Whats Your "Legal" Side Hustle? 2009 Edition...

[greygoose]

I trade with FOREX.com and IBFX.com ... actually I should say I'm learning to trade with those two. That is where I have practice accounts. I have a $250.00 (real) mini account (access to trade $10K) with FOREX, but that is only so I could compare the data streams to see if they were actually the same and what other differences if any were between the real and practice accounts. A full account, by the way, is $2,500.00. (access to 100K)

If I wasn't clear I have only made money on the practice account I'm not trading real money yet because I have also had losses while practicing that let me know I'm not ready to trade real money ... yet.

As you know by trading stocks, depending on the number of lots you trade at any given session you can make higher or lower gains because of the margins and leverage involved. The movement of currency pairs by 20 to 30 pips/thousanth of a point can make hundreds or thousands depending on the number of lots you trade.


No problem, I must stress with anybody who is thinking about doing this is use the practice account and read a few books before you even try to do it with real money. You are trading on margin and in a fluid market like currency is you can make or loose a lot of money very quickly. So take it sloooooow.



The practice account is a free account the currency trading company offers so you can learn how to trade. Most if not all of them offer one. Practice accounts use the same instant data that real accounts use and you have access to 90-95% of the trading tools i.e.; trend indicators, reports, analysis, graphs, etc. etc. that you get with a real account.

eventually im going to get my info on it. but maybe you can elaborate a tad bit more on how the "margin" trading works. i dont know if that's the term used in trading currency but im well aware of how it works with stocks because i trade stocks every now and then but not as much as i used to. gimme a prime example on what can happen (the good, the bad, the ugly) on how much weight one can move with the initial $2500.

 

[Biggillanoyz]

I teach a ShortCut System to profits in Real Estate. I partner with you to help people who have credit issues to get in the home of THEIR CHOICE with NO CREDIT CHECK.

A lucrative $5,000 to $10,000 per month! With a small advertising budget of $300 - $500 per month the income tripples!

Sounds interesting. More info please fam.

 

[qweretyuiopas]

Thanks for the reply mk23666

I got me one of the books mentioned in here called Forex Patterns & Probabilities.
Also got another one called Beat the Odds in Forex Trading

 

[mk23666]

eventually im going to get my info on it. but maybe you can elaborate a tad bit more on how the "margin" trading works. i dont know if that's the term used in trading currency but im well aware of how it works with stocks because i trade stocks every now and then but not as much as i used to. gimme a prime example on what can happen (the good, the bad, the ugly) on how much weight one can move with the initial $2500.

I'm a novice with this but I'll try to elaborate. In Forex trading you have the ability to control large sums of money with a small sum of money because of leverage. The leverage amounts can vary by the size of account you have.

I think in stocks you only have a leverage of 2:1. In a mini account of $250.00 lets you control $10K per lot (up to 25 lots) so the leverage is 40:1. A full account of $2,500.00 lets you control $100K per lot (up to 25 lots) so the leverage again is 40:1. There are leverages of 50:1, 100:1 and even 200:1, but the higher ones tend to be for the professional traders, and international banks where they are handling $1M+ accounts.

Forex trading has another interesting difference from trading stocks. You can make money on the up OR down movement of the trading pair you choose to trade in. It all depends on how quick you are to pinpoint the change in the market movement and then change your trade to ride the other direction.

Now because of the large amount of leverage small movements in the exchange rate (.0100 hundreths of a point) can produce large gains, but the opposite is also true. Consider this ... in my practice account each lot is worth $100K, but because of the leverage I can trade from one lot (100K), up to twenty five lots (2.5M). When I trade one lot and the market moves one pip (.0001 one ten thousandth of a point) my way I make TEN dollars. Every ten pips I make a HUNDRED dollars. A hundred pips a THOUSAND dollars, etc. etc.

Now if I were trading ten lots then the gains will be multiplied by ten and you can see where now a movement of one hundred pips (.0100 one hundreth of a point) can make me TEN THOUSAND dollars. The movement of the market is very fluid at times and one hundred pips can be made in a few minutes or even in a few seconds. This isn't to say it moves that way all the time. It can sometimes take hours to move that much, but money can still be made ... just more slowly. I usually trade one or two pips.


The money you use to open your account is your margin balance and it is used as collateral for all of your trades. Forex trading don't issue margin calls like futures or margin based equity trading. They use margin balance ratios that must be maintained at all times in order to continue to trade. That usually means you have to keep a 50% ratio to your initial account deposit in the margin balance. (Most programs track this and automatically display it for you) If it falls below the required ratio then the forex broker can close your account so that you can't completely loose all your money. The account will remain closed until you deposit more money to replace the missing 50% ratio needed to trade. When you have a positive open or closed trade your margin balance will increase and will do the opposite when it is negative.

