Very often people ask if it’s 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 informative websites about Day Trading that offer great information about training. Just type day trading training into the Google search engine.
What,exactly do you need to earn each week to begin to day trade for a living? What would you need to replace what you earn from your current job?
People tend to not to quantify exactly what they need to earn in order to day trade full time.You need to 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 a year to leave your current occupation. Let’s look at whatyou must do to earn this kind of money trading.
100,000 dollars a year is about 8,000 dollars per month, or 2,000 dollars week. We are considering you take two weeks off,of course.
It takes is knowing what you are doing. You learn this by getting yourself trained by a professional trader that is successful.
Have you not heard that before? Isn’t this case in becoming successful in any profession?
Once you learn a professional 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 every trade. The margin requirement is around 1000 dollars a contract. Do this and you will reach your objective.
Reaching your goal is the way to day trading success. Most importantly, you must have a sound day 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 strictly 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.
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