Day traders trade options, futures, commodities, and currency; in doing so their salary can be very lucrative. Day traders enter and exit positions within the same day and can make money within hours, minutes, or even seconds. Few day traders achieve success in just a few days or weeks. Profitable trading strategies, systems, and approaches can take years to grow. Day traders don’t get paid a regular salary their income is made from their net profits. Research shows that approximately 1-20% of day traders make money day trading. Also, 75% of day trades end up quitting within just two years.
This means that the majority fail but there are things that you can do to inform yourself and train so that you can be successful. Sometimes as a society we get so hung up on numbers and the negative aspect of things that it can deter us from the positive ones. Just because some people failed doesn’t mean you will fail. For example, the divorce rate for 2022 is expected to be 44.2%. Would you cancel your wedding plans purely on statistics? Or would you set up a plan in place to make sure that your marriage could defy the odds? The same applies to day trading you need a trading plan in place to become a successful day trader.
The national average salary for a day trader according to Indeed in the United States is $81,843 per year. Indeed notes that day traders can have the potential to earn an average of $25,00 per year in commission as well. Many traders receive employee benefits as well, such as commuter assistance, unlimited paid time off, and opportunities to work from home. According to the U.S. Bureau of Labor Statistics (BLS), the number of day traders is expected to increase by 4% from 2020 to 2039. The BLS states that this growth might result from an increasing number of positions that open when employees retire from the industry.
You can also elect to work for a trading firm; these firms employ day traders to conduct transactions from their offices and typically have more lenient requirements for them. Which wouldn’t require them to $25,000 in account and can conduct three trades per five days of trading instead of four. If you decide to work for a firm and are trading clients’ money, you will need your Series 7 license the exam cost $305; sometimes the firm may cover the cost. You could also possibly need your Series 63 license which permits you to solicit orders for a stock within a perspective state. The best way to think of it is that Series 7 gives you the right to trade on a federal level and Series 63 permits you to work within the boundaries of state laws.
If you do decide that a firm is not for you and getting licensed may not be the route you wish to go because you just want to trade for yourself; you need to keep certain things in mind. With stock market trading a steady income is not guaranteed and not everyone can deal with the emotional rollercoaster. Just because you trade more doesn’t mean you’ll get better results. Also, you need to understand that you will lose money. So, you need to be able to deal with loss and not let it linger and affect your next trade.
Plan
Planning helps us identify our vision and formulates a strategy needed to achieve our goal. You need to set realistic expectations when starting as a day trader. You can’t expect to get the same results with a starting capital of $500 as opposed to someone who started with a $3,000 account. Most day traders need to have the mindset that they are prepared to risk their capital to make it; if they are going to be an independent trader. The Financial Industry Regulatory Authority (FINRA) set rules for those whom it defines as pattern day traders. Which are day traders that execute four or more-day trades within five business days in the same account. These rules require margin traders who trade frequently to maintain at least $25,000 in their accounts. They cannot engage in any trades if their balance drops below $25,000. You’ll also have to pay taxes on short-term capital gains.
Freedom is one of the main reasons why day trading attracts so many people. You can make thousands from the comfort of your own home when you feel like logging on. You also don’t want to start trading your own money until you have practiced enough with paper trading. Technical analysis, knowing the rules, and a strategy are key to standing a chance in the market and falling into the percentage of traders making money. Another important aspect to consider when day trading is risk management; this factor can have a significant impact on your account if not managed properly.
Summary: Day Trading Salary
Theodore Roosevelt said, “Nothing in the world is worth having or worth doing unless it means effort, pain, difficulty…I have never in my life envied a human being who led an easy life. I have envied a great many people who led difficult lives and led them well”. As you can see the number of successful traders is low but some people are succeeding. So, then the question that should be going through your mind is, what are they doing differently? What do I need to fall into the success rate?
My goal has always been to teach as many day traders to achieve their personal financial goals, whether they are novice traders or experienced traders. The MK VIP training has plenty of resources to help you get started on reaching your day trading goals. I teach the working class how to earn $10,000 a month through day trading. I believe everyone should have the opportunity to become their boss, plan out their entire day, and only work as much or as little as they want. I can teach you how to day trade like the top 10% without a complicated strategy or any technical indicators, even if you are a beginner. I help my students avoid the challenges I faced when I first became a day trader. As of now, MK Financial LLC is already the #1-day trading coaching business in the US in just one year. You are just a click away from learning what you need to become a day trader and take your life and salary to the next level.
Learn More
Maurice Kenny has helped over 600 people become financially free through one-on-one coaching, mentorship, and options trading strategy. Many of these new traders are now full-time traders, and they all started by watching his 1-hr webinar.
Feel free to check out other FREE educational resources to help guide you as you begin your new journey to financial freedom.
Also, download a (FREE E-BOOK) by Maurice Kenny, “DAY TRADE LIKE A MILLIONAIRE.”
