finance, with both consisting of speculators trying to make money. The mechanism of betting is quite similar to trading, where individuals try to identify trends and streaks, and based on their analysis, they place bets.
But there’s much more to it than meets the eye, especially when you take into consideration people’s love for sports. Many people are passionate and follow the news religiously to learn how certain teams perform. That helps them win big sometimes. Likewise, if you’re a sports junkie, you could find some good online sports betting sites and give it a shot. Also, note that if you keep yourself adept with news on a certain sport regularly, it could only work to your advantage in placing winning wagers.
Training Material
We’re delving further into some precarious environments as far as complementary ways to make money beyond trading, quite simply because as is the case with referring new traders, most “traders” who create training material about trading aren’t even half decent. Fortunately for them though relative success is only required for a little while during which it would then be documented. It’s very easy to take screenshots of your successful trades and make training videos about strategies that worked out for you, but what about the rest of the time when things didn’t quite work out?
The key is to be honest about it and in your sales copy perhaps present a synopsis of some of the less successful trades and failures you had to endure. Otherwise you can perhaps write an e-book maybe and then just sell that over and over again to supplement your actual trading exploits.
Get Technical
While it’s probably not a good idea to perhaps turn towards payday loans to fund your online trading account, if you take more of a technical approach to it then taking on that type of financial responsibility to fund your endeavour is encouraged. Getting technical would mean you perhaps buy a stake in a start-up which is on a mission to provide the technical services concerned with trading, such as perhaps creating live stock price tracking software or even the trading software itself.
Naturally this is a huge undertaking, but the risk-reward ratio favours the potential reward.
