2019 seems to be flying at a much faster pace than I can attempt to catch up on. I realise there’s only been 1 prior post before the March income report, and now, we’re back for the April income report!
I promise I’ll try to write more!
I’ve scaled back the number of CFD trades in favour of holding them for slightly longer terms to see if I can drive higher profit per trade.
In a nutshell, after a slight dip in March, I’ve managed to get returns back to a semblance of normalcy, and April profits are at $2,652. Again, not too many trades for the month, just 7, and mainly Facebook and Netflix.
Also wanted to note that I’ve managed to more or less remain on trend in terms of profit, even though I was not in Singapore for 2 out of 4 weeks in April; a week for work in Japan, and another week on holiday with the family.
This really proves that you don’t have to be in town, and this is truly work that can be done out of anywhere, as long as you have access to internet to trade.
Again, 100% of the profit is coming from 1 side hustle, and I hope to somewhat change this before the end of the year, to have at least another source of side hustle income.
So watch this space!
Wow, interesting!
How much capital is put at risk at each trade? Do you often have losses?
How do you research whether to go long or short? Is it mostly technical analysis?
How much are transaction costs? Anything meaningful?
I’d like to learn this too.
Nice to read another update Richard! Looking forward to more posts (but I totally get that it’s hard to keep up with content production).
The heart is willing, Chrissy! But the body is busy chasing the kiddos and making sure they don’t set the house on fire or something!
Ha ha, I know what you mean my friend! 😂
Hey Eelis,
Thanks for dropping by. I use CMC markets to trade CFDs. http://cmc.mk/5A6FIL
You can find out more on their transactional costs from the link above. If you hold your trades over a day, there are holding costs involved for each day, but if you close your trade within the trading day, then you’re good.
I mainly trade on technology stocks, as I’m a digital marketer by day, and am close to the tech industry. For super short term trades, I typically look into technical analysis upon researching some of the more foundational aspects of the companies.
I like the leverage aspect of CFDs, which means I don’t have to have a large starting capital. (I started with about 11,000 SGD as my capital in Jan 2019.) My capital for each trade ranges from $1,000 – 3,000 SGD. So far I’ve made 35 trades, of which 3 resulted in losses.
I’ve also written an intro to CFD here if you’re interested: https://www.sidehustlerich.com/trading/cfd-for-beginners/
In fact, one of my other side hustles brewing in the background, is to provide a subscription service to access my trading calls in real time. This is part of the reason I’ve been documenting my trading results, so people who are interested can see the results for themselves.
I hope this helps you!