online trading
online trading
What does it take to make a living trading securities online?
I’m not talking about getting filthy rich, but I’m also not talking just about investing. I’m talking about making a decent living through making online trading your self-employment, taking the place of an external job.
So, is it extremely difficult, or can most people with the willingness to learn be successful (along with a reasonable level of intelligence as well)? If it IS realistic to make online trading your job, how much risk and initial capital does it require?
1) Capital: obviously, the more you have, the less risk you need to take to earn a living. Ideally, you should have at least $25K to get approved for a daytrading account. Daytrading may be incidental to your method but you need the approval to get in and out fast. Otherwise you need enough to open a margin account.
2) System/method: there are several good trading methods; you need to pick one that suits you best and get really good at it.
3) Commitment: it takes a lot of time, effort, and knowledge to produce profits consistently.
4) Personal qualities: you have to be a loner and a corporate misfit to be able to make your own judgments and change them fast. You also have to be humble and able to learn from your mistakes: arrogance or blaming others gets you nowhere; you are right only when you are making $$.
Good luck!
