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There's a guy that teaches stock trading on Youtube named Steven Dux. According to him, he's made millions, mostly on shorting small-cap stocks. Here is one of his videos: https://www.youtube.com/watch?v=K0mccM-Ydeo
My question is, If he's already made a lot of money, why would he need to make a youtube channel to earn some extra money on views?
There are other reasons to do things besides money.
I have answered over 1100 questions across the Stack Exchange network and haven’t made a dime on them.
Steven Dux:
If he's already made a lot of money, why would he need to make a youtube channel to earn some extra money on views?
He's altruistic and likes to help people (free mentoring)
or
He's monetizing his "made a lot of money" meme
In all probabilities, any person who claims to have made "millions", and still running a "YouTube" channel is a scam. And if you see ads inside/alongside the video, then the probability of his claims of "having made millions" being a scam increases many folds.
Just think about it. What do millionaires do with the money they've earned? Couple of options:
They continue trading to convert those millions into billions
They live a comfortable life in a mansion if they've earned a lot
Conduct some paid seminars on trading with a high entry fee
They start doing charity
A combination of the above four
In no case, will any successful trader ever reveal their secrets for free. Moreover, think about the threat on their lives by the not-so-good people, who may go after this person as he knows the key to turning hundreds into millions, and those millions into billions.
Why would a millionaire put hardwork in creating and uploading YouTube videos with ads, unless he wants some small bucks from ad income when he is making millions? The ad income in meager, and there is no charity or no free mentoring.
So never trust anyone's claims that he made millions and now tutoring for free. The only people who make such claims are the ones who just know how things work theoretically - like what technical analysis is, what candlestick patterns may indicate, what PE ratios are, etc. etc.
Can they use this "knowledge" to make profits "and teach the same" to others through YouTube videos - Highly Unlikely.
Take such videos only as information and knowledge sharing. Use the tips at your own risk, as it is your hard earned money.
In conclusion to answer your question - "Why would a stock trading millionaire need some extra money?", - It is because he is not really a millionaire!
In addition to the other answers, here's another possibility.
According to him, he's made millions, mostly on shorting small-cap stocks
Shorting stocks is one of the more risky forms of trading. In fact, one can hardly call it investing as it is basically betting for a company to be poorly instead of hoping to share in the rewards of a company that does well.
Small cap stocks are also more risky than large cap stocks. But they are not only more risky for going out of business (hence the strategy of trying to benefit on such businesses by shorting them) but also for experiencing wild price swings that have little connection to their underlying fundamentals. One particular type of risk to short sellers is the short squeeze, where short term buying pressure can cause huge losses far in excess of one's "investment" even when the company has poor fundamentals. A few years back there was a story about a man who had a short of ten or twenty thousand dollars on a pharmaceutical company that was "circling the drain" who wound up owing over a hundred thousand dollars to his broker after an after hours news article about a possible buyer caused the stock to spike and his broker to issue a margin call and then close his position as the stock continued to rise.
So, the statement about having made millions, on its face, says nothing about how much he has lost. He may have made millions on several lucky trades before being nearly wiped out by a disastrous trade. Or he may have seen how lucky he was and decided to get out before getting wiped out. Many YouTube channels provide some educational value but still contain a lot of entertainment content, so he might feel like such a route is a safer use of his time, sharing some of what he learned with others. If he no longer trades but retained most of his money he many not even consider what he was doing risky and not see the downsides, having never experienced them first hand.
To put it another way, consider a room with thousands of people each flipping a coin multiple times. After ten or eleven flips there is likely to be at least one person who flipped heads or tails every time. If there is some money riding on these flips they will have made a lot of money. They might create a successful YouTube channel talking about all their strategies for flipping coins. If they actually flipped the opposite side on their last flip, they might leave that part out to, as it doesn't really contribute to the story they are trying to tell.