Trading as a Side Hustle: Hidden Truth To Success (2024)

Engaging in stock trading can be a side hustle, but it comes with risks and challenges. It's essential to consider your risk tolerance, financial goals, and level of knowledge before diving in. While some individuals find success in trading stocks, others may experience losses.

However, let me tell you some secrets,

• Never trust that stock trading can be an overnight success.
• If you believe that your money can be doubled overnight, then you must also believe that your money can be lost all at once.
• This is very true if you use leverage or using derivative products such as options, futures, etc.

Is stocks a good side hustle?

If you are investing long term, the a higher possibility that you will be profitable. However, if you choose to be a day trader because you saw influencers showing off their wealth from stock day trading, the studies say that almost 97% of day traders are losing money over time.

So let's check the pros and cons of stock side hustle.

Pros:

1. Potential for Profit: Successful stock trading can lead to significant profits.
2. Flexibility: Trading can be done from anywhere with an internet connection, offering flexibility.
3. Learning Opportunities: It provides a chance to learn about financial markets and investments.

Cons:

1. Risk of Loss: The stock market is inherently unpredictable, and there's a risk of losing money.
2. Time-Consuming: Successful trading often requires time for research, analysis, and monitoring.
3. Stress and Emotional Impact: Market fluctuations can be stressful, and emotional decision-making can lead to poor outcomes.

How to succeed as a stock investor

From our side, it will be better to become a stock investor, the one who buys a good stock and then hold it for a long time. The profit is possibly small. The US market averaged about 10% yearly profit for the last century. That is not 1% each month. Another thing to note is that sometimes you will see a downturn.

Succeeding as a stock investor involves a combination of knowledge, discipline, and a strategic approach. Here are some key tips to help you on your journey:

1. Education:Continuous Learning: Stay informed about the financial markets, economic trends, and company performance. Explore books, articles, and reputable financial websites to expand your understanding.
2. Set Clear Goals:Define your financial goals, time horizon, and risk tolerance. This will guide your investment strategy.
3. Diversification:Spread your investments across different sectors and asset classes to reduce risk. Diversification can help protect your portfolio from the impact of a single event.
4. Risk Management:Set stop-loss orders to limit potential losses.Only invest money you can afford to lose. Avoid investing with borrowed funds.
5. Long-Term Perspective:Successful investors often have a long-term mindset. Avoid making impulsive decisions based on short-term market fluctuations.
6. Research and Analysis:Thoroughly research companies before investing. Understand their financial health, competitive position, and growth prospects. Use fundamental and technical analysis to make informed decisions.
7. Stay Informed:Keep track of news and events that can impact the financial markets. Stay informed about the companies in which you invest.
8. Patience:Stock markets can be volatile. Be patient and avoid making emotional decisions during market fluctuations.
9. Regular Review:Periodically review your portfolio to ensure it aligns with your goals. Make adjustments as needed.
10. Professional Advice:Consider seeking advice from financial professionals or utilizing robo-advisors for automated guidance.

Is there any good stock trading course

If you are insisting on being a stock trader, then you may need to learn it. First of all, I suggest you learn stock trading fundamentals before throwing your money into an expensive course. I would suggest you learn the stock market from Khan Academy. They are making their video free using donation, so they almost do not have any other hidden agenda.

Below is the table of comparison, of course, referenced from Investopedia

Best Overall: Investors Underground

• Cost: $997+
• Pros: Well-established with a solid reputation, large and active chat room, access to mentors, and comprehensive educational path.
• Cons: Pricing on the high end, trading courses sold separately.

Best for Beginners: Udemy

• Cost: $49.99
• Pros: Low prices, comprehensive courses, extensive course selection.
• Cons: No opportunity for practical application, no chat rooms, no coaching.

Best Value: Bullish Bears

• Cost: Free courses; $47/month or $247/year membership
• Pros: Courses on various topics, affordable memberships with live trade room access, trade alerts, and more.
• Cons: No free trial, no refunds.

Best for Technical Analysis: Skillshare

• Cost: $167.88 per year
• Pros: Nearly 7 hours of content, learn about a wide variety of chart patterns, high ratings from students.
• Cons: No trade room or live instructor, can't buy individual classes, must maintain Skillshare membership to access the course.

Best for Day Traders: Bear Bull Traders

• Cost: $99+ monthly
• Pros: Extensive library of videos, professional trading simulator, helpful trader community.
• Cons: Webinars are only available to annual subscribers, a 7-day trial membership is not free.

Best for Live Training: Bulls on Wall Street

• Cost: $199/month or $1,499/year
• Pros: An established company with a solid reputation, personalized training, and access to a trading simulator with mentor feedback.
• Cons: No trial membership available.

Best for University Education: Coursera

• Cost: Free (basic membership required)
• Pros: Highly rated course and instructor, high-level analysis of markets, pricing, and valuation.
• Cons: Relatively little video instruction, no instructor interaction.

Best for Emerging/Alternative Markets: Financial Edge

• Cost: $99
• Pros: Direct instructor help, CPD-certified course, lifetime access.
• Cons: No practical exercises, somewhat short.

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