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[Have another source of income to tide over the tough times in trading]
Here’s the truth:
No matter how good you are as a trader, you’ll encounter losing streaks, losing weeks, and possibly even losing years.
If you do not prepare for it, you’ll face difficulties putting food on the table, paying your bills, etc.
And in such scenarios, it’s difficult to make good trading decisions because you’re trading with money you can’t afford to lose.
You’ll average into your losses hoping to make it back quickly or widen your stop loss so you don’t lose your money.
So what can you do about it?
Well, that’s where having another source of income helps.
It could be having a job, an online business, affiliate marketing, etc.—the more sources you have, the better.
Here are some ideas you can think about:
–Affiliate marketing (recommend products & services you believe in and get paid for it)
–Coaching program
–Online course
–Earn advertising fees (from YouTube, Google, etc.)
Now, building multiple sources of income is like digging a well.
You want to focus on digging a well till water comes up before you move on and dig another well.
Otherwise, if you dig many wells at once, you’ll end up with no water because you didn’t dig deep enough.
And it’s the same thing for building multiple sources of income.
