Is It Possible To Day Trade For A Living?
luni, mai 24th, 2010There are many good sites about Day Trading that offer pretty good information about training. Just type “day trading training” into the Google search engine.
What amount,exactly, do you have to to make Day Trading every week to begin to day trade for a living? What would you need to replace what you earn from your current occupation?
People need to know what they need to earn in order to trade full time.You must know what you need to make each week and plan accordingly.
Let’s use an example and say you need to make 100,000 dollars eachyear to leave your current occupation. Let’s look at whatit would take to earn this kind of money day trading.
100,000 dollars a year is about 8,000 dollars per month, or 2,000 dollars week. We are assuming you take two weeks off,of course.
It takes is knowing what you are doing. You learn this by getting trained by a professional that is successful.
Where have you heard this before? Is this not true in becoming successful in any field?
Once you learn a proven trading method, you must practice. Practice on a simulated account until you have complete confidence in your chosen trading strategy, and more importantly in yourself.
Assuming you choose to trade the S&P 500 Emini and your goal is to make just a single point each day. It would be required to trade 10 contracts on each trade. Margin requirement is around 1000 dollars for each contract. If you do this you do this, you will reach your goal.
Attaining your goal is the way to day trading success. Most importantly, you must have a sound trading system, and it must be one that works effectively in the market or markets you trade.
It is very important to master your trading method and follow your money management rules.There is no magic. Becoming a professional day trader requires dedication to your education as a trader, and commitment to sharpening your skills.