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 make actual trades.
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.
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.
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.