Hope this helps.

 

[mk23666]

Thanks for the reply mk23666

I got me one of the books mentioned in here called Forex Patterns & Probabilities.
Also got another one called Beat the Odds in Forex Trading

"Patterns and Probabilities" is really good. "Currency Trading for Dummies" is written by the founder of FOREX.com and his chief currency strategist. So if you decide to trade with FOREX.com that book could prove a bit more helpful since it's based on their particular programs.

Good luck.

 

[Megazell]

Same as usual.

Tabletop gaming tournaments, Poker Rundowns, Non-profit volunteer work (this gives me connections to key areas in which I don't have to spend much for food, clothing and medical), PC Repair and of course - www.odesk.com

 

[JJWALKER]

Freelance cameraman for corporate shows. All I do is shoot some rich white dudes talking for 2-3 hours at a podium. It's boring, but for $200 a show for 2 hours ain't bad. I usually do it 4-8 times a month

 

[456.North.side]

PC upgrading and setting up, trouble shooting. Lot of people round here buying computers and don't know how to use them.

same here plus server, wireless and some web hosting and misc networking stuff

 

[lurknomo]

******

 

[nittie]

If you are in a state with a lottery you can make money playing numbers for people in states that don't have a lottery. All you have to do is buy the numbers online and wire a picture of the ticket to the players since it's illegal to re-sell lottery tickets. With the right connections it would be pretty easy to make 4-5 grand per week.

 

[D Town Redd]

Domain names, nukkah!

 

[KCDevil]

Yes im telling if have a few applications on the Itunes you can quit your day job! Shit i did. Theres a shit load of money to be made.

I do not know a thing about programming or how to make a iphone app. so i hired a programmer on craigslist. I told him my vision its cost about $1500 or 20/hr a hour for him to write me a program.

The Best thing about it is that i make money everyday and your application is distributed all over the world. The Bad thing about it is that Apple takes 20-45 business days before you receive your Royalty check. So if you make money in December you won't get paid until the end of January. (I guess they want to earn interest on our money

Newsweek did a article yesterday of what im talking about if you think im bullshitting or making this up.

http://www.newsweek.com/id/174266

I had heard that this was possible but never knew of anyone who actually did it (hire someone to build a success iphone app). That's great to hear man. I'll ask again, what are the names of some of your apps??

And how long did it take for the programmer to finish it?

 

[O.Red]

If you are in a state with a lottery you can make money playing numbers for people in states that don't have a lottery. All you have to do is buy the numbers online and wire a picture of the ticket to the players since it's illegal to re-sell lottery tickets. With the right connections it would be pretty easy to make 4-5 grand per week.

Keep going...

 

[Bone$]

If you are in a state with a lottery you can make money playing numbers for people in states that don't have a lottery. All you have to do is buy the numbers online and wire a picture of the ticket to the players since it's illegal to re-sell lottery tickets. With the right connections it would be pretty easy to make 4-5 grand per week.

huh?

 

[redcee]

If you are in a state with a lottery you can make money playing numbers for people in states that don't have a lottery. All you have to do is buy the numbers online and wire a picture of the ticket to the players since it's illegal to re-sell lottery tickets. With the right connections it would be pretty easy to make 4-5 grand per week.

not sure what youre talking about here, but you can go to 5dimes.com and play the lottery for every state. The payout for cash 3 are 900 for a $1 play versus the standard state payout of $500 to $1. You could run a numbers house like they use to do back in the day and make some serious money. But off course that isnt legal.

 

[qweretyuiopas]

"Patterns and Probabilities" is really good. "Currency Trading for Dummies" is written by the founder of FOREX.com and his chief currency strategist. So if you decide to trade with FOREX.com that book could prove a bit more helpful since it's based on their particular programs.

Good luck.

Props. I didn't know that they had a "Dummies" book for just currency trading.

Thanks for that last post you made too. I wondered about that as well. Of course I will read and take some time of practice so I am not completely ignorant, but would you mind if I could PM you anytime I have a question about the basics or how to do certain things? Would try not to bother ya too much unless I tried looking for something myself and couldn't find an answer or needed more elaboration or real life example of something.

*edit* I just copped a new Currency Trading For Dummies book off Ebay for just under 5 bucks and free shipping.

 

[Jazzy1]

I hold all weekend poker games for some of the big hustlers in town I used to roll with no guns,drugs and pat downs I provide tramsport so no guns laying in the cars.

