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Dajiejie is right... :)
Passive income means income that just comes in without any effort on our part at all...
For example, if one had used MLM to build a downline, one would have been enjoying passive income all the time... It is the ultimate way to prepare for retirement...
And one can also play shares without fear...
because the income just keep on flowing in endlessly... 
rental income as well
The only passive income I can think of for stocks is the DIVIDEND.
I agree with Livermore... day trading is not passive income.
To me, my idea of passive income is incoming revenue WITHOUT the need for me to actively work for it.
The bull run may not be over for all stocks
With every bull run, there comes a cycle of bear. It is the current scenario.
I have waited for this current Bull run since 2004 right after SARS.
The wait is worth while. Every 5 years cycle, you can double your investment portfolio. It does not require much knowledge of the workings of the stock market. It requires you to read the Annual reports of companies to pick the fundamental good stocks with good income stream, businesses and management.
Imagine if you are to cash out during this current market and park your cash in other instruments. Wait for the next cycle to come around, you should be able to repeat the process all over again. $100K double to $200K and $200 to $400K and finally $800K. That's about 20years cycle.
You can start building your passive income by parking your profits from shares into instruments like
1. REITs (Annualised Returns of 6-10%),
2. Commercial Property like Redev (Annualised Returns of 10-15%) with possibility of capital gain. Bite size ownership investment. Slightly better than REITs
3. Oil/Gas Working Interest (Annualised Returns of 11-18%). Oil and gas fields ownership
4. Landbanking (Annualised Returns of 15-28%). Land ownership programmes.
Currently, I have parked my share profits to give me a passive income of about $2K. This may be a strategy to build multiple streams of income. Every 5 -7 years, you can double your portfolio.
Passive income requires a a period of constant building up the source of the income...
But in stocks trading, we wrestle with the market constantly... losing sleep, appetite, etc when our stakes are high...
Yo Mani, my memory did not fail me:). Day trading is not passive income.
Livermore... :)
You ar eright that Robert Kiyosaki does not recommend playing stocks...
as "you can lose your retirement money when the market goes down"...
Many long-term holders who trust stocks as their friends have also gone insane losing their retirement funds in the stock market...
spurs88 u are so rite....TA or FA...who cares as long as u make money.
Mani made a good point, "If full-time stock trading is such an easy and lucrative occupation, then we would be meeting many people who are "full-time stock traders"...
If you place your bets carefully with large capital, the bull run can fulfill your retirement plans early as I illustrated with Labroy. If I read what Spurs wrote, he tradess a bit but most of his/her earnings are from keeping for long term. It is exactly the point I made. You don't need to sit in front of computer whole day to do that. You can make great gains in the market and still hold onto your job.
Yes, Robert Kiyosaki mentioned a lot about passive income. I don't think he meant that one goes into day trading. In fact Robert does not like stocks if I remember carefully what he wrote.
Actually I don't advise those who are new to share trading to go into full-time trading. While working, try your skills in picking stocks. If you succeed say 8 out 10 times, then probably you are borned with the acumen to trade. However if you are consistently losing, advise is to stick to your job.
For your info, I do not believe in TAs of FAs. Nobody can teach another when to buy or sell, as different people have different character and financial position. Thus I don't buy books from the so-called gurus. I believe that if they are so good, they would not have to write these books to make money in the first place.
I buy and sell based on fundamentals and gut feelings and of course if I have enough bullets.
HOW MUCH DO YOU start with? 100K
Hi spurs88,
Are there any specific literature/books on stock trading that you would recommend to someone who wants to consider day trading?
Experimenting on the stockmarket is, I believe, more expensive than investing in a good book on trading, to read and reflect upon.
hi spurs88....do u use charts to help u buy and sell shares?
Good for u.. doing well in the share mkt.Admire ur courage.
Well Spurs88, what more can I ask? Thanks for your ans/tips....and do take care your health too!
1. Are you going to continue being a full time trader for the rest of your life? Yes
2. Will you change your mind if the market become bearish say for the next 10 -20 years? No, I have enough already even if the market stayed bearish for the next 10 - 20 years which I don't think so.
3. Can someone survive just by collective dividends from invested company? No, but my taken profit is already more than enough to cover my expenses for the next 20 years if I spend my money wisely.
4. How can your blue chips give you pocket money almost everyday? By trading it frequently? Yes, but don't buy when the price is high. Don't be greedy. When people are panic-selling, BUY. When people are buying, SELL.
Spurs88, congratulations to you for your success in trading and making $$ during this bull run period. I have the following questions:
1. Are you going to continue being a full time trader for the rest of your life?
2. Will you change your mind if the market become bearish say for the next 10 -20 years?
3. Can someone survive just by collective dividends from invested company?
4. How can your blue chips give you pocket money almost everyday? By trading it frequently?
I'm interested in these subjects cause I'm thinking of early retirement and survive on shares and dividends!
Yes Livermore
Fully agreed with you. As I said, already made enough to last the next 20 years from the super bull run. I can now rest easy with simple lifestyle without having to slog for incompetent bosses and get involved in office politics. Thank God I went in at the correct time. Now my blue chips are also giving me pocket money almost everyday.