It is probably the worst choice for earning extra money. With commission only jobs the worst you can do is earn zero money. With day trading you can easily end up with less money than you started with.
I say this as someone who has investments. I invest in a balanced portfolio, not individual stocks. It makes money - most of the time - but it is about long term investing. For example, you might double your initial investments after ten years. Of course it does not make money every year and sometimes it loses money. 5 to 10 percent a year is common when you average all the good and bad years together.
Of course this is assuming there are only normal ups and downs not a big stock market crash.
But investing should be done with extra money after you have paid the bills, paid off debts, got an emergency fund, etc.
People would buy a currency pair at a lower price and sell it at a higher price, and their income is the difference between the Buy and the Sell price. Broker gets a tiny commission from your trades called Spread.
Let’s assume that you have $1000 on your trading account and want to trade EUR/USD. Its exchange rate is 1.25, which means that for 1 euro you get 1.25 US dollars. Exchange rate is like a price tag at the grocery store – the only difference is that the price tags on Forex are changing all the time.
Then, you make a forecast – for example, you believe that Euro will rise versus the US Dollar.
Have you ever heard of the forex trading platform? If not, then you should definitely try it. I am an economist, so I recommend you a proven way to get extra money. I worked in a bank for 6 years before becoming a broker, so I understand you perfectly. It is very difficult to live on a fixed salary because you constantly think about where to find a part-time job. Based on my personal experience, Forex is the most liquid market globally, which allows you to trade currencies, stocks, securities, etc. There are many ways to make money online, but this one, in my opinion, is one of the best because your income depends only on you. I shared my personal experience, but the decision is up to you.
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