If you’re a full-time day trader, you’re risking your own cash. Which puts your pockets at risk to get smaller.
So having a backup plan, like a side job can help you recover some of your losses, or just make more money for the year.
A side job is a money-money making activity that is carried alongside your other income sources and is a great way to give your annual earnings a boost.
Side jobs are great for day traders because you have another source of income to replenish your losses for the day.
If you want a side job as a day trader, freelance writing is great place to start.
Companies all over the world needs content and are looking for support with their writing.
Freelance writing can such as website copy, social posts, blogs. You’d be surprise how often companies will outsource the content writing to a freelance writer.
According to ZipRecruiter, a rough estimate on how much freelance writers make in the United States is about $33/hour.
For day traders looking to level up their writing skills, checkout courses on Udemy or Fiverr to learn.
Another excellent side job for day traders is creating a blog–which is a great way to also level up your writing skills.
Blogging is an appealing side job you can day trade during the day and write about other hobbies you have on the side.
With blogging, you have multiple methods to make additional money:
The biggest hurdle to blogging is that you need to learn how to drive eyeballs to your website. Learning search engine optimization (SEO) will be critical to generating traffic.
No traffic, no money.
The wonderful part about blogging and SEO is that, you can drive traffic and make money while you’re sleeping.
Dropshipping can be a great side job for day traders, since you don’t have to have the physical product on-hand.
Dropshipping works by creating an e-commerce site, and you use to advertise product that another company will hold. Your e-commerce site will act as the middleman between the customer and the company.
Dropshipping is a very competitive business since it’s a low barrier to entry, but if you’re a day trader who enjoys a good challenge, the rewards can be huge.
Fiverr is a great marketplace to sell other skills that you posses.
If you’re great at design, copy writing, or day trading, Fiverr can be a great side job when after the market closes.
To put it into perspective, people are getting paid just for singing happy birthdays. Talk about endless opportunities.
Day traders can make additional income by just being investors as well. Investing a small amount of your profits to dividend stocks can have a massive impact on your annual earnings.
As day traders, you’re already expose to high risk, and investing in sound companies with low risk and dividend pay, this may be a nice place to park your cash with ease of mind.
Believe it or not, you can take online surveys and get paid cash–you can even watch video game videos and get paid.
This is because companies are always trying to get feedback from customers or a target audience to get valuable information about their product or service.
To incentivize, they will by paying people to participate. I remember getting paid $1,000 from Capital One to take in-person survey, to get feedback on design concepts they’ve had for their mobile application.
Chris Do once said, that you’re considered an expert from the person who knows less than you do. The great thing here is that you can create an online course and sell your knowledge for extra income.
Whether it’s about day trading or another skillset you have, creating an online course can a great side job money generator.
Now in days, Discord communities are very popular in the trading community. It can be an excellent side job to have people pay a monthly fee, where you can provide trading ideas, share information, and hang out with other like-minded traders.
A YouTube channel is just like blogging but in video format. A lot of people are searching answers on YouTube or looking for entertainment, and you can be that solution to their wants.
Here’s what makes YouTube channel a great side job:
Similar benefits like the blogging side job.
Being a web developer now in days is another great side job that doesn’t have to get in the way of being a full-time day trader.
Speaking from personal experience, being a web developer allows you to work asynchronously, and it doesn’t get in the way of day trading. Also, if you’re a night owl, this side job would be a great one for any day trader.
As you can see, their’s no short of an side job idea to earn you extra cash for the year. There are 1,000’s of other side job ideas out there and that can make you some extra cash.