It is very often that people ask if is possible to become a day trader, and trade for a living.. The answer:: “Absolutely 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.
What,exactly do you have to to take in weekly to start to day trade for a living? How much would you need to replace what you make from your current job?
People need to know what they need to earn in order to trade full time.You need to know exactly 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 for the year is about 8,000 dollars each month, or 2,000 dollars week. We are assuming you take a two week vacation,of course.
What it takes is knowing what you are doing. You learn this by getting yourself trained by a professional that is successful.
Where have you heard that before? Is this not the case in becoming successful in any field?
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 execute 10 contracts on every trade. Margin requirement is around 1000 dollars for each contract. If you do this you can reach your objective.
Attaining your goal is the key to trading success. Most importantly, you must have a sound trading strategy, and it must be one that works effectively in the market or markets you trade.
It is a must that you master your trading system and follow your money management rules.There are no secrets. Becoming a professional day trader requires dedication to your education as a trader, and commitment to honing your skills.