Very often people ask if is possible to become a day trader, and day trade for a living.. The answer is:: “Yes, you can!” However, you must receive professional training to become skilled in online day trading.
There are many top notch websites about Day Trading that offer useful information about training. Just type “day trading training” into the Google search engine.
How much do you have to to make each week to begin to day trade for a living? What would you need to replace what you make from your current occupation?
People need to know what they need to earn in order to trade full time.You need to know what you need to earn each week and plan accordingly.
Let’s look at an example and say you need to make 100,000 dollars a year to leave your current occupation. Let’s look at whatit would take to earn this six figure trading.
100,000 dollars for the year is about 8,000 dollars per month, or 2,000 dollars each. We are considering that you take a couple weeks off,of course.
What it takes is knowing what you are doing. You learn this by getting yourself trained by a professional trader that is successful.
Where have you heard this before? Isn’t this case 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. The margin requirement is around 1000 dollars a contract. Do this and you can reach your goal.
Attaining the goal is the key to day trading success. Most importantly, you must have a solid trading strategy, and it must be one that works effectively in the market or markets you trade.
It is imperative to master your trading method and follow your money management guidelines.There are no secrets. Becoming a professional day trader requires dedication to your education as a trader, and commitment to sharpening your skills.