Successful Day Trading – How Much Money Can You Make?

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Successful Day Trading – How Much Money Can You Make?
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Just how much money is possible to make with successful day trading? The answer to that question is that it just depends on a couple of different factors. Some of these factors aren’t even considered by beginners when they begin to learn how to trade.

So, exactly what factors determine the amount of money you can make?

1. Your skill level
2. Your ability to read the market environment
3. Your ability to control your emotions

One and two are going to be quite obvious. But for some reason most people leave out the most important factor, which is number three. The reason that 3, is so important is that you will come across situations in trading where average people will allow their fears to overtake them. This is a very dangerous situation when handling money.

In order to overcome your fears that you have in trading, you’re going to have to begin to understand your emotions. I tell all of my students to begin to become familiar with these emotions by tracking them daily. Once you begin to track your emotions on a daily basis you become more in tune with yourself.

Take a week like last week. It was all about losing the smallest amount possible. If you could escape that week by only losing very little you have just put yourself in great position. The masses of poor traders will blow accounts with the type of trading we had last week.

Enough about what creates successful day trading.

Let’s get into how successful day trading happens on a daily basis.

We start off the pre-market with a really strong push to the upside. And as soon as we open it looks like we’re going to see a familiar theme on the day. Unfortunately I could not get a fill to save my life on that move. And then we have to pause trading because of big time news.

After that I take a very risky trade to the upside. This was taken because of the fact that the strength is extremely strong and I expected a continuation. As luck would have it I was stopped out and then the trend continued upward. It’s just one of those things that happens.

Eventually I catch another long and have to hold for over an hour. I take another long prior to quitting time and am rewarded there as well. So, this is what successful day trading looks like. Two winners and one loser, for a total of 3.25 points or just over $800 trading 5 contracts.