Very often people often ask if is possible to become a day trader, and day trade for a living.. The answer:: “Yes, you can!” However, you must receive professional training to become skilled in online day trading.
There are many outstanding websites about Day Trading that offer pretty good information about training. Just type day trading training into the Google search engine.
What,exactly do you have to to make trading each week to start to day trade for a living? How much would you need to replace what you earn from your current profession?
People tend to not to quantify exactly what they need to earn in order to day trade full time.You need to know exactly what you need to earn 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 six figure trading.
100,000 dollars for the year is about 8,000 dollars each 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.
Have you not heard that before? Isn’t this case in becoming successful in any profession?
Once you learn a 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 requirement is around 1000 dollars a contract. Do this and you can reach your goal.
Reaching your goal is the key to day trading success. Most importantly, you must have a sound trading method, and it must be one that works effectively in the market or markets you trade.
It is imperative to master your day trading system and follow your money management rules.There is no magic. Becoming a professional trader requires dedication to your education as a trader, and commitment to honing your skills.