How to make $500 a day day trading?
Sound’s nice doesn’t it. Let’s first breakdown what $500 a day is. With a usual work day of 8 hours per day that is $62.50 per hour. That is equivalent to 6 ticks in the e-mini world per hour. Since we are want to be Jet-Setters we can only work a couple hours per day and preferably be done with trading by lunch time.
Five hundred dollars per day is a total of 10 points on the e-mini and amounts to $10,000 per month and $120,000 per year before taxes. Is this doable? Yes….Are people actually doing this? Absolutely!!!! I know of some traders who are making 20-30 points per day who are trading multiple contracts. Then there are other traders that I know who are trading 10 contracts per day and making 75-100 points on certain days. FYI – that’s $3,750 – $5,000 a day. Am I making $500 a day trading. On rare occasions, I am currently in the 4-5 point per day range only trading one contract. As I continue to refine my trading, I will add an additional contract that will consistently produce $500-$600. Ultimately, my goal is to be making 25-30 points a day like a couple of my friends. As they have said, it takes time and patience.
Making money in trading as can be extremely easy, yet one of the hardest things to master. This week is a great example regarding my trading. I am able to make 3 points ($150) on one trade in about 30 seconds a couple days ago, but lose $200 in the same amount of time making simple avoidable mistakes. I actually ended up losing 4 points ($200) in about 45 minutes, which was not fun, since my goal is to be in trades from seconds to a couple minutes. The longer I am in a trade the risker it gets. That is why today I will be studying my mistakes so it doesn’t happen again. Trading is like playing a sport, you have to continually refine your skills, make adjustments, maintain discipline, and continually educate yourself. I used to play soccer professionally and in college in the US. I would train almost everyday and watch film of myself playing to make adjustments to my game. Malcolm Gladwell makes an interesting argument in his book Outliers when he points out that it takes about 10,000 hours of hard work to become a superstar. Some examples that where pointed out are Bill Gates, the Beatles, and Tiger Woods. The 10,000 hours is an interesting number because I am assuming most people give up way before. The people who make it to 10,000 hours have no choice but to be master by that time. I believe it has more to do with perseverance, dedication, discipline, and motivation.
After reading Outliers, I estimated the quality hours I have put into becoming a master trader. This is how I broke it down. I am at my computer 7:30 EST until 4:30 EST for 9 hours per day. Sometimes, I will take an hour at night to review my trades. We won’t count that. Then on the weekends I will spend 2-3 hours to review my week in trading. I will usually read 3-4 hours a week a book on trading or psychology. If we add up all the hours I spend during the weeks it will come out to 60 hours per week. That’s 3,120 per year, so based on Outliers it would take about 3-4 years to be a master trader. I have been trading on and off different markets for the past 10 years. I have recently been really focused the last couple years just on the e-mini and hence the birth of JetSetTrader. I am now starting to see the fruits of my labor and trading has become part of me. I don’t feel the need to sit in front of the computer for 8-9 hours a day. I still do it because I know the freedom that trading provides.
Yes, $500 a day is possible and much more. I say $500 because that’s the magic number to travel and trade in style. For some it can be $100 a day and other $5000, it’s all personal preference. The freedom number is really dependent on the lifestyle of the person. For me the ultimate number is $5000 a day, which is easily doable with multiple contracts. The great thing about trading is that the more experience you have and the more you invest in yourself to learn, the more exponential your salary will be.
Trading Your Way To Freedom!!!!!!!!!!!!!!!!!!!!!!
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