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In terms of online business, trading is when you try to profit from financial markets using short-term strategies.
Trading is one of 19 types of online business and considered a Level X online business, according to our framework.
Okay for side income or beer money, but hard to earn a living.
Best for earning a living online when you’re starting out, but hard to scale.
Easier to scale and higher income potential, but you usually need significant investment of time and/or money upfront.
Even more scalable and even higher income potential, but also more complex / difficult / expensive.
Most complex / difficult / expensive, but the rewards here can be massive.
These are the misfits. Many aren’t even considered businesses in the traditional sense, but they are all ways to make money online. You typically need a lot of time, money, or luck to succeed with anything here.
Here are the legit ways I’ve found to make money online with trading…
This usually means buying and selling stocks within a few minutes, hours or days.
You’ll find the occasional success story here, like Ryan Roots quickly earning thousands of dollars on trades via the Robinhood app…
However, the largest studies done on day trading show that you’re unlikely to earn any money this way.
Poor Donnie here is representative of the typical day trader…
Here you’d be buying and selling currencies online (eg. US Dollars or Euros), aiming to sell for more than you buy so you can earn a profit.
Justin Mueller has had some good results with this…
This is like forex except you’d be trading cryptocurrencies (eg. Bitcoin or Ethereum) instead of traditional currencies.
Tony from JRNY Crypto is one of the few regular crypto traders I’ve seen doing well…
From what I’ve seen, lots of people try to earn a living by trading online, but very few seem to succeed.
If you poured the same time and effort into building a true online business – see Levels 2-5 – I suspect you’d get much better results.
Here are some courses you may want to consider…