Learning to make $1,000 a day trading would be incredible. Despite requiring a work ethic, being able to earn $1,000 per day is still highly achievable. Some opportunities will not require you to learn new skills. $1,000 or $5,000—depending on starting account size— most day traders end up earning money, but then they quickly lose the same money they just made. Professionals, on the other hand, make $1,000 and then add to that balance by making another sum of profit, consistently, day after day. The main difference between the two may come down to overcoming common missteps and developing a consistent trading strategy.
This article will go through the basics of day trading, and how a day trader can work up to making a thousand dollars a day, sometimes in just a single trade.
Have a Plan, Makes Goals
One of the most important keys to begin consistently making a strong profit on every active trading day is a to have a goal. Making a $1,000 a day on every active day of trading is possible. The problem for many new traders is that they want to make money fast, but they have no sense of risk management, nor do they have a trading plan or any kind of real solid investment advice.
First time day traders lose focus because they get stuck in a short-sighted mode. Successful day traders, on the other hand, have a well thought out trading plan, and they follow that plan on a consistent basis, making day trades without emotion – the day trades are based on smart research, technical analysis of the stock market and other market conditions.
When the focus is on immediate trading results, or focusing on a hot stock, and not on a trading program and process, the day trader will likely continually lose money. If the day trader starts trading to make quick profits, or trade in order to pay monthly bills, that trader will find himself in trouble. As discussed above, your focus is still on the wrong thing.
The best way to is establish a day trading plan based on a well-established day trading process, and follow that process on a consistent basis, and that process will bevin showing winning trades, even when trading in the worst case scenario of market conditions.
Make $1000 a Day Trading: Trade Without Emotion
In order to day trade, and consistently make profits of up to $1,000 a day (or more), the day trader must be focused for a relatively short amount of time. Unlike, for example, a construction worker, where you have to commute to the field or other work location, and then spend seven to nine hours or more working on a job site, a day trade spends considerably less time actually “working.”
This is because making a day trade involves making very quick trades over the course of the morning that may only involve 10 to 15 minutes of actual work. The rest of the time, the day trader is simply monitoring the market, thinking about making a trade, and being possibly interrupted by many other factors (family, pets, chores, etc.).
Thus, for this short trading time, a day trader must have a good sense of focus. To help manage that focus, the day trader should be following a trading program and process that minimizes the desire to make last minute unplanned trades, or make a trade based on a recent news event.
It is ok to think while you trade, but it is equally important to follow a set plan in advance,and make trading decisions based on that plan (e.g., making trades based on support and resistance levels of a certain stock or option). If the day trader starts to think about how much how much he is up or down, he is off track.
Most emotionally charged trading mistakes can be managed by removing extraneous sources of information (news, sharp turns in the market, trying to make money to pay bills, etc.) and, rather, simply focus on executing a well-thought-out trading plan on a day-to-day basis, knowing that making mistakes is part of the process – this is called risk management.
Without a doubt however, following such a plan is not easy. As already discussed, and has will be discussed further below, there are other aspects to becoming a consistent and successful day trader.
Make $1000 a Day Trading: Have a Good Trading Platform and Program
In order to consistently make money day trading, including sums of $1,000 per more per trading day, the trader must have access to financial markets via a good online trading account.
Experienced traders utilize trading accounts that have multiple trading options that make day trading efficient and helpful. For example, many traders opt for a software application that provides paper trading, which is essentially play money to practice day trading. If you have a paper trading option, you can basically conduct as many day trades as you like in order to perfect your day trading process. The use of paper money allows the day trader to practice making trades without the normal risks involved in using real money.
In addition to access to a simulated account, the day trader will also want access to high quality charts that provide detailed information on whatever trading style is being employed (e.g., forex trading, options trading, futures trading or stock trading). Such charts will utilize real time data and provide multiple forms of data to provide the data with the most accurate conditions of the market.
Finally, such day trading programs will be extremely cost effective, offering little to no day trading fees. This type of trading platform is much different from a long-term investment brokerage account, which typically charges fees for each and every trade.
Make $1000 a Day Trading: Find a Mentor
In order to earn $1,000 per day trading (and more), an inexperienced trader will be much better off by first finding an experienced trader that has knowledge of the markets and – even better – a solid and simple trading process that can be easily replicated.
This, however, is more difficult than it sounds. There are many so-called experienced traders out there that are simply trying to make a quick buck off of the next person who comes along. These types of people do not have the newcomer’s best interests in mind – namely, a genuine interest in helping that new trader learn the essential tools to make a successful day trader – whether its investing using a small account (less than $5,000) to investing tens of thousands of dollars a day.
In order to find the right mentor, the new trader will want to learn as much as possible about that mentor’s trading style, track record, online feedback (testimonials) and other more detailed background research.
It is always good to check with a friend or family member who has a background in the stock market to do additional research.
Summary: Make $1000 a Day Trading
As with any profession, day trading requires significant practice, preparation and research. There is no real school to go to learn day trading – it is a profession that can be considered a full-time job, but that only can occur with substantial preparation.
The keys to setting out to earning $1,000 per day as a day trader are to identify a trading process that provides a consistent and methodical trading approach. This trading process should involve utilizing a state-of-the-art trading program that allows the trader to use play money to practice, practice, practice.
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.”