Question / Discussion Aiming to make £1-£1.5k a month - how do you earn yours?

rninja

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@SimplyHow, my view is that unless you have an edge in trading a market - then you're gambling.

For every buy or sell trade - there's someone else on the other side of the trade, quite possibly hedge funds, PhD mathematicians, endowment funds. One of you HAS to be on the wrong side of each trade. I'd not like my own odds in that game.

How do you differentiate between luck or skill? If you are running statistical analyses, that could be an angle.
 

SimplyHow

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@SimplyHow, my view is that unless you have an edge in trading a market - then you're gambling.

For every buy or sell trade - there's someone else on the other side of the trade, quite possibly hedge funds, PhD mathematicians, endowment funds. One of you HAS to be on the wrong side of each trade. I'd not like my own odds in that game.

How do you differentiate between luck or skill? If you are running statistical analyses, that could be an angle.
Absolutely, if you look at the chart as in what is directly infront of you then yup you are asking for trouble if you dont look at the bigger picture.

That's why zooming out and looking at what is happening on the weekly and monthly gives you as much better idea what direction the market is going

Price can only go up, down or sideways so once you see what direction its going then that changes things.

Like I said everything we do in life is a skill in one way or another. Trading and reading price action is no different. It's a language like many other things and once you get used to it, then you can look and just by looking see what is going on to get a pretty good idea.

I suggest never day trade and use the 4hr candles.

Day trading is a way to burn yourself out and has that stigma of making more when that not really true.

Many things in life is a gamble but it's when you weight up the pros and cons of the likelihood of what you think is going to happen, is going to happen.

Same for starting a business.. you weight up the risks and what you can afford and ROI
 

fajita

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Well 2 months in to 2021 and haven't managed to progress v far with this! Well, I haven't really progressed at all.

I'm been giving some thought to not doing any matched betting during March (with the exception of Cheltenham week...) and really focussing on the passive income stuff. I can't really see myself doing matched betting for much longer given the general decline in offers/gubbings/stake restrictions so I want to get other things in motion as of course I still need to earn this £1k + a month!

Hopefully a month of focus will be enough to bring some rewards in? My plan is to focus on:-

1. Amazon KPD
2. Etsy
3. Blogging

at the moment, in that order!

Prioritising Amazon & Etsy as hoping they'd make £ earlier..?
 
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Jon

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Well 2 months in to 2021 and haven't managed to progress v far with this! Well, I haven't really progressed at all.

I'm been giving some thought to not doing any matched betting during March (with the exception of Cheltenham week...) and really focussing on the passive income stuff. I can't really see myself doing matched betting for much longer given the general decline in offers/gubbings/stake restrictions so I want to get other things in motion as of course I still need to earn this £1k + a month!

Hopefully a month of focus will be enough to bring some rewards in? My plan is to focus on:-

1. Amazon KPD
2. Etsy
3. Blogging

at the moment, in that order!

Prioritising Amazon & Etsy as hoping they'd make £ earlier..?
What's stopping you making the move into any of those 3 areas?

Is it just making a start?
 

fajita

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What's stopping you making the move into any of those 3 areas?

Is it just making a start?
Yes exactly - having the time to get my head round it all and make a start! At least if I don't do anything else in March, I can just use my savings for one month and really get things started. I just have decent chunks of time available at the moment so I'm doing little bits here and there and not getting anywhere fast.

The time I have for working at the moment I'm spending doing MB because when it's going well, it's more lucrative. But it's getting harder and harder lately so I'd rather change my mindset a bit and use MB as an additional/nice to have income, rather than prioritising that over everything else. I've started doing it this month, but to make it work I need to bring in a lot more £ from elsewhere, if I'm going to get to a stage where I'm not relying on MB.
 

fajita

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What's stopping you making the move into any of those 3 areas?

Is it just making a start?
Does that sound the right prioritisation, thinking of earliest returns?

Is it realistic to think I could make £1k+ a month from these?
 

Jon

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Does that sound the right prioritisation, thinking of earliest returns?

Is it realistic to think I could make £1k+ a month from these?
I don't see why not

I make over £1000 a month from Blogging
@rich110991 makes over £1000 a month from Etsy

The money is there if you want it!
 
