Can you Make a Living Day Trading?
The short answer is yes. However….
- It takes training. You cannot just open an account and start making money trading stocks. I have seen a lot of different estimates but most say 95% of day traders fail. It takes A LOT of training including trading a simulated account until you can consistently get the returns you are looking for.
- It takes capital. To day trade in the United States you must have at least $25,000.00 in your bank account. This gives you the ability to purchase up to $100,000.00 worth of stock.
- It takes the right personality. You are going to take losses. Many of the top day traders I know only win between 50% to 65% of the time. That means you have to be able to stomach the losses.
- Having a mentor is key! Ideally this would be a person you personally know and could learn from. If not, then finding the right chat room would be second best.
Day trading is not easy and is probably one of the most high risk work from home jobs. Not something I would recommend unless you have good capitalize and/or disposable funds plus a pre-existing background or familiarity with the stock market.
If you have the funds, personality and existing knowledge but do not have a mentor I can make a couple of suggestions. I have personally used Warrior Trading (warriortrading.com) and Tradenet.com’s chat rooms and education. Both charge for their educational material and chat rooms. Both have videos on YouTube that you can watch to get a feel for the way they trade and both offer free chat room access for a short time.
You can search for other sites that offer chat rooms and/or educational material but be careful. I would stay away from anyone who trades penny stocks. I also would not commit to paying a large amount of money until you really get a feel for what day trading is like. You can subscribe to the free chat rooms, watch the youtube videos and read books to familiarize yourself.
Click here for my Warrior Trading Review.
Click here for my Tradenet Trading Review.