Sidelines for full-time traders

[superfrank]

I was wondering if other full-time sports traders have any sidelines to generate another income (other than financial trading or investing)?

trading has been described as socially useless and I'm inclined to agree that it is, although I'm happy that some of the cash Betfair takes off me goes to support racing.

atm the moment trading is my sole income but I'd love to have a small business one day and do plenty of research on ideas that usually amount to nothing.

some years ago a friend and I setup an online football pool betting business but it only operated for a year or so because we couldn't get credit card processing (we tried all sorts but ultimately everything goes through Visa or Mastercard and even established bookie chains struggled to get approval early on because the yanks are so hung up about gambling).

my most successful sideline was some years ago when working full-time - in the days when most employees in big firms had company email but not internet access. I was the firm's bookie and accepted any bets as long as the email timestamp was prior to the official off (I didn't have to be at my desk) and offered bookie SP + 5% and settled 'client' accounts weekly. it was a nice little earner but looking back I was lucky I didn't get the sack!

anyone got any sidelines (or stories)?

[rhysmr2]

If your a crazy trader like me you need something else! I can go months without a losing day then spiral out of control and lose thousands and then it takes me months to sort my discipline out and get back on track. Meanwhile my credit cards go through the roof!

I've been full time trading for about 5 years, I've only had one sideline which was a couple of years ago, a part time customer service position at Barclaycard, 9am-1pm. I enjoyed it and met loads of new people and the extra £600+ a month helped. In fact my trading took a step up at that point, I was making well more then my monthly barclaycard wage in a week of trading.

Anyway after 3 months they wanted us to sell financial products and I didn't like it so I left.

I don't know why it's taken me so long to do something else? I guess it's because I always think my trading is about to take off and make me rich

I recently decided to do some qualifications (got my results a couple of days ago, 94.4% which is a pass )and go do some contract work, It's great money and it will be like 4 weeks on 4 weeks off so I can still trade.

I'm convinced it will help my trading, my trading performance is directly related to my financial pressure without doubt.

I'll let you know how it goes.

[PeterLe]

Hi Frank
Interesting post.

I was thinking about setting something up that could be run without me being there..ie a turnkey operation. I was thinking about a franchise such as a Domino's Pizza (Start up costs circa £120K). Open one, put a manager in, six months in leverage and open another etc...

In the meantime I'll just keep on doing my day job as well as trading!
regards
Peter

[CaerMyrddin]

Hi Frank, trading might have been described as as socially useless, but that's not true. For instance, if there wasn't speculation that brought oil's price up, there was no way clean energies would be viable.

That said, I have to agree that we don't produce goods or services that one can look at, so I do some voluntary work and some pro bono work. But nothing paid...

Me and my brothers have an apartment from what I get an aditional whopping €100 a month and that's all about my income

My father in law runs a small vineyard and whenever I can I go there and get my hands dirty. Me and my wife had thoughts of turning it into a biological vineyard whyle increasing the production by 10. I could have a small office around whyle the grapes are maturing but we aren't willing to move to the countryside at this time of our lives.

(Interesting post )

[mister man]

that pro bono work sounds great, some people love him some people dislike him, but im surprised he needs to employ people to be pro him. As a music lover id love that job.
guess youve found what your looking for..

[mulberryhawk]

[LeTiss]

that pro bono work sounds great, some people love him some people dislike him, but im surprised he needs to employ people to be pro him. As a music lover id love that job.
guess youve found what your looking for..

Quality post MM

Strangely enough, my New Years resolution was to do some charity or voluntary work, as full-time trading has made me rather selfish in my outlook on life

Something happened to me in December that's made me seriously look at life differently.
I don't live too far from what's considered to be Southampton's red light area. I met an old friend for a pint and was walking back home. It was freezing cold so I went into a chippy for some heart clogging food, when a young girl approached me for business. I was shocked at how young she looked, a complete mess, and generally totally lost in life. At that point 2 women pulled up, and gave her some soup and asked if she was safe. With Christmas approaching, I couldn't help thinking that's somebody's poor daughter there, she must have been 18 max.