Dudes stay at my crib from friday till 1pm Sunday gambling. I provide food and drinks I make a cut off the take I do it once a month now twice a month in the summers made about 45K since the summer.

bout to add a crap game to the agenda. Got a couple white guys in politics in the mix recently through a mutual doctor friend.

its been good. Wifey gets pissed because her and the kids gotta take a walk 1 weekend a month but I put them up in a nice hotel and they have events and stuff so its like a get away for them. Wifey likes the bread I make so she shuts the fuck up.

I caught some dudes from the old firehouse casino days in PG county its been good.

 

[qweretyuiopas]

I hold all weekend poker games for some of the big hustlers in town I used to roll with no guns,drugs and pat downs I provide tramsport so no guns laying in the cars.

Dudes stay at my crib from friday till 1pm Sunday gambling. I provide food and drinks I make a cut off the take I do it once a month now twice a month in the summers made about 45K since the summer.

bout to add a crap game to the agenda. Got a couple white guys in politics in the mix recently through a mutual doctor friend.

its been good. Wifey gets pissed because her and the kids gotta take a walk 1 weekend a month but I put them up in a nice hotel and they have events and stuff so its like a get away for them. Wifey likes the bread I make so she shuts the fuck up.

I caught some dudes from the old firehouse casino days in PG county its been good.

That's pretty cool man. Creative too.

 

[JJWALKER]

I hold all weekend poker games for some of the big hustlers in town I used to roll with no guns,drugs and pat downs I provide tramsport so no guns laying in the cars.

Dudes stay at my crib from friday till 1pm Sunday gambling. I provide food and drinks I make a cut off the take I do it once a month now twice a month in the summers made about 45K since the summer.

bout to add a crap game to the agenda. Got a couple white guys in politics in the mix recently through a mutual doctor friend.

its been good. Wifey gets pissed because her and the kids gotta take a walk 1 weekend a month but I put them up in a nice hotel and they have events and stuff so its like a get away for them. Wifey likes the bread I make so she shuts the fuck up.

I caught some dudes from the old firehouse casino days in PG county its been good.

Sounds like Tony Soprano and his Uncle's poker hustle that they did.

 

[concepts25]

weed ... i love cali

 

[Cock Head Jones]

I hold all weekend poker games for some of the big hustlers in town I used to roll with no guns,drugs and pat downs I provide tramsport so no guns laying in the cars.

Dudes stay at my crib from friday till 1pm Sunday gambling. I provide food and drinks I make a cut off the take I do it once a month now twice a month in the summers made about 45K since the summer.

bout to add a crap game to the agenda. Got a couple white guys in politics in the mix recently through a mutual doctor friend.

its been good. Wifey gets pissed because her and the kids gotta take a walk 1 weekend a month but I put them up in a nice hotel and they have events and stuff so its like a get away for them. Wifey likes the bread I make so she shuts the fuck up.

I caught some dudes from the old firehouse casino days in PG county its been good.

Sweel lil move right there. I wouldnt even post it.

 

[mk23666]

Props. I didn't know that they had a "Dummies" book for just currency trading.

Thanks for that last post you made too. I wondered about that as well. Of course I will read and take some time of practice so I am not completely ignorant, but would you mind if I could PM you anytime I have a question about the basics or how to do certain things? Would try not to bother ya too much unless I tried looking for something myself and couldn't find an answer or needed more elaboration or real life example of something.

*edit* I just copped a new Currency Trading For Dummies book off Ebay for just under 5 bucks and free shipping.

No problem, I hope I can help ... You'll probably do better than I seeing how you've traded stock for awhile already. There are others here that also trade or use to trade currency so you might wanna search and holla at them too ... hmm, maybe I ought to do that myself? lol

I would stick with the Euro/US Dollar pair for the first few months of practice. Each pair has it's pros and cons but that pair is the largest so there is a lot of movement there. Altho currency trading is touted as being open 24hr a day 5 days a week (closes Friday evening to Sunday evening) there is usually less movement after 5pm EST.(New York closing down) and then it picks back up around 3-5am EST. (London/Europe starting up)

Forex.com used to offer the "Dummies" book for free as a download when you joined their platform ... seeing how their people had a hand in writing it I can see why Dunno if they still do it tho. Try books out at the library too before you buy cause many trading books are written for "beginners," meaning folks who have been to school for trading because the language they use you can tell it's not for the uninitiated that way you'll know which ones you want to buy. And you'll want to buy some because you are gonna want to highlight areas, write in the margins and add color to the various charts and illustrations they have in the books as examples. I know I do.

Wow I forgot about Ebay, not to mention the used books stores.

