Very often people ask if is possible to become a day trader, and day 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 really good websites about Day Trading that offer useful information about training. Just type “day trading training” into the Google search engine.
Exactly how much must to make trading weekly to begin to day trade for a living? What would you need to replace what you earn from your current profession?
Most people need to know what they need to earn in order to trade full time.You must 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 a year to leave your current employment. Let’s look at whatit would take to earn this six figure day trading.
100,000 dollars for the year is about 8,000 dollars per month, or 2,000 dollars week. We are assuming you take a two week vacation,naturally.
What it takes is knowing exactly what you are doing. You learn this by getting trained by a professional that is successful.
Sound like you heard this before somewhere? Is this not the case in becoming successful in any profession?
Once you learn a professional 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 each trade. The margin requirement is around 1000 dollars a contract. If you do this you can reach your objective.
Attaining your goal is the key to day trading success. Most importantly, you must have a sound trading strategy, and it must work effectively in the market or markets you trade.
It is a must that you master your trading method and follow your money management rules.There are no well guarded. Becoming a professional day trader requires dedication to your education as a day trader, and commitment to honing your skills.