It made me think how I've become so absorbed by my own life lately. This chance meeting gave me the inspiration to get involved with charities like helping the homeless, or helping people who's life have been ruined by addictions etc

Apologies for sounding a bit of a drip, but I had to share that now this thread has been started

[mister man]

great news "letiss", ive tried to help homeless people recently, and ive got lots of sidelines etc...


which i wont go into here...

I am not quite sure what the advantage is in having a few more dollars to spend if the air is too dirty to breathe, the water too polluted to drink, the commuters are losing out in the struggle to get in and out of the city, the streets are filthy, and the schools so bad that the young perhaps wisely stay away, and the hoodlums roll citizens for some of the dollars they saved in the tax cut.
~saying about deeds by John Kenneth Galbraith


good luck all

[superfrank]

Galbraith; top man.

"The only function of economic forecasting is to make astrology look respectable".

"In economics, the majority is always wrong".

"There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know".

"There are few ironclad rules of diplomacy but to one there is no exception. When an official reports that talks were useful, it can safely be concluded that nothing was accomplished".

"Under capitalism, man exploits man; while under socialism just the reverse is true".

"Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity".

"You will find that the State is the kind of organization which, though it does big things badly, does small things badly, too".

"The process by which money is created is so simple that the mind is repelled".

"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof".

"The conventional view serves to protect us from the painful job of thinking".

[Iron]

Have you thought of setting up an Ebay business?

It's something I've considered on and off myself. If you can find a product that sells well and buy in bulk, and write a really compelling advert, I bet it can be a nice little earner...

Jeff

[mister man]

ideas for you...sidelines ive had or have...
the sid e lino and the upside/downside

a football fan site - advertising revenue/moron football fans
articles for betfair - cash/selling your soul.
ebay/internet selling - cash/time consuming
write reviews on products - cash & freebies/needs a lot of hands on use, that can distract you from other activities.
help people (various projects) - happiness/no downside to self, apart from despair at the attitude of many with money.
man with van - meet lots of people /too competitive you make no cash and get a lot of hassle.
community/political activism - trying to make life better for all feels good/you realise what a set of ar**hol*s and self serving agendas many mp's/council/community leaders are and have (disillusionment)

ive got loads more, but thats enough on here...... hope this helps

[Groovyelms]

Galbraith; top man.

"The only function of economic forecasting is to make astrology look respectable".

"In economics, the majority is always wrong".

"There are two kinds of forecasters: those who don’t know, and those who don’t know they don’t know".

"There are few ironclad rules of diplomacy but to one there is no exception. When an official reports that talks were useful, it can safely be concluded that nothing was accomplished".

"Under capitalism, man exploits man; while under socialism just the reverse is true".

"Inflation does not lubricate trade but by rescuing traders from their errors of optimism or stupidity".

"You will find that the State is the kind of organization which, though it does big things badly, does small things badly, too".

"The process by which money is created is so simple that the mind is repelled".

"Faced with the choice between changing one's mind and proving that there is no need to do so, almost everyone gets busy on the proof".

"The conventional view serves to protect us from the painful job of thinking".

Hi SF,

Can you me what these lines are from?

cheers Groovy

[superfrank]

i just googled "john kenneth galbraith quotes" then took my favourites from a few of the sites that popped up http://www.google.co.uk/search?q=john%2 ... channel=np

i knew he had some good one-liners.

[Groovyelms]

i just googled "john kenneth galbraith quotes" then took my favourites from a few of the sites that popped up http://www.google.co.uk/search?q=john%2 ... channel=np

i knew he had some good one-liners.

thanks SF gr8 stuff
Groovy

[steven1976]

If your trading successfully, why not just focus at improving what your doing. If you want to be more sociable then I dont see why having a business would make you more sociable. Join a chess club in the evenings, or when you go to the pub discuss politics instead of betfair.
Having a business you have to answer to staff, customers, tax men etc.... but being a trader you only have yourself to answer to.