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fajita

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I don't see why not

I make over £1000 a month from Blogging
@rich110991 makes over £1000 a month from Etsy

The money is there if you want it!
Hopefully I can make enough progress in March then to see some returns! Coupled with Appen/Utest etc, I should be able to meet my target?!
 

fajita

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I don't see why not

I make over £1000 a month from Blogging
@rich110991 makes over £1000 a month from Etsy

The money is there if you want it!
One thing I looked at briefly was Crisp - is that still worth doing? I failed the exam by one mark before and havent tried again since :(
 

Jon

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One thing I looked at briefly was Crisp - is that still worth doing? I failed the exam by one mark before and havent tried again since :(
I don't do it but those I know who do bring in £500-£600+ a month
 

fajita

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I don't do it but those I know who do bring in £500-£600+ a month
Oh great! I'll give it a try then as know you have to wait ages before getting on. 2nd time lucky hopefully!!
 

Sherliarty

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I don't do it but those I know who do bring in £500-£600+ a month
I am on it and I think it would be pretty hard to make that amount to be honest unless you spent a fair amount of time working on it. I am not saying it is impossible but you would have to be fast, work during surges, get shifts and also always have plenty of content at the times you wanted to work. I work on it when more lucrative work is not available and every penny I earn from this goes into my ISA to help create an income stream that way! That aside, I would say definitely retry the test but be warned it can take forever to get on it once you pass, I was 18 months!!!
 
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fajita

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I am on it and I think it would be pretty hard to make that amount to be honest unless you spent a fair amount of time working on it. I am not saying it is impossible but you would have to be fast, work during surges, get shifts and also always have plenty of content at the times you wanted to work. I work on it when more lucrative work is not available and every penny I earn from this goes into my ISA to help create an income stream that way! That aside, I would say definitely retry the test but be warned it can take forever to get on it once you pass, I was 18 months!!!
Thank you, that’s really useful to know!
 

fajita

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Evening all!

So, I've been looking at how these opportunities could all add up to £1,000+ per month for me :)

As a rough idea, this is what I'd be aiming for (based on what I've seen others do, I realise that there will be a lot of fluctuation but thought it would be useful to see on paper what kind of figures I'd need to be looking at ...)

Blog - £200
Etsy - £200
Appen & UTest - £200
Amazon KDP - £200
Usertesting & Prolific - £50
Crisp - £50
Reselling - £50
Matched betting (& trading eventually) - £50 (now, I'm sure I'll earn more than this - but as I'm going through a strange patch I thought I'd be very cautious on my projection for this, and maybe see as extra money instead! But we'll see - there's room to flex on this anyway if other things above don't match the figures I've put in... Also this added up nicely to £1,000 :ROFLMAO: )

After all that rambling, I was actually going to ask how long it took peoples blogs to earn c.£200+ per month? 6 months plus?
 
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Jon

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Evening all!

So, I've been looking at how these opportunities could all add up to £1,000+ per month for me :)

As a rough idea, this is what I'd be aiming for (based on what I've seen others do, I realise that there will be a lot of fluctuation but thought it would be useful to see on paper what kind of figures I'd need to be looking at ...)

Blog - £200
Etsy - £200
Appen & UTest - £200
Amazon KDP - £200
Usertesting & Prolific - £50
Crisp - £50
Reselling - £50
Matched betting (& trading eventually) - £50 (now, I'm sure I'll earn more than this - but as I'm going through a strange patch I thought I'd be very cautious on my projection for this, and maybe see as extra money instead! But we'll see - there's room to flex on this anyway if other things above don't match the figures I've put in... Also this added up nicely to £1,000 :ROFLMAO: )

After all that rambling, I was actually going to ask how long it took peoples blogs to earn c.£200+ per month? 6 months plus?
yeah about 6 months is right
 

fajita

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yeah about 6 months is right
Thanks! Think I’ll still prioritise Amazon & Etsy and then get my head round the blogging stuff :) Sure I can crack on with it in March though!
 

fajita

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Well, I've just submitted my first low content book on Amazon! Just a quick test really to get used to the process but progress being made!

I was going to give MBing a miss this month and concentrate on other things like I mentioned above (with exception of Cheltenham!) but I am feeling myself getting tempted so we'll see.

Also have some other freelance work this week, as well as some work related to my business I'll be launching once covid restrictions allow, so pretty busy!
 
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