 

[TB1996]

I hold all weekend poker games for some of the big hustlers in town I used to roll with no guns,drugs and pat downs I provide tramsport so no guns laying in the cars.

Dudes stay at my crib from friday till 1pm Sunday gambling. I provide food and drinks I make a cut off the take I do it once a month now twice a month in the summers made about 45K since the summer.

bout to add a crap game to the agenda. Got a couple white guys in politics in the mix recently through a mutual doctor friend.

its been good. Wifey gets pissed because her and the kids gotta take a walk 1 weekend a month but I put them up in a nice hotel and they have events and stuff so its like a get away for them. Wifey likes the bread I make so she shuts the fuck up.

I caught some dudes from the old firehouse casino days in PG county its been good.

LOL, i went over this girl crib in atlanta early this year, she was staying with some friends. i saw 2 to 3 poker tables in the living room. she said the owner of the house has poker parties.

 

[Sir Good Drank]

I'm the hood barber. I only make like an extra 100 or so every few weeks. it puts gas in my car and little grocery shopping here and there. and I sell beats

 

[The Pope]

I sell drugs

 

[Bone$]

Re: Whats Your "Legal" Side Hustle? 2009 Edition...

Anybody know about the ready made sites sold sometime on ebay? few months ago i was gonna buy bustybabes for like 300, but passed cause i didnt feel net marketing savvy enough to try it. the auction offered info on how it was and would make money. but i dunno

reposting to see if someone can drop knowledge on this question above

 

[Tivon]

I make Programs for the Iphone. I currently have about 7 Applications in the Store. I make about $25,000-$55,000 a month in sales. By 2009 i want to have at least 50 applications. Try to hit a million dollars!.

Right now Iphone is a gold mine. Every Iphone developer is getting rich in this recession!!

One guy made $250,000 in 60 days off of 1game.

http://www.cnn.com/2008/TECH/11/18/iphone.game.developer/index.html?sr=hotnews#cnnSTCVideo

I have a vested interest in iPhone apps, I recently just attended developer day in the South Bay on Friday Dec 12th, if you don't mind can we link up with info via e-mail? PM i forget to check it, but drop me a line at my e-mail

keith@tivon.tv

I'd like to get more info on your apps you've developed.

 

[Machete]

Sorry about that ...

Trading currency/Foreign Exchange Trading/FOREX is kinda like the stock market except you are trading the currencies of various nations against each other. I typically trade in the Euro verses the US Dollar. What you are doing is setting trades on whether the Euro will rise or fall against the Dollar, but there are many other currency pairs you can choose from to trade with.

I sit at a computer screen and watch a graph that represents the rise and fall of the currency pair you are trading at the time, at changeble time frames from as quickly as minute to minute all the way up to as slowly as month to month. I use different indicators to gauge which direction the currency values are going for a given time and make a deal/trade.

Practice accounts are free for a month or so and real accounts can be opened with as little as $250.00. That gets you a mini account that allows you to trade $10K. $2,500.00 gets you a full account that is worth $100K. You can only loose the amount of what you opened the account with, but what you make is yours.


I trade with Gain Capital Group (FOREX.com) and Interbank FX (IBFX.com) but there are several trading sites out there that offer free practice accounts. They also offer free tutorials and webinars to teach you how to get started. One on one training can be had for a fee.

I recommend getting the free account with at least two sites because each site has a slightly different look and feel and you need to find what you click with ... and practice every chance you get. When the 30 days are up ask for an extension and they usually give you one. I'd practice for at least a couple of months before I traded for real.

I also recommend buying: "Trading For Dummies","Forex Patterns and Probabilities" and "The Forex Trading Course" to get a grasp of what you are doing and study when you aren't at the computer.

As a side note: Currency trading can humble you in a heart beat. The night Obama was elected I made 12K, but thinking I had the hang of it the next day I lost 16K being stubborn and greedy!(practice account)

http://www.bgol.us/board/showthread.php?t=332320

Currency Trading for Dummies, posted in that thread. Good thing I checked, I planned on buying that book along with the other two referenced in the above hosts.

 

[tallblacknyc]

videography,photography,party promotion,adult parties

 

[mk23666]

Thanks, I should have done a search myself.

Just not the same a writing in the margins and highlighting paragraphs ... sometimes you need a real book too.

 

[King D]

For those interested in Forex. Try searching some threads on the Moneytec and Forexfactory boards. That would allow you see the feedback from other traders on brokers. Using the right broker and understanding their spreads and misc. fees are very important. I would also advise you trade on demo accounts for at least a month or so before you put any real money behind it.

I used to make a killing in Forex by scalping and trading during the news releases. Those were the good old days.