Work smarter, not harder. You often hear this phrase but what does it mean and why am I writing about it? Well the problem that most of the population have is that you are on the treadmill of life. You have bills to pay and they never stop coming. You’re on the wheel going round and round, earning the money to pay these bills. It feels like the bills never stop coming, and you can’t get off the wheel. You’re trapped, running faster and faster to stay in the same place. Inflation erodes the power of your pound (real inflation is probably nearer to 10% per year, not the 3% fictional government figures).
Don’t be a hamster
Like a hamster on his wheel how do you get off but improve your lot? You can slave away, work your way up the ladder and hopefully get to the top by the time you’re nearing retirement, but the problem is that it’s a pyramid and not everyone can be the boss at the top. So don’t be the hamster, add additional income streams and diversify your life.
Multiple income streams
That’s the key really - multiple income streams. And one of these can be trading. Forget the get rich quick adverts, promising 25% or more annual returns for 10 minutes work a day for no risk. If they were true everyone would do that and no one in the world would work. Forget the very obvious scam adverts promising some magic black box that will automate your trades and print money. They don’t work. But, put in a bit of effort and you can add a steady additional income stream to your life.
What you can do is learn some simple strategies that work on various timeframes depending on how much time you have spare. If you are time poor then look to a 4 hour or daily chart. If you can spend more time, then a 30 minute or hourly chart can be used. Either way, there are opportunities on all time frames. Forget all the complicated systems and indicators - keep it simple - trade less, win more and add another income stream to your life. Use it to pay for that holiday, boost your savings, school fees, clear debt, dinner out or whatever takes your fancy! My first profitable month trading back in 2008 saw me buy some things for the house. Start small and the big stuff follows.
My members and I have seen steady growth in money and knowledge over the years and you can benefit from this too. £2000 in August 2014 would today be a whopping £86,000 (October 2017) with just a few trades a day off key levels. No complicated charts or hours in front of the screen. See the progress here.
Also known as “the Buffet rule” do not underestimate the power of compounding. Warren Buffet has long been a propenent of compounding. As your account grows you can slowly increase stake sizes and exponentially grow your account, but all the time risking no more that a small percentage of your balance.
Know the risks
Of course, not all trades work and you will have losers. Again, looking at the scams out there you would think that this never happened. As long as you’re sensible, employ good money management and are disciplined, you can work smarter, not harder and gain additional income.